汇率与股息所得税相关性问题研究

A Study on the Correlation of Exchange Rate and Dividend Income Taxation

在正常情况下汇率与股息所得税之间的相关性不大。但在特殊情况下,当汇率处于转折点开始由单边升值转为双向波动时,汇率与股息支付同受贬值预期影响,货币贬值与对外支付股息互为因果,汇率与股息所得税会呈现较高的相关性。

Exchange rate and dividend income tax, both of which are affected by many factors, however, the factors that affect each other are not relevant. The exchange rate is mainly affected by a country＇s economic growth, the balance of payments, the inflation, the interest rate and the psychological expectation, while the dividend income tax is mainly affected by the dividend distribution policy of a company, the demand of overseas shareholders and so on. So under normal circumstances the correlation between the exchange rate and the dividend income tax is not obvious. While under specific circumstances, when the currency exchange rate is at a turning point from unilateral appreciation to bilateral devaluation, both of the exchange rate and dividend income tax are affected by the devaluation expectation, therefore there is a high correlation between them.