上市公司所得税负担及其股利分配效应研究

Listed Companies' Income Tax Burden and its Effects of the Dividend Distribution

为考察上市公司所得税负担情况及其股利分配效应,以2002～2011年派发现金股利的上市公司为样本,计算了上市公司的实际所得税率,并运用非平衡面板数据模型估计了上市公司所得税负担的股利分配效应大小,结果显示,我国上市公司的总体税负不高,总体来看,我国上市公司所得税负担呈现出先上升后下降的趋势,尤其是2008年由于我国实行了新的所得税法,上市公司所得税负担出现了大幅度下降;上市公司的所得税负担存在强烈的股利分配效应,实际所得税率与上市公司股利支付率之间存在强烈的正向关系。

In order to research the listed companies＇ income tax burden and its dividend distribution effects, this paper calculate the effective income tax rate and use unbalanced panel data model to estimate the size of the dividend distribution effect of the listed companies based on 2002 - 2011 dividend dividends of listed companies as samples. The conclusion shows that ： the overall income tax burden of China＇ s listed companies is not high. And in these ten years, the burden first has experienced a rise process and then has experienced a decline process. Espe- cially, there has been a significant decline in income tax burden of the listed companies after 2008 because of the implementation of the new tax law. The effects of dividend distribution of the income tax burden is very strong, there is a strong positive relationship between the ETR and the dividend payout ratio of the listed companies.