机构投资者持股、税负异质性与现金股利分配偏好

Institutional Investors' Holdings, Taxation Heterogeneity and Cash Dividends Preference

基于我国机构投资者股利税收异质性,系统研究了机构投资者税收成本差异与现金股利收益偏好的相关性。研究发现,基金承担较高的股利税收成本,基金持股与股利收益率显著负相关,税收成本减弱了基金对现金股利的偏好;社保基金的股利税收成本最低,最偏好现金股利;非基金的公司类机构投资者所获股利虽需缴纳企业所得税,但实际成本较低,非基金持股与股利收益率显著正相关。2008年《企业所得税法》颁布后,非基金机构持股比例和上市公司现金股利的正相关性显著提高。并且,机构投资者整体的股利税收成本越低,上市公司股利收益率越高。因此,股利税收成本是影响我国机构投资者持股决策的重要因素。

This paper examines the relationship between institutional dividends taxation heterogeneity and cash dividends preference. Mutual funds and social security fund bear the highest and lowest dividend taxation costs and their holdings are significantly negative and positive related with dividend yields respectively. Other corporate investor bears corporate income taxations for dividend but their lower taxation avoidance costs lead to significantly positive relationship between its shareholdings and dividend yields. Their positive relationship is strengthened significantly in the periods when new ＂corporate income taxation law＂ becomes effective. The study suggests the lower divi- dend taxation, the higher dividend yield for institutional investors as a whole and suggests dividend taxation is an important factor for insti- tutional holdings decision in China stock market.