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Kokonoi Hajime · 2025年07月05日

tax drag

NO.PZ2024101802000017

问题如下:

Discuss how the benefits of tax deferral can be overcome by finding mispriced investment opportunities.

解释:

The benefits of tax deferral can be overwhelmed if investments taxed on an accrual basis offer sufficiently high risk-adjusted returns. That is, purchasing securities sufficiently below their intrinsic value (or short selling securities sufficiently above intrinsic value) can overcome tax drag even if the investment is taxed heavily on an annual basis.

Tax drag是什么,为什么能提高税后收益

1 个答案

费费_品职助教 · 2025年07月07日

嗨,从没放弃的小努力你好:


1.tax drag是 the percentage of investment growth lost to taxe 简单来说就是由于各种税费(如资本利得税、股息税、利息税等)的存在,导致投资者实际收益低于 无税情况下的理论收益


2. 投资的核心是 “风险调整后收益” 的高低,而不是单纯依赖 “税收递延” 的策略。如果一笔投资能通过 “价格与内在价值的巨大差距” 获得足够高的超额收益,那么即便它需要每年缴纳重税(税收拖累明显),最终的收益也可能超过那些依赖税收递延但收益平庸的投资。这体现了 “超额收益优先于税收优化” 的投资逻辑。

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