会计学术联盟 ｜国内学者国际顶级期刊-forthcoming｜Kangtao Ye，Hang Liu et al.
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水皮，北京交通大学会计系博士生
Individual Investors’ Dividend Tax and Corporate PayoutPolicies
Oliver Zhen Li
National University of Singapore
Hang Liu
Dongbei University of Finance and Economics
Chenkai Ni
National University of Singapore
Kangtao Ye
Renmin University of China School of Business
April 11, 2014
Abstract: The 2012 Dividend Tax Reform in China uniquely ties individual investors’ dividend tax rates to the length of their share holding period. We find that firms facing a reduction in their individual investors’ dividend tax rate are more likely to increase dividend payout, initiate dividends, and areless likely to omit dividends, compared with firms facing an increase in their individual investors’ dividend tax rate. Such an effect is concentrated infirms with a low level of agency cost. In addition, investors respond to this tax law change by reducing trading activities before the cum-dividend day to avoid entering into a higher dividend tax bracket. Further, stock return patterns on the ex-dividend day suggest that reduced trading activities lower the marginal investor’s dividend tax penalty. Overall, our evidence enhances the notion that individual investors’ tax profiles shape firms’ payout policies.
Keywords: individual investor, dividend tax, payout policy, agency cost
JEL Classification: G30, G35, H20
http://ssrn.com/abstract=2424666 orhttp://dx.doi.org/10.2139/ssrn.2424666
叶康涛，博士生导师，1996年中央财经大学获经济学（财政学）学士学位，1999年于该校获经济学（财政学）硕士学位，2006年北京大学获管理学（会计学）博士学位，2006年到2008年在美国北卡罗来纳大学从事博士后学习与研究，2008年9月加入中国人民大学商学院任教至今。2009年入选财政部会计领军后备人才。现任中国人民大学商学院副教授；商学院会计系副主任。
研究方向：会计理论、管理会计、会计-税收差异、公司治理
讲授课程：会计研究方法论、会计前沿理论、管理经济学、管理会计
研究成果（英文部分）：
1. Oliver Li, Hang Liu, Chenkai Ni, and Kangtao Ye,Individual Investors’ Dividend Tax and Corporate Payout Policies, Journal of Financial and Quantitative Analysis，即将发表。
2. Rongli Yuan, Yingli Cheng, and Kangtao Ye*, Auditor industry specialization and discretionary accruals: The role of client strategy, The International Journal of Accounting,即将发表。
3. Kangtao Ye*, 2014. Independent director cashcompensation and earnings management, Journal of Accounting and Public Policy33, 391-400.
4. Jiwei Wang, and Kangtao Ye*, 2015: Media Coverageand Firm Valuation, Journal of Business Ethics，127，501-511.
5. Sunny Sun, Jigao Zhu, and Kangtao Ye*, 2015: Board Openness during an Economic Crisis, Journal of Business Ethics.
6. Jiwei Wang, and Kangtao Ye*, 2014: Managerial Agency Costs of Socialistic Internal Capital Markets: Empirical Evidence from China,Journal of International Financial Management and Accounting, 25(1): 1-37.
7. Kangtao Ye and Ran Zhang, 2011. Do lenders value corporate social responsibility? Evidence from China, Journal of Business Ethics 104,197-206.
8. Zhang Ran, Lu Zhengfei, Ye Kangtao，2010：“Howdo Firms React to the Prohibition of Long-lived Asset Impairment Reversals?Evidence from China”, Journal of Accounting and Public Policy 29, pp424-438。
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