Stock Returns and the Dividend Tax Cuts of 2003

股票收益與美國2003年股利稅率減免之研究

吳振榮(Jenn-Jung Wu) ； 黃子嫚(Tzu-Man Huang)

《當代會計》 7卷1期 (2006/06) Pp. 31-55

https://doi.org/10.6675/JCA.2006.7.1.02

摘要

美國的國會及參議院領袖於2003年5月21日宣佈了一項具爭議性的減稅法案，到2008年為止將股利的最高稅率調降至百分之十五以增加投資人的稅後股利收入。這項減稅法案在2003年5月23日經過美國國會通過，並在同年5月28日由布希總統正式簽署。將減輕賦稅法案宣佈該週定義為事件週，我們檢視股利稅率減免對美國股價所造成的影響。實證結果不只證實股票收益在該事件週中變得較高，更顯示在2002年付較低股利的公司在2003年的股利稅率減免事件期間獲得異常高的股票收益。

關鍵字

股利稅率減免 ； 股票收益 ； 股利政策

並列摘要

On May 21, 2003, House and Senate leaders in the United States of America announced a controversial tax cut package lowering the top rate for dividends to 15 percent through 2008 to increase investors' after-tax dividends income. This tax cut package was passed by the Congress on May 23, 2003, and signed by President Bush on May 28, 2003. Defining the event week around the announcement of the tax relief act, we examine the dividend tax cut effect on stock prices in the United States. The empirical evidence not only supports that the stock returns are higher during the dividend tax cut event week, but also suggests that firms paying lower dividends in the year of 2002 tend to have higher abnormal stock returns around the dividend tax cut event periods in 2003.

並列關鍵字

dividend tax cut ； stock returns ； dividend policy

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