德勤－复旦会计论坛系列267期讲座信息
时间：2026年 3月24日（周二）上午10:00
地点：史带楼503教室
主持人: 倪晨凯 教授
报告人: Oliver Zhen Li 李真（National University of Singapore）
题 目: Tax Complexity and Dividend Capturing
摘 要: The 2012 tax reform in China introduced tax complexity by negatively linking the dividend tax rate to shareholding period. 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 discourages participation in dividend-capturing strategies among retail investors with lower financial literacy. Among those who engaged in dividend capturing, financially literate investors earned a higher return and exhibit greater return sensitivity to dividend yield. 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 trading strategies, which contributes to the dividend capitalization effect.
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