有关cfa level 1 corporate finance 的一个问题 investor, income, 投资者

korra

请教各位6月份准备考试的xdjm一个问题，小妹我看到the tax preference thoery 的时候有点迷糊，the tax prefence thoery是说因为股利的税率高于资本收益的税率或者资本收益在没有实现前不需要交税的原因，投资者偏好低股利政策的理论，notes 上面也明确注明了三个captial gains 比cash dividend 好的原因

1）captial gains are taxed at a lower rate than dividend income

2) captial gains taxes are not paid until they are realized

3) if an investor holds a stock until her death and passes it on to her heirs, the heris do not have to pay taxes on the appreciation in value

但是最后这一段话我就彻底迷糊了，文章说 in contrast to this theory, some investors subject to low or no taxes may prefer cash dividends rather than captial gains

为什么投资者偏好cash dividend ,而不是captial gains，第一个原因不是明确说了captial gains are taxes at a lower rate than dividend income

i am looking forward for your answer and thank you for all your guys help

ditto025

in contrast to this theory, some investors subject to low or no taxes may prefer cash dividends rather than captial gains 这句话注意，是用了may ,可能，而不是一定，其次，如果无税的话，那么股利或者资本溢价就没有区别。而低税率的投资者，对税比高税率的投资者，对这两者也不敏感了

masterchen

参阅IRS有关税务规定:
http://www.irs.gov/publications/p17/ch08.html#d0e22430

"Qualified dividends are subject to the 15% rate if the regular tax rate that would apply is 25% or higher. If the regular tax rate that would apply is lower than 25%, qualified dividends are subject to the 5% rate."所以dividend的税率要看纳税人的收入状况。如果纳税人属于低收入者，dividend只要交5%的税，就有可能比capital gain tax要低了。但这属于特殊情况。说captial gains are taxes at a lower rate than dividend income只是一般情况。

aqsz

因为不同的人群适用的税率不同，对于低税率或免税人群来说，当然偏好cash dividend了。

frfr_feng

if the tax rate is already very low, the tax savings an investor can receive from capital gains may not be enough to cover the opportunity cost of not investing the cash dividends else where, therefore for some investors, particularly for those in low tax bracket, may prefer cash dividends.