产权性质、税收成本与上市公司股利政策  

Ownership Property,Taxation Costs and Dividend Policies of Listed Companies

作　　者：孙刚[1,2] 朱凯[1,3] 陶李[1] 

机构地区：[1]上海财经大学会计学院,上海200433 [2]宁波工程学院经济与管理学院,浙江宁波315211 [3]上海财经大学会计与财务研究院,上海200433

出　　处：《财经研究》2012年第4期134-144,共11页Journal of Finance and Economics

基　　金：国家自然科学基金面上项目资助(70972060);教育部人文社会科学重点研究基地重大项目(07JJD630006)

摘　　要：文章研究了上市公司控股股东的税收成本差异对上市公司股利政策的影响。作为股利政策的决策者,控股股东须权衡股利政策的成本和收益,其中税收成本是影响股利政策的重要因素之一。不同性质的控股股东对税收成本的关注程度存在显著差异:由于税利分离程度较高,民营控股股东对现金股利的税收成本更为敏感,尤其是在自然人直接控股的上市公司。研究发现,自然人控股公司最不偏好采用现金股利的分配方式以规避税收成本,而国有控股公司更倾向于发放较高的现金股利。实证结果支持了文章的假说,即不同产权所隐含的税收成本差异是影响上市公司股利政策的重要因素。This paper studies the effect of taxation cost difference of controlling shareholders on dividend policies of listed companies.As the decision makers of dividend policies,the controlling shareholders have to make a trade-off between costs and benefits concerning dividend policies which are significantly affected by taxation costs.Controlling shareholders with different ownership pay different attention to taxation costs： owing to higher degree of the separation of taxation from dividends,private controlling shareholders are more sensitive to the taxation costs of cash dividends,especially in listed companies directly controlled by natural persons.It finds that listed companies directly controlled by natural persons prefer cash dividends least in order to avoid taxation costs and state-owned companies most.The empirical results support the assumption,namely the taxation cost difference implied by different ownership is an important factor affecting the dividend policies of listed companies.

关 键 词：产权性质 税收成本 股利政策 

分 类 号：F275[经济管理—企业管理]