Short‐selling constraints and corporate payout policy

This study shows that managers adjust corporate payout policies to counteract intensified short‐selling pressures following the removal of a short‐selling constraint. We use a controlled experiment, the Regulation SHO pilot program, to find that changing the short‐selling rule brings small companies to increase cash dividends, but not to repurchase more shares. Because paying dividends is costly, it is acknowledged as a more reliable signal of stock undervaluation than share repurchase. While our evidence suggests that companies select this payout strategy to deter predatory short sellers, it also shows that a short‐selling activity has a causal effect on corporate payout decisions.     

非居民企业股息、利息和财产收益企业所得税管理探究

股息、利息和财产收益是非居民企业税收的重要来源。由于这些项目都具备资产收益的性质,因此具有相似的特性。本文围绕这些特性研究非居民税收管理和政策上的难点,探讨转变非居民税收管理的理念、改进企业所得税管理的各项措施和创新管理模式等。     

企业购并行为中的税收政策效应

本主要分析所得税对企业市场购并行为的影响。国外学所分析企业购并时,通常假设市场完全竞争,企业的决策不受非市场因素的干扰。他们认为,企业购并中,购并方的收益率只受两个因素的影响,即企业已分配股息的纳税比率和资本利得税率。笔从两方面对以上模型进行了修正：一是修正了其中“债务利息可以全部税前扣除”的假设前提,二是修正了被购并方在交易中的交易条件。以上修正使模型能够更加准确地描述中国的现实经济环境,也得出了完全不同的结论。     

股权分置、公司治理与股利分配决策：现金股利还是股票股利？

以2004~2007中国上市公司为样本,应用LOGISTIC回归对-股权分置改革前后我国上市公司股利分配决策进行理论与实证分析。结果表明,股权分置改革后,我国上市公司发放股票股利呈现增多的趋势,第一大股东、第二大股东持股比例越高,以及董事会人数越多,公司越倾向于现金股利分配,但机构投资者持股比例越高,越倾向于发放股票股利。同时,企业成长性强的公司倾向于发放股票股利,而现金流量好的公司往往不发放股票股利,企业规模与股票分配决策无关。     

Are imputation credits capitalised into stock prices?

We investigate whether imputation tax credits are capitalised into Australian stock prices by utilising discounted cash‐flow valuation models and examining the relation between earnings yields and imputation credit yields. While imputation credits are valuable to many investors, the evidence that they are reflected in share prices is at best mixed and largely unconvincing. Our results reveal that imputation credits fail to lower realised returns casting doubts over whether imputation credits are priced from the perspective of longer‐term buy‐and‐hold investors. If so, such investors can expect to fully benefit from their imputation credits, and imputation effects may not impact on the cost of capital.     

股份回购:提升公司内在价值的新思路

股份回购是我国证券市场的一个新生事物，实施股份回购会对上市公司产生深远影响。本在对股份回购作了简要介绍了基础上，主要探讨了股份回购后对上市公司值提升的意义并提出了回购过程中应注意的问题。     

The valuation of projects under the dividend imputation tax system

This paper proves that a modified weighted average cost of capital (“WACC”) valuation methodology is a rigorous and practicable method of valuing projects and companies under the Australian dividend imputation tax system. This methodology uses an effective tax rate in calculating both the discount rate and the ungeared after tax cash flow. A cash flow after effective corporate tax is shown to be equivalent to a cash plus value of imputation credit stream. Importantly, this valuation methodology is applicable to returns that are non-uniform and of finite duration. Also examined is the discounting of equity returns at the company's cost of equity capital. A worked example is presented to clarify and quantify the effects discussed.     

Adapting the APV valuation methodology and the beta gearing formula to the dividend imputation tax system

This paper adapts the APV valuation methodology and the formula for gearing beta to the Australian dividend imputation tax system. The APV formulation is shown to be able to be applied in the dividend imputation tax system by simply replacing the statutory tax rate with an effective tax rate in the calculation of the “cash flows”. The effect of the dividend imputation tax system on a company's value is shown to be easily bounded using the APV formulation by making the extreme assumption that imputation credits are either: fully distributed and fully valued by the market; or that they are worthless. This paper also quantifies the effect of changing the assumed value of imputation credits on: (i) the value of the interest tax shield of debt; and (ii) the levered, or equity, beta.     

FDI稳定性下降与宏观经济风险防范

随着全球FDI投资规模、产业整合、投资领域、融资结构等方面的深刻变迁,FDI的稳定性明显降低,资金大规模进出东道国的风险明显提高,新兴市场经济体遭受冲击的风险尤甚。我国经过连续30年引进外资,FDI对缓解国内资金短缺的作用已经基本消失,其波动性增大的负面影响则逐渐显现。重新审视FDI政策,完善统计体系,优化FDI结构,提高对外开放效率是我国迫切需要解决的问题。     

我国商业银行净利润与资本结构关系的实证研究

本文采用多元回归方法,分析我国商业银行净利润与资本结构的关系,选取2007年以来我国4家国有商业银行和7家股份制商业银行的半年度数据为样本,实证研究我国商业银行资本结构对经营绩效的影响。研究结果表明,净利润与资产规模、前五大股东持股比例有显著的正相关,同时与资本充足率、第一大股东持股比例有显著的负相关,商业银行的资本结构对其净利润有显著的影响。     

The influence of earnings per share on capital issues: some evidence from UK companies

This paper investigates the simple hypothesis that when companies issue more capital, they have a tendency to select the type of capital, all other things being equal, which results in the higher short-term earnings per share (eps). The methodology employs probit analysis to test the hypothesis that the form of issue selected was that which gave the higher eps after controlling for other factors such as leverage and industry classification. The results lead us to conclude that there is evidence in capital issues of functional fixation on eps.     

Shareholder taxation and aggregate dividend payout: Evidence from the tax reform act of 1986

The effect of shareholder taxation on corporate dividend policy is a major controversy in financial economics. The Tax Reform Act of 1986 eliminated the statutory tax disadvantage of dividends versus long-term capital gains for individual shareholders. Using aggregate time series data I find evidence that corporate dividend payout has become more generous in the period after tax reform.     

The rise and rise of the share premium account

Share premiums now constitute a substantial proportion of UK company equity but rarely featured on nineteenth century company balance sheets. This paper discusses when and why this changed and why the definition of the share premium account as company capital took nearly a century to reach the statute books. From 1855 to 1948 any surplus above par on issued shares could be treated at the directors' discretion, including appropriation for the payment of dividends. This freedom was removed in the Companies Act 1948 (s. 56), after the Cohen Committee recommended that share premiums should normally be treated as share capital and employed in a very limited range of transactions. The paper outlines the accounting and legal history of the share premium account and argues that the growth of share premiums was due to a tax avoidance loophole, open from 1889 to 1973, which permanently changed company practice on share issues after 1920. The effect of legal restrictions on the use of the share premium account is also addressed. One possible future consequence of the loss of economic significance of the nominal value of a share is the total abolition of both this and the share premium account by adoption of no par value (npv) shares, a change which has recently been adopted in Australia and is again under consideration in the UK.     

打击“避税天堂”国际准则的主要内容

本文以有关打击避税天堂的国际准则为主线,在理解和分析避税天堂的含义和危害的基础上,指出保障税制透明度和进行税务信息分享是打击避税天堂的国际准则中最重要的内容。     

Investor behaviour in response to Australia’s capital gains tax

We calibrate the effect of Australia’s Capital Gains Tax (CGT) on share prices and market activity. Based on a large sample drawn from all listed Australian companies for the years 1994–2007, we find significant tax‐loss selling (TLS) of shares that lost value over the financial year, which is reflected in unusually high trading volume and more sell orders in June and a rebound in July. There is some evidence that small mining stocks are particular targets for TLS. Interestingly, the 1999 CGT reforms, which introduced concessions for long‐term capital gains, did not reduce the incidence of TLS.