The Impact Of Dividend Payment On The Proportion Of Corporate Debt Financing Under The Background Of Dividend Tax Reform

Dividend payments have a far-reaching impact on corporate governance and investor behavior.In order to promote the healthy and stable development of capital markets,securities regulators often start from the dividend tax to achieve the purpose of regulation.With the development of China’s capital market,the relevant institutions through the implementation of dividends and taxes tax incentives,the intention to promote long-term investment in the market investors to promote the company to increase dividend payments,so as to promote China’s capital market healthy and stable development.As the level of dividend payment has a mutual influence on the proportion of corporate debt financing,the promotion of dividend and tax reform can promote the enterprise to adjust the optimal capital structure and promote the steady development of enterprises.And dividend pay reform in the process of advancing,the level of dividend payment on the proportion of corporate debt financing is expected to exacerbate the impact.In the context of the promulgation of the Notice on the Implementation of the Policy on the Implementation of the Dividend Dividend Individual Income Tax Policy of the Company on November 16,2012,the paper analyzes the impact of the dividend payment level on the proportion of corporate debt financing in the context of the reform of the dividend tax reform.The study finds that the dividend tax reduction policy exacerbates the negative correlation between dividend payment and corporate debt financing in the context of dividend tax reform.It can be seen that the regulation of dividends and taxes is of great significance to guide the healthy and stable development of capital market.Finance and taxation[2012]No.85 document has effectively achieved the expected effect of improving the market dividend payment level,and has a certain impact on the proportion of corporate debt financing.In the corresponding study on the relationship between dividend payment and the proportion of corporate debt financing,most scientific scholars only consider the relationship between the two,without considering whether the dividend tax reform has played a catalytic role between the two.In the study of the relationship between dividend payment and the proportion of corporate debt financing,this paper starts from the influencing factors of dividend tax reform,innovates the research perspective of the influence of dividend payment on the proportion of corporate debt financing,and enriches the related influence of dividend tax reform,From 2012,the actual impact of dividend tax reform,but also for the future reform and development of dividend tax advice and suggestions.