【《证券市场周刊》特约作者 陈绍霞】／文 【《Securities market weekly》The author ChenShaoXia engage】/ wen

　　半年报盛宴一开，股市又到分红时，红利税再次成为关注的焦点。

Half annals open a feast，The stock market and to share out bonus，Red profit tax once again become the focus of attention。

　　投资者守望红利税减免已经8年了。从2004年1月国务院发布“关于推进资本市场改革开放和稳定发展的若干意见”（俗称“国九条”）提出要研究“完善资本市场税收政策”， 到2010年证监会主席助理向“两会”提交免征红利税，红利税减免的呼声一遇到分红季节就从未间断过。

Investors watch red profit tax relief has 8 years。From January 2004 issued by the state council“About the stock market and stable development of the reform and opening up some Suggestions”（Commonly known as“Countries article nine”）Puts forward to want to study“Perfect capital market tax policy”， By 2010 President assistant to the CSRC“Two meetings”Submit red profit tax shall be exempted，Red profit tax cuts a season calls meet share out bonus has never stopped。

　　红利税减免到底影响几何？笔者依照2011年的财税数据进行了测算，2011年全国财政收入103740亿元，如果免征社会公众投资者和基金投资股票的红利税，免征税额占比仅为0.21%，对于国家财政收入的总体影响甚微。

Red profit tax cuts impact on geometry？The author of the finance and tax data in accordance with 2011 estimates，In 2011 the national finance income is 10.374 trillion yuan，If the investors shall be exempted from the society and fund investment stock red profit tax，Tax shall be exempted from accounts for more than just 0.21%，The national revenue for the overall impact of little。

　　笔者研究发现，在存在红利税的政策背景下，上市公司分红越多、参与分红的投资人的亏损越大，投资者对现金分红失去兴趣，热衷于追逐高送转游戏，不利于市场树立价值投资理念。减免红利税，投资人实际的现金红利收入将会显著增加，有利于提升蓝筹股的投资价值，引导长线投资资金入市。

The study found that，In the existing tax policy background of red，The listed company share out bonus、Participate in the greater the loss of share out bonus investors，Investors lose interest on cash dividends，Keen to chase high send turned the game，Against market value investment idea set。Red profit tax relief，Investors the actual cash dividend income will increase significantly，Help to promote the blue chip investment value，Lead long term investment capital market。

　　

那些年追逐红利税减免之梦 Those years chasing the dream of the red profit tax cuts

　　2004年，“国九条”发布后，市场各方反应热烈，投资者热切期盼红利税免征。

2004 years，“Countries article nine”After releasing，Market reaction to the parties warmly，Investors are eagerly looking forward to red shall be exempted from tax。

　　2005年6月，上证综指在历经5年熊市后击穿千点关口，为了提振投资者信心，财政部、国家税务总局联合发文，决定将投资人从上市公司分红所得应缴红利税减半征收。虽然税负减半，但与投资人所期盼的免征红利税的目标仍相差甚远。

June 2005，The Shanghai composite index in after five years after a bear market breakdown thousand point pass，In order to boost investor confidence，The Treasury、The state administration of taxation joint mandate，Investors decided to from listed company should pay dividends income tax levied in red。Although the tax burden in half，But and investors expected profit tax shall be exempted from the red target is still far。

　　2008年以来，随着A股市场再度陷入漫漫熊市，股市投资者损失惨重，免征红利税的呼声四起。近年来，证监会高层也响应投资者的呼声，呼吁减免红利税：2010年3月“两会”期间，证监会主席助理朱从玖提交了“优化资本市场税收政策、促进直接融资发展”的提案，建议免征红利税。

Since 2008，Along with the A share market be thrown into long A bear market，Stock market investors lost millions，Red profit tax shall be exempted from the voice everywhere。In recent years，CSRC top also calls response investors，Tax breaks call for red：March 2010“Two meetings”during，Securities regulatory commission President assistant from nine to submit a zhu“Optimizing the capital market tax policy、To promote the development of direct financing”proposal，Red profit tax shall be exempted from the advice。

　　2012年“两会”期间，包括前证监会副主席范福春和广东证监局局长侯外林等多位代表委员也提议免征红利税；证监会投资者保护局负责人在人民网(603000,股吧)回答网友问题时，对于网友提到的分红扣税问题，证监会正在积极协调降低公司分红相关的操作成本，提高对股东的回报。

2012 years“Two meetings”during，Including former vice chairman of the securities FanFuChun and guangdong the secretary of the securities regulatory HouWaiLin waiting for many representatives also offer tax shall be exempted from the red；Securities investors protection bureau chief in the PRC(603000,Shares it)Answer the questions，For net friend mentioned taxes of share out bonus of problems，Securities regulatory commission are actively coordinate reduce the operation cost related company dividends，Improve the return to shareholders。

　　自2004年初国务院出台“国九条”，要求“研究制定鼓励社会公众投资的税收政策”，至今已8年有余。期间，证券交易印花税已由当初的双向3‰征收调整为单向1‰征收（只对卖出方征收），红利税实缴税率于2005年6月由20%调整为10%，此后多年来，虽然市场各方一直期盼红利税免征，但是，迄今尚无结果，红利税免征似乎阻力重重。

Since early 2004 the state council issued“Countries article nine”，requirements“Study and establish encourage social public investment tax policy”，So far has 8 years to spare。during，A stamp tax on securities transactions by original has two-way 3 ‰ collection is adjusted for one-way 1 ‰ collection（Only sold on party collection），Red profit tax paid tax rate in June 2005 by 20% to 10% adjustment，After this for many years，Although market parties have been expecting profit tax shall be exempted from red，but，Date no results，Red profit tax shall be exempted from the seems to resistance is heavy。

　　

红利税是否重复征税 Red profit tax is double taxation

　　由于公司制企业所分配的红利属于其已缴纳企业所得税后的税后利润，因此，企业向其个人股东派发现金红利时，扣缴的红利税确实存在重复征税问题。

Because the company the distribution of dividends belongs to the enterprise income tax already paid the after-tax profits，so，To its individual shareholders enterprise distributed bonus cash，The amount of red profit tax exists double taxation problem。

　　假设某家族企业注册资本300万元，息税前利润60万元。由于经营状况良好，企业拟扩大投资规模，新增投资300万元，新项目预计可产生息税前利润60万元。假设企业所得税率为25%，股息税、利息税等个人所得税率均为20%。不同投资方式最终因为税收的不同而大相径庭。

A family that registered capital of 3 million yuan，Pre-tax profit rate is 600000 yuan。Because business is in good condition，Enterprise expand the scale of investment，New investment is 3 million yuan，The new project can be expected to produce interest pre-tax profit of 600000 yuan。Hypothesis enterprise tax rate is 25%，Dividend tax、Individual income tax rate and interest were 20% for both。Different way because of the final investment tax different and is completely different。

　　为便于分析，假设股权投资方式下项目新增净利润全部以现金红利形式分配给股东，债权投资方式下项目产生的新增息税前利润全部以利息形式支付给投资人。如果300万元以股权投资方式进行，投资者投资该项目最终获得现金流36万元。如果300万元以债权投资方式进行，投资者实际获得现金流48万元（详见下表）。

For convenience of analysis，Hypothesis equity investment project under way with all new net profit bonus cash form distribution to shareholders，Creditor's rights under the mode of investment project of the new interest produced pre-tax profits to pay interest on all form to investors。If 3 million yuan with equity investment means，Investors invest in the final project for cash flow 360000 yuan。If 3 million yuan to debt investments manner，Investors for actual cash flow is 480000 yuan（Of the barrier）。

　　通过两种不同投资的回报可以看出，以债权方式投资，投资人可多获得现金流12万元。上述案例清晰地表明，在债权投资方式下，由于企业利息支出在企业所得税前列支，投资者在获得利息收入时仅缴纳利息税，而在股权投资方式下，企业红利支出是对企业所得税后的利润进行分配，现金分红时再缴纳红利税，投资者实际上承受了双重税负。由此可见，红利税是重复征税，加重了投资人税负。

Through two kinds of different investment returns can be seen，Way to creditor's rights investment，Investors can gain cash flow 120000 yuan。The example above clearly show that，In debt investment modes，Because enterprise interest expenses in enterprise income tax with front row，Investors get interest income only pay accrual，And in equity investment under way，Enterprise dividend payout is on the corporate income tax for the distribution of the profits after，Cash dividends pay again when red profit tax，Investors actually bear the double taxes。This shows，Red profit tax is double taxation，Increasing the tax burden investors。

　　特别值得一提的是，当前银行存款利息是免税的，从近年来陆续曝光的民间高利贷崩盘事件也可以看出，企业向债权人支付利息时，并不扣缴利息税，迄今亦未见税务部门针对民间借贷利息查征利息税的报道。虽然相关税法并未明确免征民间借贷的利息税，但在实务操作中，民间借贷利息应是免征利息税的。

In particular，The bank deposit interest duty free，In recent years the exposure in succession from folk usury events can see collapse，Enterprise pay interest to the creditors，Is not withholding accrual，So far also has not seen the tax department folk lending interest to check for the interest tax report。Though not specifically related tax law shall be exempted from the folk lending interest duty，But in practical operation，Folk lending interest should be exempted from interest tax。

　　考虑到民间借贷实际上免征利息税，在上述案例中，债权投资方式下，投资人的实际税费为零，债权投资人可获得现金流60万元，而股权投资方式下由于双重纳税，投资人可获得现金流仅为36万元，远低于债权投资方式下的投资人。

Considering the non-government loan shall be exempted from actually accrual，In the example above，Debt investments under way，The actual taxes for zero investors，Creditor's rights investor can gain cash flow 600000 yuan，And equity investment under way due to double pay taxes，Investors can get cash flow is 360000 yuan only，Is far lower than the debt investments under the way of investors。

　　

免征红利税对谁不公平 Red profit tax shall be exempted on who is not fair

　　对上市公司公众投资者免征红利税，会对非上市公司产生不公平吗？从表面上来看，确实如此。如果仅对上市公司的公众投资者免征红利税，那么意味着，非上市公司的股东无法享受同等待遇，由此产生新的不公。但如果进一步分析，就不难发现，实际情况并非如此。

On the listed company shall be exempted from the public investors red profit tax，The private company to produce not fair？On the surface，Do so。If only for the listed company shall be exempted from the public investors red profit tax，That means that，The private company's shareholders can't enjoy equal treatment，Thus produce new injustice。But if further analysis，It is not difficult to find，The case。

　　对于非上市公司而言，其投资者往往同时也是企业的高管，对企业的投融资及经营活动拥有决策权。因此，他们在实际经营活动中，可以通过各种手段规避双重纳税问题。如上述案例所示，其投资者甚至可以通过债权方式投资实现零税负。

For private companies，Its investors tend to also enterprise executives，To enterprise's investment and business activities have decision-making authority。so，They in the actual operating activities，Through various means can avoid double tax problems。Such as the example above shows，The investors can even through the creditor's rights way zero investment tax burden。

　　2009年7月新股IPO恢复以来，监管部门加强了对新股上市前依法纳税的合规性审查。招股说明书显示，一些企业在上市前现金分红、未分配利润转增股本时，并未扣缴红利税。为了谋求上市，部分企业在上市前补缴了税款，部分企业并没有补缴，仅作出相关承诺，并成功获准发行上市。如果不谋求上市，这些企业向个人股东现金分红，也许永远不必缴纳红利税。

In July 2009 new shares since the IPO recovery，Strengthening the supervision department before the ipo of paying taxes compliance。The prospectus display，Some enterprise listed in cash dividends before、Undistributed profit distribution equity，Did not profit tax withholding red。In order to seek public，Some enterprises listed in the payment before taxes，Part of the enterprise and no filling capture，Only make relevant commitment，And success allowed to issue on the market。If not to seek a listed，The enterprise to individual shareholders cash dividends，May never have to pay tax red。

　　而对于股票市场社会公众投资者而言，当其买入并持有上市公司股票后，对上市公司的经营活动并不拥有任何话语权，即便所持股票相应的上市公司被其大股东在上市前注水、乃至上市后掏空，投资人亦无可奈何，更不可能通过某种方式规避税费，一旦所持股票宣布实施现金分红，相关红利税则被无条件扣缴。

And for the stock market the social public investors，When the buy and hold stocks listed company，The business activities of the listed company, does not have any right，Even if the stock held by the listed company by the relevant shareholders before listed water flooding、And even after listing empty，Investors also helpless，More can't avoid taxes in some way，Once the stock held by implementing announced cash dividends，Related dividend by withholding tariff unconditionally。

　　面对红利税，二级市场上个人投资者唯一可选的方式是用脚投票，在实施现金分红前卖出相应股票。由于现金分红扣缴红利税，即使分红除权日股票价格不下跌，个人投资者也会由于缴纳红利税而出现亏损，分红越多，亏损越大。

Against the red profit tax，Individual investors in the secondary market only optional methods are voting with their feet，In the implementation of cash dividends to sell stock before the corresponding。With its cash dividends tax withholding red，Even if share out bonus, except authority not lower share prices，Individual investors will also be due to pay tax losses in red and，Dividends more，The greater the losses。

　　笔者曾经对2004年50红利成份股现金分红除权情况进行了实证分析，统计分析显示，参与现金分红的投资者不仅承受缴税而产生的隐性亏损，而且还会承受除权日股价下跌的损失。因此，分红前卖出股票是明智的选择。这也使得广大投资者对上市公司现金分红失去兴趣，反而热衷于追逐并无实际意义的高送转概念炒作，助涨了市场投机炒作之风。

The author once in 2004 to 50 bonus component except authority cash dividends on the empirical analysis，Statistical analysis showed that the，Participate in cash dividends investors from the tax not only bear recessive losses，And still can withstand except authority, the loss of falling share prices。so，Before selling a stock dividends is wise choice。It also makes the investors of listed companies lose interest in cash dividends，Instead of chasing and no practical significance in the high send turn concept profiteering，Help a market speculation the wind of hype。

　　综合考虑当前中国公司的治理结构现状及税费结构，对上市公司公众投资者免征红利税，有其合理性，虽然形式上看对非上市公司形成不公，但实质上并非如此。

Considering the current Chinese governance structure of a company status and tax structure，On the listed company shall be exempted from the public investors red profit tax，Has its rationality，Although the form to see the private company formation injustice，But in essence is not so。

　　

工薪阶层的红利税之痛 Working class red profit tax the pain

　　劳动所得与非劳动所得是平等的，都应该缴纳所得税。不少专家学者认为，分红所得独享免税，会造成劳动所得与非劳动所得之间税负不公。笔者认为，这一观点看上去似乎很有道理，其实不然。

Labor income and the labor income are equal，Should pay income tax。Many experts say，Income from dividends enjoy duty-free，Can cause labor income and the labor income inequality between the tax burden。The author thinks that，This view seems reasonable，Actually otherwise。

　　劳动所得，主要是工资、薪金所得，即广大工薪阶层的工资性收入。2011年9月，工资、薪金所得的个税起征点由2000元上调至3500元，税率也进行了调整。尽管如此，目前工薪阶层的税负依然偏高，但这是否应成为红利税不能免征的理由呢？

Labor income，Main is a wage、salaries，That is the working class's salary income。September 2011，wage、Salaries of $2000 raised by the threshold to $3500，Tax rate also has been adjusted。Even so，At present the working class the tax burden is still high，But whether this should be a tax shall be exempted from the reason not red？

　　中登公司统计数据显示，截至2012年5月末，沪深股市股票账户开户总数已达16812万户，考虑到众多投资者通过申购股票投资基金进入股票市场，可以说，当前中国大多数城市工薪阶层家庭都已进入股票市场投资。

Put the company in statistics，By the end of May 2012，Shenzhen stock account total stock market has reached 168.12 million households，Considering many investors explain buy stock investment fund to enter through the stock market，Can say，China's current most urban working class families have entered the stock market investment。

　　统计数据还显示，截至2012年5月末，账户市值10万元以下的账户占比84.67%，账户市值1000万元以上的占比仅为0.03%。可见，当前中国股票市场的投资者主要为广大工薪阶层。真正的富人很少进入股票二级市场，如果富豪有意染指股票市场，通常也不必在二级市场直接买入股票坐等微薄的分红，而是通过借壳上市或者直接通过IPO上市而成为上市公司的大股东。

Statistical data also showed，By the end of May 2012，Account value 100000 yuan of the following account accounted for more than 84.67%，Account value above for 10 million yuan than is only 0.03%。visible，The current of the Chinese stock market investors for the main working class。The real rich men seldom into stock the secondary market，If rich intends to enter the stock market，Usually don't in the secondary market directly to buy the shares of share out bonus of small wait for，But by borrowing or directly through the IPO shell listed on the market and become a public company listed on the big shareholders。

　　中国工薪阶层之所以会成为股票市场的主要投资者，一个最主要的原因是投资渠道狭窄， 买房买不起，实业投资也困难重重，有限的积蓄存在银行，则眼睁睁看着被通胀侵蚀、贬值，而股票市场进入的门槛很低，几千元资金就可开户买卖股票。面对未来巨额的住房、医疗、子女教育、养老支出，工薪阶层又不得不考虑投资来保值增值，股票投资就成为工薪阶层银行储蓄之外的主要投资理财方式。

The Chinese working class will be the main stock market investors，One of the reasons is a narrow channel investment， Can't afford to buy a house，Industrial investment also difficult，Limited savings in the bank，The watch was inflation erosion、depreciation，And the stock market into the threshold is very low，Thousands of yuan of money can buy and sell shares to open an account。Facing the future of huge amount of housing、medical、Children education、Pension spending，Working class and had to consider investments to maintain and increase their value，Stock investment will be working class bank savings outside of the main investment financing。

　　虽然当前大多数工薪阶层家庭都已进入股票市场，但是，正如证监会有关部门负责人在“两会”期间回应投资者问题时所言，由于市场体制和机制性问题，中国股市长期以来回报率低下。虽然过去10年中国经济高速增长，但投资者期待通过投资股市分享经济增长的努力却难以如愿以偿，当前上证指数再次回到10年前，大多数投资者亏损累累，而所获得的微薄的现金分红却遭遇红利税侵蚀。

Although the current most working class families have entered the stock market，but，As the CSRC in charge of relevant departments“Two meetings”Response to problems during investors said，Since the market system and many radical problems，China's stock market has long low rate of return。Although the past 10 years China's rapid economic growth，But investors expect through investing in the stock market share growth efforts but difficult to satisfied，The current once again return to the Shanghai index 10 years ago，Most investors in losses，And for the little cash dividends, has been red profit tax erosion。

　　由于股票市场大多数个人投资者为工薪阶层，作为股票市场红利税纳税人的个人投资者同时也是工薪所得等劳动所得的个税纳税人。广大工薪阶层在承受了高额的工资薪金所得税后，当他们从税后工资性收入中拿出有限的积蓄投资于股票时，也必须承受较高的红利税。难道这就是所谓的公平吗？

The stock market most individual investors for the working class，As the stock market red profit tax of taxpayer individual investors is also working income etc of labor income tax the taxpayers。The working class suffered in the high wages and salaries of income tax，When they took from the after-tax salary income, savings invested in stocks，Also must bear high red profit tax。Is this so-called fair？

　　笔者认为，不考虑当前中国股票市场投资者结构以及股票市场长期以来低回报率的现状，片面强调劳动所得与非劳动所得税负的公平性，以此为理由反对免征红利税，并不能保障社会公平，反而加重了工薪阶层总体的税费负担。考虑到这一点，更应对公众投资者免征红利税。

The author thinks that，Don't consider the current Chinese stock market investors structure and the stock market has long low rate of return of the status quo，The unilateral emphasis on labor income and the labor income tax burden of fairness，For this reason against red profit tax shall be exempted，And can't guarantee social equity，Aggravate the salaried class overall tax burden。To take that into account，More public investors to shall be exempted from red profit tax。

　　

红利税影响财政收入甚微 Red profit tax impact financial income effect

　　笔者统计了2011年A股上市公司现金分红情况，2011年度现金分红累计为5574亿元。

The author statistics 2011 a-share listed companies cash dividends，2011 annual cash dividends accumulative total is 557.4 billion yuan。

　　根据证监会网站发布的信息，截至2011年年底，自然人持有流通A股市值占比26.5%，企业法人占比为57.9%。由此可知，自然人股东与基金合计持有的A股市值占比低于42.1%，如果剔除大小非自然人股东持仓市值，则实际占比更低。

According to the CSRC information on its web site，By the end of 2011，Natural person hold A stock market value circulation of more than 26.5%，An enterprise as a legal person of ratio is 57.9%。Know therefore，Natural person shareholder and the total stock market fund holding A value is lower than 42.1% of，If eliminate the natural person shareholder value position size，The actual accounting for more than low。

　　假设A股市场现金分红比例占比与持仓市值占比相同，涉及免征红利税的自然人股东及基金获得的现金分红占A股市场全部现金分红的比例为40%（实际数据应大幅低于40%），则2011年全年相应分红总额2229.6亿元，以10%的实缴税率计，则由于给予公众投资者和基金免征红利税优惠，减少的税收金额为222.96亿元。

The A share market hypothesis cash dividends ratio of open market value than and are the same，Involve the natural person shareholder shall be exempted from the red profit tax and the fund get cash dividends accounted for A share market all cash dividends at 40%（The actual data should be sharply lower than 40%），The year 2011 the corresponding share out bonus of 222.96 billion yuan RMB，With 10% of the tax paid millions，Give the public, the investors and funds shall be exempted from the red profit tax preferential，Reduce tax amount of $22.296 billion。

　　2011年全国财政收入103740亿元，免征税额占比仅为0.21%。由此可见，免征社会公众投资者和基金投资股票的红利税，对于国家财政收入的总体影响甚微。

In 2011 the national finance income is 10.374 trillion yuan，Tax shall be exempted from accounts for more than just 0.21%。This shows，Shall be exempted from the social public investors and funds invest in stocks red profit tax，The national revenue for the overall impact of little。

　　自2004年以来，红利税减免的呼声几乎每年都成为“两会”期间的热门话题，2012年“两会”期间，证监会也明确表示，正在积极协调降低公司分红相关的操作成本；如今上市公司2011年度现金分红已接近尾声，红利税减免依然千呼万唤未出台。

Since 2004，Red profit tax cuts have become a voice almost every year“Two meetings”During the hot topic，2012 years“Two meetings”during，CSRC also made it clear，Are actively coordinate reduce the operation cost related company dividends；Now the listed company 2011 annual cash dividends is closer to the end，Red profit tax cuts QianHuWanHuan still not come。

　　考虑到减免A股投资者的红利税，可以消除重复征税，公平市场税负，同时，随着红利税的减免，蓝筹股的投资价值会相应得到提升，在当前A股疲弱不堪的市况下有利于提振市场信心，同时也有利于引导价值投资理念，抑制过度投机行为。分红扣税打击市场投资信心，红利税减免宜尽快推出。

Considering cuts A shares of investors red profit tax，Can eliminate double taxation，Fair market tax burden，At the same time，With the red profit tax deductions，Blue chip investment value will be corresponding get promoted，In the current weak a-share market is down to boost confidence，At the same time also to help guide the value investment idea，Inhibit excessive speculation。Share out bonus tax, to combat market investor confidence，Red profit tax cuts should be introduced as soon as possible。

　　本文作者陈绍霞的博客链接为：

In this paper the author ChenShaoXia blog links for：

　　网易

netease

　　http://chshx2011.blog.163.com/blog/static/209048025201261693940319/

http://chshx2011.blog.163.com/blog/static/209048025201261693940319/

　　新浪博客

Sina blog

　　http://blog.sina.com.cn/s/blog_aa97ffd001010ygl.html

http://blog.sina.com.cn/s/blog_aa97ffd001010ygl.html