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 | 
发表于 2006-5-23 22:22
| 
