股息税与异质性支付响应下的企业绩效
Dividend Taxation and Firm Performance with Heterogeneous Payout Responses
American Economic Journal: Economic Policy · 2025 · [{"name": "Katarzyna Bilicka", "affiliation": ["Utah State University"]}, {"name": "İrem Güçeri", "affiliation": ["University of Oxford"]}, {"name": "Evangelos Koumanakos", "affiliation": ["Hellenic Open University"]}]
中文摘要
我们分析了在全球金融危机前受到一项意外股息税差异化影响的企业表现。我们利用具有不同法律地位和财政年度结束日期的企业所面临的外生政策变异，分别识别政策公告效应与实施效应。我们提供了股息大幅下降但设备购置零变化的因果证据。受处理企业积累的投资品更可能是所有者-管理者的个人资产，而非生产性资本。在严重流动性短缺时期，留存于企业中的部分资金被用于偿还短期债务。(JEL G01, G31, G32, G35, H25, K34)
Abstract
We analyze the performance of firms that were differentially affected by an unexpected tax on dividends before the global financial crisis. We use exogenous policy variation for firms with different legal statuses and financial year-end dates to separately identify the policy announcement and implementation effects. We provide causal evidence for a sharp drop in dividends but zero change in equipment purchases. Treated firms accumulate investment goods that are likely to be owner-manager’s personal assets instead of productive capital. At a time of severe liquidity shortage, some of the funds kept in the firm are used to pay back short-term debt. (JEL G01, G31, G32, G35, H25, K34)