Listing and Taxation: Evidence from A Fast-track Board

主讲嘉宾  刘行

主讲人简介:

刘行，东北财经大学会计学院院长，教授，博士生导师，博士毕业于中国人民大学。主要研究领域为税务会计。教育部"国家重大人才工程"特聘教授(2024年度)、教育部"国家重大人才工程”青年学者(2019年度)、财政部全国高端会计人才、辽宁省优秀教师、辽宁省"百千万人才工程"百层次人选、辽宁省"兴辽英才计划"青年拔尖人才、辽宁省第十三届优秀科技工作者，荣获霍英东高等院校青年教师奖、第十四届辽宁青年科技奖。主持4项国家自然科学基金，辽宁省高等学校创新人才支持计划、辽宁省优秀人才支持计划等多项省级课题。在

《The Accounting Review》《Journal of Financial and Quantitative Analysis》《经济究》《管世界》等国内外顶尖学术期刊发表50余篇学术论文。兼任中国会计学会财务成本分会会长、校学术委员会副主任委员、五个中英文学术期刊编委或学术委员会委员等。科研成果获国家自科基金项目绩效评估"特优"、省级哲学社会科学成果奖5次、其他奖项20余次。论文简介:

Multi-tier stock exchanges are prevalent in capital markets across the world,with lower-tier boards designed with less stringent listing requirements tfacilitate financingof small oung nd fast-growing firms. We examine whether such a structure results in ‘institutional arbitrage' by exploiting a unique setting in China with two ingredients: (1) low (high) individual taxes on listed (unlisted) firms' dividends, and (2) a fast-track listingboard(NEEQ.Wefitfm itiiviualcontroingshareoldersrelative to those with institutional conrolling sharholdersdisplay a8.6% incease i payoutratio(annual cash dividends scaled by net income) after their NEEQ listings. The dividend effect is absent during the pre listing period,and becomes evident and i persistent during the post-listing period. Heterogeneity analyses suggest stronger effc bois regions where alternative tax-avoidance strategies are less feasible. The financing of low-tax dividends arises from multiple sources as firms: (1) substitute taxable compensations with tax-free dividends, (2) increase corporate borrowings and (3) decrease cash holdings. NEEQ firms paying high dividends after listing, relative to those paying low or zero dividends, exhibit fewer investments and are more likely to enter delisting in the future Finally, individual-controlled firms are more likely toseek listing than institution-controlled firms, especially when firms have suffcient retained earnacii subeqentdividenayments

活动时间: 2026年9月11日 星期五 上午9:00-10:30

活动地点: 金融学院会议室(劝学楼345大会议室)

主办单位: 金融学院、实验经济学实验室

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