产权性质、税收成本与上市公司股利政策
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财经研究 2012 年 第 38 卷第 04 期, 页码：135 - 145
摘要
参考文献
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。
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[2]黄娟娟,沈艺峰.上市公司的股利政策究竟迎合了谁的需要——来自中国上市公司的经验数据[J].会计研究,2007,(8):36-43.
[3]曾亚敏,张俊生.税收征管能够发挥公司治理功用吗?[J].管理世界,2009,(3):143-151.
[4]陈信元,陈冬华,时旭.公司治理与现金股利:基于佛山照明的案例研究[J].管理世界,2003,(8):118-126.
[5]Allen F,Michaely R.Payout policy[EB/OL].http://fic.wharton.upenn.edu/fic/pa-pers/01/0121.pdf,2002.
[6]Barclay M J,Holderness C G,Sheehan D P.Dividends and corporate shareholders[J].Review of Financial Studies,2009,22(6):2423-2455.
[7]Desai M A,Dyck A,Zingales L.Theft and taxes[J].Journal of Financial Economics,2007,84:591-623.
[8]Dittmar A,Dittmar R.Stock repurchase waves:An explanation of the trends in aggre-gate corporate payout policy[R].Working Paper,University of Michigan,2002.
[9]Donghua Chen,Ming Jian,Ming Xu.Dividends for tunneling in a regulated economy:The case of China[J].Pacific-Basin Finance Journal,2009,17:209-223.
[10]Grullon G,Michaely R.Dividends,share repurchases,and the substitution hypothesis[J].Journal of Finance,2002,57(4):1649-1684.
[11]Graham J R.Tax and corporate finance:A review[J].Review of Financial Studies,2003,16(4):1075-1129.
[12]Jensen M.Agency costs of free cash flows,corporate finance and takeovers[J].Ameri-..can Economic Review,1986,76:323-339.
[13]La Porta R,Lopez-de-Silanes F,Shleifer A,et al.Agency problems and dividend poli-cies around the world[J].Journal of Finance,2000,55:1-33.
[14]Morck R,Yeung B.Dividend taxation and corporate governance[J].Journal of Eco-nomic Perspectives,2005,19(3):163-180.
[15]Miller M,Modigliani F.Dividend policy,growth and the valuation of shares[J].Jour-nal of Business,1961,34:411-433.
[16]Miller M,Scholes M.Dividends and taxes[J].Journal of Financial Economics,1978,6:333-364.
[17]Perez-Gonzalez F.Large shareholders and dividends:Evidence from U.S.tax reform[R].Working Paper,Columbia University,2003.
引用本文
孙刚, 朱凯, 陶李. 产权性质、税收成本与上市公司股利政策[J]. 财经研究, 2012, 38(4): 135–145.
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