两税合并、公司治理与现金股利:基于A股市场的经验证据
首发时间:2013-09-23
摘要:论文以两税合并后部分企业所得税率下降、自由现金流增加为背景,选取中国证券市场中两税合并前后税率发生变化的企业,结合现金股利代理模型,基于所有权结构、董事会独立性、管理层激励、信息披露等四方面构建公司治理指数并藉此进行分类的基础上,考察了公司治理对所得税率影响现金股利政策呈现的不同特征,所作假设如下:相比较所得税率不变的企业,税率下降的上市公司自由现金流有显著的增加,且公司治理更好的企业会因此而发放更多的现金股利,现金股利的发放是公司治理对中小股东保护的结果。
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Consolidation of the Two Taxes, Corporate Governance and Cash Dividend: Evidence from A-Share Market
Abstract:Taking the companies of both corporate income tax rate down and unchanged in China A-share market after the consolidation of the two taxes as sample, based on difference-in-difference model and multiple regression analysis method, the paper tests the effect of the corporate income tax rate down on companies' dividends payout. Furthermore, constructing owners' structure, board independence, manager incentive and information disclose as the corporate governance index and also as the standard to divide the whole sample, the paper analyzes different characteristics of corporate governance's influence on the income tax rate's effect on the cash dividend policy. Regression results show that the consolidation of the two taxes has influence on company's free cash flow as well as dividend payment, compared to the sub-sample of companies of income tax rate unchanged, the free cash flow and dividend payment of the sub-sample companies of income tax rate down increase more dramatically. Companies with stronger corporate governance have higher motivation to pay dividends, and outcome model is tested.
Keywords: Corporate Governance Consolidation of the two taxes cash dividend free cash flow
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