股利税改革、财务杠杆与股权资本成本

Dividend Tax Reform,Financial Leverage and the Cost of Equity Capital

基于我国股利税减税和股利税差异化改革,本文利用沪深A股上市公司数据,通过构建有调节的中介效应模型,研究了股利税改革、财务杠杆与股权资本成本的关系。实证结果表明,股利税减税改革促使公司股权资本成本显著提高,股利税差异化改革促使公司股权资本成本显著降低;股利税改革促使公司财务杠杆显著降低;在股利税改革影响股权资本成本过程中,财务杠杆发挥了部分中介作用,而融资约束发挥了负向调节作用。本文结论验证了我国股利税改革的有效性,提供了Miller均衡理论在中国适用的证据,也为公司控制资本成本、政府优化股利税制提供了经验数据支持。

Based on dividend tax cut and differentiation reform in China,the paper investigates the relationship among the dividend tax reform,financial leverage and the cost of equity capital with the data of Shanghai and Shenzhen A-share listed companies by establishing a moderated mediator model. Empirical results show that the reform of dividend tax cut causes a conspicuous increase and the reform of dividend tax differentiation causes a significant decrease in the cost of equity capital of listed companies. Moreover,dividend tax reform has a significantly negative effect on financial leverage. In the influence of dividend tax reform on the cost of equity capital,financial leverage plays a partial mediating role,while financial constraint plays a negative moderating role. These conclusions verify the effectiveness of the reform of China＇s dividend tax,give evidence to the application of the Miller equilibrium theory in China,and provide empirical support for the company to control the cost of capital and the government to optimize dividend taxation system.