股利所得税差别化征收的市场效应研究——基于金融市场税收运行机制视角

Study on the Market Effect of Dividend Income Tax Discrimination——Based on the operation mechanism of financial market tax

财政部、国家税务总局、证监会于2012年11月16日颁布了《关于实施上市公司股息红利差别化个人所得税政策有关问题的通知》,此次税收调整的目的是通过有针对性的税收优惠政策进行结构性减税,确保资金的合理配置和股票市场的正常运行。通过事件研究法,从金融市场税收运行视角分析发现,此次股利所得税调整对过去一年发放股利的公司具有正向影响并且该影响具有时效性,同时由于持有过去一年股利发放公司股票的投资者大多属于长线投资者,此次税改对该类投资者而言是一种实质上的减税,因此本次税改在短期内产生了显著的微观经济效应,达到了政策设计的初衷,为大盘蓝筹股的价值提升了市场地位,为公司的直接融资提供了市场基础。

The Ministry of finance,the State Administration of Taxation,the Commission will be on November 16,2012issued＂ on the implementation of the listed company dividends differentiated policy of personal income tax issues related to notice,the tax adjustment is through for preferential tax policy of structural tax cuts,to ensure that the funds are rational allocation and stock market normal operation.This paper using the method of event study,from the financial market tax operation perspective analysis found that the dividend income tax adjustment in the past year,issuing company′s dividend has significant positive influence and the impact has timeliness,also due to hold over the past year dividend stock investors are mostly long-term investors,the tax for this class of investors is a substantial tax cuts,so the tax reform in the short term produced micro economic effects,to achieve the original intention of the policy design,blue chip to enhance the market position,market to provide a basis for direct financing.