差异化股利税影响企业股权资本成本吗?  

Does the Differentiated Dividend Tax Affect the Cost of Corporate Equity Capital?

作　　者：李桂萍 王瑞华[1] LI Gui-ping;WANG Rui-hua(School of Accountancy,Central University of Finance and Economics,Beijing 100081,China;School of Mathematics Science,Liaocheng University,Liaocheng 252000,China)

机构地区：[1]中央财经大学商学院,北京100081 [2]聊城大学数学科学学院,山东聊城252000

出　　处：《华东经济管理》2018年第2期169-175,共7页East China Economic Management

基　　金：聊城大学博士科研启动基金项目(318051434);山东省自然科学基金面上项目(2R2014GM006)

摘　　要：文章基于2013年1月1日实施的股息红利差别化个人所得税政策(财税[2012]85号),利用沪深A股上市公司财务数据,借助差分方程研究了股利税对企业股权资本成本的影响。研究发现,我国差异化股利税实施后,投资者持股时间延长(缩短)的企业,股权资本成本显著提高(降低);个人投资者及证券投资基金持股比例提高(下降)的企业,股权资本成本显著提高(降低);股利分配减少(增加)的企业,股权资本成本显著提高(降低)。本文章的研究为税收与资本成本关系提供了中国的经验数据,也为我国股利所得税改革提供了理论支持。Based on the 85th Fiscal Taxation Document in 2012,the personal income tax policy of differentiated dividend was put into force since January 1st,2013.The paper,using the financial data of A-share listed companies in Shanghai and Shenzhen stock markets,investigates the impact of dividend tax on the cost of corporate equity capital with difference equations.The research discovers that enterprises with a longer(shorter)shareholding period of investors experienced a significant increase(decrease)in the cost of equity capital,that enterprises with a higher(lower)shareholding ratio of individual investors and securities investment fund experienced a significant increase(decrease)in the cost of equity capital,and that enterprises with lower(higher)dividend distribution rate experienced a significant increase(decrease)in the cost of equity capital too,after the implementation of differentiated dividend tax in China.The research of this paper provides China's empirical data for the relationship between taxes and capital cost,and the theoretical support for the dividend income tax reform in China.

关 键 词：股利税差别化 股权资本成本 持股时间 持股比例 股利政策 

分 类 号：F275[经济管理—企业管理]