【作者】 许华；

【导师】 尹昌列；

【作者基本信息】 四川大学 ， 会计学， 2005， 硕士

【摘要】 股利政策是公司财务的一个重要领域,是现代公司理财活动的三大核心内容之一,它既是公司筹资、投资活动的延续,是公司理财活动的必然结果;而且作为公司财务政策的两大组成部分之一,它与公司的资本结构共同服务于公司融资上的安排。因此,恰当的股利政策,对于公司财务管理目标的实现以及良好公司形象的树立、增强广大投资者的信心都是有重要意义的。在我国,由于没有科学的股利分配理论作为指导,导致我国上市公司的股利分配政策十分不规范,随着证券市场的发展,股利政策的重要性逐渐体现,就使得公司的经营决策者不得不认真考虑这一问题。要制定一个适合公司的股利政策,首先就要好好分析公司股利政策的影响因素,公司股利政策的影响因素众多,但不同公司所受的具体影响是会有所不同的。由于每个公司都会不可避免的受到税收的影响,因此本文希望能从税收对股利政策的影响角度入手来展开分析。虽然国外已经有一些学者针对税收对股利政策的影响进行了分析,但他们的侧重点主要集中对在发放股利带来个人所得税与不发放股利带来的资本利得税之间的比较上。在我国,由于资本利得税尚未征收,因此就不存在根据个人所得税与资本利得税之间的比较来选择股利政策的情况。本文就从另一种所得税的角度来考虑它对股利政策的影响,也就是考虑企业所得税对股利政策的影响,主要就是考虑所得税对公司股利支付形式的选择及对股利支付率的影响。然后对于所得税对股利支付率的影响,采用实证分析方法,用相关性分析和回归分析对所得税率与股利支付率之间的关系进行一个量化分析,进而得出相关结论。更多还原

【Abstract】 The dividend policy is an important field of a company’s finance, and it is one of the three core contents of modern company’s financial activities. It is not only the continuing of company’s activities of raising money and investment, but the certain result of the company’s financial activities. As one of the parts of a company’s financial policy, it serves for the company’s financing arrangement as well as the capital structure. So an apt dividend policy is very important for the realization of a company’s financial object, it is also important to build up a company’s favorable visualize and to ensure the investors’ confidence of the company. There is no scientific dividend distribute theory can be a guidance for all the companies in our country, this causes the dividend policy of the listed companies are not so criterion. With the development of the stock market, the importance of the dividend policy gradually appears which causes the operators of the company to think about it seriously. In order to make a dividend policy for the company, we should analyze the impact factors of the company’s dividend policy firstly. Though there are many factors to impact on it, different company has it’s own factors. As every listed company will be influenced by tax inevitably, we hope we can analyze the impact of the tax on dividend policy. A lot of scholars have studied their relations, while they emphasize particularly on the compare of income tax for individual and capital profit tax. As the capital profit tax has not been imposed in our country, we need not choose the dividend policy by comparing the income tax for individual with capital profit tax. So we think it will be feasible to consider the impact of income tax forcompany on the dividend policy, and mainly consider the income tax for company’s impact on the way that the company pay its dividend and the dividend payment rate. And then, use the method of empirical research to measure the relation of the income tax for company and the dividend payment rate to make a conclusion.更多还原