| Cash dividend is one of the most important forms for investors to get stock return.While in China,dividend payment is low,and there exsit large percentage of short-term investors,which lead to serious speculation in the market.Based on the above facts,China securities regulatory commission has issued a series of dividend policy documents since 2001.On November 16,2012,the Ministry of Finance,the State Administration of Taxation,the Securities Regulatory Commission jointly announced the implementation of differential taxation on dividends according to the length of investors holding stocks,which aim to encourage companies to pay dividends and encourage investors to hold stocks for a long time.Based on document No.85[2012],this paper studies the impact of dividend tax reform on the company's dividend policy and the economic consequences of the policy from the perspective of the company's investment and capital allocation.The research findings are as follows(1)after the dividend tax reform policy,the dividend payment level of the company increases;(2)the dividend tax reform policy has a differentiated impact on companies with different characteristics.Companies with low internal cash flow,low growth and high management shareholding have higher dividend payment level after the policy;(3)from the perspective of economic consequences,the investment efficiency of companies increases after the dividend tax reform,the impact on companies with different characteristics is different.The research contribution of this paper is as follows(1)first this paper conducts an in-depth study on the differentiated influence of policies on the characteristics of different companies.(2)as for the economic consequences of dividend policies,previous research mainly study the indirect effects of market reaction,this paper studies the economic consequences of dividend tax reform policy from the perspective of corporate investment and capital allocation. |
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