中国股票市场中股利所得税效应研究

发布时间：2018-03-26 12:25

本文选题：股利所得税　切入点：股利政策　出处：《首都经济贸易大学》2014年硕士论文

【摘要】：中国证券市场恢复于20世纪90年代初期，自其建立至2013年初，股票的整体市值已经达到25万亿左右，仅2012年度，上市公司发放的股利已近六千亿元。在这种情况下，投资者承担的股利所税，已经成为证券市场中的一个重要变量。2012年11月16日，财政部、国家税务总局、证监会发布了财税[2012]85号文件，该文件规定了股息红利差别化征收个人所得税，持股超过1年的，税负为5%；持股1个月至1年的，税负为10%；持股1个月以内的，税负为20%。本文将结合新政着重分析现金股利税收对A股市场以及投资者的影响。首先，全方面阐述股利的相关概念及内容，回顾股利所得税的发展，对股利所得税相关研究文献进行梳理。第二,结合中国市场特有情况，通过实证，获取中国股市使用的股利所得税理论。第三，结合财税[2012]85号文件，分析其对中国股票市场的影响,研究结果表明，股利所得税差异化征收对市场的实际税率影响为中性，但抑制炒作的作用并不明显。最后，针对股利所得税提出一些问题，并针对这些问题提出使用个人资本使用成本扣除制和建立IRA账户消减个人股利所得税，设立公司间股利所得税抑制金字塔型结构的集团企业等政策建议。
[Abstract]:China's stock market resumed in the early 1990s, and since its establishment until the beginning of 2013, the overall stock market market value has reached about 25 trillion. In 2012 alone, the dividend paid by listed companies was nearly 600 billion yuan. The tax on dividends borne by investors has become an important variable in the securities market. On November 16, 2012, the Ministry of Finance, the State Administration of Taxation, and the Securities Regulatory Commission issued fiscal and tax [2012] 85 documents. The document stipulates that the dividend dividend is differentiated and levied on the individual income tax. If the stock is held for more than one year, the tax burden shall be 5 percent; if the stock is held for one month to one year, the tax burden shall be 100.If the stock is held for less than one month, The tax burden is 20. This paper will focus on the analysis of the impact of cash dividend tax on the A-share market and investors. First, the related concepts and contents of dividend are expounded, and the development of dividend income tax is reviewed. Combing the relevant research literature of dividend income tax. Second, combining with the unique situation of Chinese market, we obtain the dividend income tax theory used in Chinese stock market by empirical evidence. Third, combining with fiscal and tax [2012] 85 document, By analyzing its influence on Chinese stock market, the research results show that the difference of dividend income tax has a neutral effect on the real tax rate of the market, but the effect of restraining speculation is not obvious. Finally, some questions about dividend income tax are put forward. In view of these problems, the paper puts forward some policy suggestions such as using the deduction system of personal capital use cost, setting up IRA account to reduce individual dividend income tax, and setting up inter-company dividend income tax to suppress pyramid structure of group enterprises.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F812.42

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