和棋 · 2021年06月08日
NO.PZ2018101501000071
问题如下：
Based on the clientele effect, which of the following statements is correct?
选项：
A.High tax bracket investors are indifferent to dividend policy.
B.Different investors desire different dividend policy.
C.Investors prefer high dividend companies.
解释：
B is correct.
考点：Theories in Dividend Policy 1
解析：追随者效应(clientele effect)是指股东会聚集在满足各自偏好的股利政策的公司的现象。处于低边际税率等级的投资者将会持有高股利支付率的股票；高边际税率等级的投资者将会持有低股利支付率的股票。
A选项的正确说法是不是要取决高税收的人收的是Capital Gain的税高还是Divdend收的税高
王琛_品职助教 · 2021年06月09日
嗨，从没放弃的小努力你好：
同学的分析是正确的
根据 Clientele Effect，不管是 Capital gain 征收的税高，还是 Dividend 征收的税高，投资者对分红策略，都不可能不关心，肯定是有所偏好的
比如，当投资者资本利得的边际税率，低于股息的边际税率时，受到税收考虑的影响，投资者对回报的方式，可能更偏向于资本利得，而不是股息
"When the investor’s marginal tax rate on capital gains (i.e., the tax on the next euro of capital gains) is lower than the marginal tax rate on dividends (i.e., the tax on the next euro of dividends), the investor may be influenced by tax considerations to have a preference for returns in the form of capital gains."
或者说，对分红策略不关心的投资者，并不是高税级的投资者 high tax bracket investors，而是免税的投资者 tax-exempt investors
在其他条件相同的情况下，从税收的角度来看，免税的投资者对资本利得或股息形式的回报是无所谓的
"All else being equal, however, tax-exempt investors would be expected to be indifferent about returns in the forms of capital gains or dividends from a tax perspective."
也请参考本章课后题第 7 题
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