【摘要】 红利税率的多元化是引致投资者对股票估价差异性的原因之一,并且催生了现金股利除息前后的套利机会和增量交易。当现金股利水平超过某一临界值时,具有税负优势的投资者将在除息前买入股票,然后在股票除息后卖掉,以进行套利。这种交易将使得红利税发生额减少,印花税发生额增加,形成红利税与印花税之间的联通机制。更多还原

【Abstract】 The variety of dividend tax rate is one of the reasons that cause the variety of stock pricing;it also induces the arbitrage opportunities and additional trading around ex-date.When dividend yield goes above some critical value, the investors,who have tax advantage,would buy stocks before ex-date and sell them after ex-date to get the arbitrage benefit.This kind of trade would reduce dividend tax and increase stamp tax,and then,the communication mecha- nism between the two taxes would be constructed.更多还原