所得税视角下公司股利政策的选择

股利政策主要讨论企业税后利润如何分配的问题,是企业的一项重要决策。然而,所得税的存在使得在不同的股利分配方式下股东会获得不同的税后股利。本文在阐述股利分配的几个著名的理论之后,给出了多提留的股利政策、股票股利、股票回购三个在考虑所得税存在的情况下可选择的股利分配方式,以实现股东财富最大化的财务管理目标。

Choice of Dividend Policy from Income Tax Aspect

Corporate dividend policy mainly focus on how to distribute profit after tax.Income tax exists objectively,which will influence corporate dividend policy and further influence stockholders dividend after tax.This essay gives a short review with those well-known dividend distribution theories,and then puts forward three approaches that will be helpful to achieve the goal of maximization of shareholder wealth,which is more-retained dividend,stock dividend and stock split.