CAJ | 학술논문

本文以2001—2008年期间沪深股市A股上市公司为研究对象，考察2005年股利所得税减少后管理层持股对股利政策的影响是否发生了变化。研究结果表明管理层持股对股利发放倾向的影响在减税后由不显著变为正向显著，对股利发放水平的影响在整个样本期间为正向显著且没有发生显著变化；减税显著增强了管理层持股对股利发放倾向的正向影响力度，且这种效果仅在管理层持股比例较高时有效，但不会显著影响管理层持股对股利发放水平的作用；除管理层外的自然人持股水平，在减税前后不会对股利政策产生显著影响。
본문이2001—2008년기간호심고시A고상시공사위연구대상，고찰2005년고리소득세감소후관리층지고대고리정책적영향시부발생료변화。연구결과표명관리층지고대고리발방경향적영향재감세후유불현저변위정향현저，대고리발방수평적영향재정개양본기간위정향현저차몰유발생현저변화；감세현저증강료관리층지고대고리발방경향적정향영향력도，차저충효과부재관리층지고비례교고시유효，단불회현저영향관리층지고대고리발방수평적작용；제관리층외적자연인지고수평，재감세전후불회대고리정책산생현저영향。
Based on the data of A - share companies listed on Shanghai and Shenzhen Stock Exchanges from 2001 to 2008, this paper analyzes whether the effects of managerial ownership on dividend policies have changed after the dividend income tax cut of 2005. The study finds that the effects of managerial ownership on dividend payment propensity changed from insignificance to significance, as well as the effects of managerial ownership on dividend payout level are positive over the whole sample period and don＇t change significantly; the dividend tax cut enhanced the positive effect of managerial ownership on dividend payout propensity, which only showed in firms with relatively high managerial ownership, and had no significant impact on the dividend level ; individual share ownership except managerial ownership did not impact dividend policies whether before or after the dividend income tax cut.