自然人控股、非对称税收和上市公司现金分红决策

Natural-Persons Controlling, Asymmetric Taxation and Cash Dividend Decision of China’s Listed Companies

摘要: 本文实证检验了在我国A股市场中自然人资本利得和现金股利税收成本非对称的情况下，不同股利税政策对自然人控股与非自然人控股的上市公司现金股利决策和减持行为的影响。研究发现：1) 受非对称税收成本的影响，自然人控股的公司没有显著的现金分红倾向，非自然人控股公司有显著现金分红倾向。2) 自然人控股的上市公司重要股东有更高的减持水平，非自然人控股的上市公司重要股东减持较少。3) 差别化个人所得税政策显著正向影响了自然人持股比例与其现金股利分配水平的关系。但相比而言，为持股一年以上的自然人股东减免了分红的个人所得税的2015年政策反而比2012年个人所得税率仅降至5%的引导性政策具有更弱的促进分红的效果。

Abstract: This paper empirically tested the impact of different dividend tax policies on the cash dividend distribution and major shareholders’ behavior of selling shares of listed companies controlled by natural persons and non-natural persons in the case of taxation asymmetry of natural capital gains and cash dividends in China’s A-share market. The study found that: 1) Under the influence of asymmetric taxation costs, companies controlled by natural persons have no significant tendency to distributing cash dividends, and non-natural person holding companies have a significant tendency to pay dividends. 2) The major shareholders of listed companies controlled by natural persons are more inclined to sell their shares, and the major shareholders of listed companies controlled by non-natural persons are less likely to sell their shares. 3) The differentiated personal income tax policy positively affects the relationship between the shareholding ratio of natural persons and the distribution level of their cash dividends significantly. However, in comparison, the policy in 2015 of eliminating the personal income tax for who hold shares for more than one year has a weaker effect than the guiding policy of 2012, in which the personal income tax rate is only reduced to 5%.