作者：罗乐
摘要/Abstract
本文采用事件研究法定量分析了我国现金红利的所得税成本。2005年6月13日现金红利的个人所得税减按50%征收，那么现金红利个人所得税税率的下降，将会如何影响股票的市场价值呢？本文以2004年和2005年均发放股利的公司为样本，以股利宣告日为事件，分析现金红利的税收成本对股价的影响。研究结果表明，股利税收成本节约的价值相关性有显著提高；而且股权资本成本越低的公司，现金股利的税收效应越显著。现金红利的税收成本为当前市场价值的2%以上。
This paper analyzes the tax cost of cash dividend of China quantitatively using event study approach. Personal income tax rate of cash dividend have been decreased by 50% on June 13 2005, so how the decrease of personal tax rate influences the market value? This paper investigates the impact of tax cost of cash dividend on stock price for a sample of Chinese listed firms which paid out the cash dividend both in 2004 and 2005 after the cash dividend announcement. The results suggest a significant improvement in the value relevance of tax savings of cash dividend. Furthermore, the higher cost of equity capital of firms, the greater of the tax effect of cash dividend. Tax cost of the cash dividend is more than 2% of current market value.