税后资本资产定价模型及其政策含义

Abstract

标准的资产定价模型必须满足不存在税收的前提条件 ,这显然与现实情况不符。西方学者根据本国的税收制度 ,建立了纳入税收因素的资产定价模型。由于中外税收制度存在差异 ,因此 ,要基于我国的税收制度建立税后资产定价模型。模型分析的结果表明 ,我国目前税法对公司股利发放有很大的抑制作用 ,这从一个方面解释了我国上市公司采用低股利政策的原因。

The standard Capital Assets Pricing Model (CAPM) is established on the assumption that no tax is levied, which is obviously unrealistic. Western scholars proposed their CAPMs taking into consideration their own countries' tax systems, which are different from that in China. It is therefore necessary to establish our own CAPM based on current tax systems. The present analysis shows that China's current tax law restrains the paying of stock dividends, which partly explains why Chinese plcs generally adopt a low-dividend policy.