题　目：Tax Complexity and Dividend Capturing

嘉　宾：Oliver Zhen LI Professor National University of Singapore

主持人：李烁 助理教授 上海交通大学安泰经济与管理学院

时　间：2025年07月03日（周四）14:00-15:30

地　点：上海交通大学 徐汇校区安泰楼A507室

内容简介:

The 2012 tax reform in China introduced complexity into the relationship between dividend tax rates and investors’ shareholding periods. Leveraging account-level data that precisely capture the timing, size, direction, and prices of retail investors’ trades, we document a significant sorting effect associated with the increased complexity in dividend tax treatment. Specifically, the reform discouraged participation in dividend-capturing strategies among retail investors with lower levels of literacy. Among those who engaged in dividend capturing, financially literate investors earned higher returns and exhibited greater return sensitivity to dividend yields, patterns consistent with the idea that literacy is priced in equilibrium. Our findings suggest that greater tax complexity can induce a sorting mechanism, whereby only a subset of retail investors possess the necessary literacy to benefit from tax-sensitive strategies, thereby contributing to capitalization effect.

演讲人简介：

李真，新加坡国立大学（National University of Singapore）会计学教授。主要研究领域包括会计、金融、税务和中国问题。他教授会计和金融方面的课程。

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