American Economic Journal: Economic Policy · 2026 · Elisa Casi、Evelina Gavrilova、David Murphy、Floris Zoutman
中文摘要
我们研究加强股息预提税（DWT）执法的影响。我们聚焦于丹麦2016年的一项执法改革，并将丹麦与其北欧邻国进行比较。在整个北欧股票市场，出借股票数量都会在股息发放日前后急剧飙升。这些峰值与滥用股息预提税制度的行为相一致。改革后，丹麦的此类峰值消失，股息预提税年度收入增加130%。以丹麦股票收益率、投资率和股息收益率衡量，执法并未损害投资环境。（JEL G18, G35, G38, H26, K22, K34）
Abstract
We study the effect of stricter enforcement of the dividend-withholding tax (DWT). We focus on a 2016 Danish enforcement reform and compare Denmark to its Nordic neighbors. Throughout the Nordic stock markets, shares on loan spike sharply around dividend dates. These spikes are consistent with abuse of the DWT system. Postreform, spikes in Denmark disappear, and annual DWT revenue increases by 130 percent. Enforcement does not harm the investment climate as measured by Danish stock returns, investment rate, and dividend yield. (JEL G18, G35, G38, H26, K22, K34)