Firm Heterogeneity and the Long-run Effects of Dividend Tax Reform

• 成果类型: Article
• 署名作者: Gourio, Francois; Miao, Jianjun
• 署名单位: Boston University; Zhongnan University of Economics & Law
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.2.1.131
• 发表日期: 2010
• 页码: 131-168
• 关键词: cash flow; INVESTMENT; POLICY; PRODUCTIVITY; valuation; taxation; cost

摘要

To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 percent level permanently, the aggregate long-run capital stock increases by about 4 percent. (JEL D21, E22, E62, G32, G35, H25, H32)