2025年第90期(总第1131期)

演讲主题：Controlling Shareholders’Personal Taxes and Corporate Policies-Evidence from A Two-Tiered Capital Gain Taxes Regime

主讲人：倪晨凯 复旦大学会计系教授

主持人：施汉忠 计算金融系讲师

活动时间：2025年12月16日（周二）09:00

活动地址: 管院大楼107教室

主讲人简介：

倪晨凯，复旦大学会计系教授，博士生导师。本科毕业于北京大学，博士毕业于新加坡国立大学。主要研究方向为财税体制与资本市场。学术论文发表于The Accounting Review，Journal of Financial and Quantitative Analysis, Review of Accounting Studies，Journal of Management Information Systems，《管理世界》，《会计研究》等国内外学术期刊。

活动简介：

We exploit China’s enactment of two-tiered individual capital gain taxes split by ownership, i.e., 20% for controlling shareholders’restricted shares (pre-IPO shares) and 0% for minority shareholders’post-IPO shares. We find that firms use post-IPO stock dividends to create tax-free shares and reduce controlling shareholders’tax liability through ex-dividend. A placebo test reveals no such evidence for cash dividends. We document two counterforces: (1) incentive deviation within shareholders, and (2) regulatory scrutiny of stock dividends. Controlling shareholders’tax incentives dampen the positive association between stock dividends and corporate earnings and weaken the positive share price reactions to stock dividend announcements.