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首页> 外文会议>2007 China International Conference in Finance >Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform
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Firm Heterogeneity and the Long-Run Effects of Dividend Tax Reform

机译：企业异质性与股利税改革的长期影响

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What is the long-run effect of dividend taxation on aggregate capital accumulation? To address this question, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. This firm heterogeneity generates a cross-sectional distribution of firms, with some firms behaving according to the traditional view of dividend taxation and other firms behaving according to the new view of dividend taxation. Specifically, at any point in time, a firm may lie in one of three finance regimes: dividend distribution regime, liquidity constrained regime, and equity issuance regime. These finance regimes may change over time in response to idiosyncratic productivity shocks. Firms in different finance regimes respond to dividend taxation in different ways. Our model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 3 percent.
机译：股息税对总资本积累的长期影响是什么？为了解决这个问题，我们建立了一个动态的一般均衡模型，其中有一个连续的企业受到异乎寻常的生产率冲击。这种公司异质性产生了公司的横断面分布，有些公司的行为遵循传统的股息税观点，而另一些公司的行为则遵循新的股息税观点。具体而言，在任何时间点，公司可能处于三种财务制度之一：股利分配制度，流动性受限制度和股票发行制度。这些财务制度可能会随着时间的流逝而变化，以响应特殊的生产力冲击。不同财务制度的公司对股息税的反应方式也不同。我们的模型模拟显示，当股利税和资本利得税税率分别从25％和20％永久降低到相同的15％时，长期资本总存量将增加约3％。

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