股息税“减半”征收影响了公司分红决策吗?——财税〔2005〕102号文件的经验证据  

Does Collection of Dividend Tax by Half Influence A Company' s Dividend Policy?——Based on Financial Document No. 102,2005

作　　者：杨宝[1] 刘莎[1] 

机构地区：[1]重庆理工大学会计学院,重庆404100

出　　处：《税务与经济》2015年第5期94-100,共7页Taxation and Economy

基　　金：重庆市社科规划项目(项目编号:2014BS034);国家社科基金项目(项目编号:13BJY014)

摘　　要：以我国股息红利税"减半"征收政策的出台为研究背景,考察股息税"减半"征收对上市公司现金分红决策的影响。经验证据表明,财政部、国家税务总局2005年实施红利税"减半"征收政策后,上市公司总体上提高了现金分红水平。但这种政策效应受到企业融资需求状况的制约,无潜在融资需求的上市公司显著增加了现金分红水平,而有潜在融资需求的上市公司现金分红水平并没有随着红利税下调做出显著调整。这说明红利税"减半"征收增强了上市公司现金分红决策的积极性。Under the background of the introduction of reducing dividend tax by half, a study is conducted in this paper to analyze the impact of reducing dividend tax by half on cash dividend decisions of listed companies. Em- pirical evidence suggests that the listed companies generally increase the cash dividends after the introduction of reducing tax by half by the Ministry of Finance and the State Administration of Taxation. But the effect of this policy is restricted by corporate financing. The cash dividend is on the rise in listed companies without potential financing demand while those listed companies with potential financing needs don＇t make any remarkable adjust- ment. This shows that the policy of collection tax by half could enhance the enthusiasm of listed companies to make cash dividend decisions.

关 键 词：红利税减半 现金分红 融资需求 

分 类 号：F810.42[经济管理—财政学]