红利税差异化征收、公司治理水平和股东财富效应
阅读全文
下载全文 |
| Title | Differentiated Dividend Taxation Corporate Governance and Wealth Effect
|
| 作者 | 王国俊 王跃堂 |
| Author | Wang Guojun and Wang Yuetang |
| 作者单位 | 南京大学 |
| Organization | Nanjing University |
| 作者Email | wangyt@nju.edu.cn；wangguojun@nju.edu.cn |
| 中文关键词 | 红利税差异化征收 公司治理水平 公司价值 |
| Key Words | Differentiated Dividend Tax, Corporate Governance, Firm Valuation |
| 内容提要 | 西方理论指出红利税的存在降低了股东的投资回报率，因此提高了公司的权益融资成本，损害了公司的价值，那么这一理论适用于中国资本市场吗？中国上市公司治理水平较低，是否影响这一理论的适用性？本文基于2012年资本市场红利税改革这一外生政策变化，考察了红利税差异化征收对于公司价值的影响。本文发现，红利税差异化征收政策颁布期间，高股息率、低换手率公司的超额回报率显著高于高股息率、高换手率的公司，说明红利税改革一定程度上提高了投资者的收益水平，降低了公司的融资成本；本文进一步按照公司治理水平的高低对样本进行了分组，发现上述结论仅存在于公司治理水平较高的样本组，说明公司治理的缺陷弱化了红利税改革对于融资成本的影响。我们认为红利税是政府调节资本市场的重要手段，但上市公司的治理水平对红利税的调节作用有重要的影响。 |
| Abstract | Research in the West shows that dividend tax lowers investor return, therefore increase equity costs. Does this theory apply in China? Using the dividend tax reform in 2007 as an opportunity, we test whether differentiated dividend taxation affect firm valuation. The results suggest: market react positively to stock with low turnover rate and high dividend yield which implies that dividend tax reform increases investor return, therefore decrease equity costs. We find that above results exist only in sub-sample with good corporate governance which suggests that insufficient corporate governance weakens the positive effects of dividend taxation reform. We think that dividend taxation is an important tool to regulate capital market, but the effects of policy implementation depends on dividend yields corporate governance. |
| 文章编号 | WP886 |
| 登载时间 | 2015-06-12 |
|