【摘要】 我国2013年1月1日生效的将投资者税负与持股时间长短挂钩的差异化股利税政策是否达到了促进投资者长期持股、减少炒作性交易的目标,是股利税改革应该关注的焦点问题。尽管差异化股利税政策整体上未能降低股票交易的年度平均换手率,但在政策出台后较高证券投资基金持股和高分红股票的换手率下降;此外,差异化股利税生效后分红股票在其除权除息日附近的超额换手率显著下降。这些证据都与政策预期一致,说明2013年实施的差异化股利税政策在降低股票换手率方面具有一定效果,尤其是对高分红和高证券投资基金持股的公司效果更加显著。更多还原

【Abstract】 On January 1, 2013, differentiated dividend tax, a policy in which investors’ tax burden pegged to the duration of share holding, took effect in China. Whether this policy has met the goal of facilitating investors’ share holding in the long run as well as curbing speculative trading, that is a question deserves our attention. Researches have shown that although differentiated dividend tax policy did not bring down the annual turnover rate of share trading, it did reduce the turnover rate of share holding of higher securities investment funds and high dividend shares; besides, the excessive turnover rate of dividend shares around ex-dividend day drastically declined. These results coincide with our expectation,demonstrating the effectiveness of differentiated dividend tax policy on the reduction of shares turnover rate, especially on high dividend and high securities investment funds companies.更多还原