Dividend Imputation and Shareholder Wealth: The Case of New Zealand
研究新西兰1988年实施股息归集抵免制度后，高负债公司股东财富反而受损，且企业债务水平下降，对关注税收与资本结构关系的学者有参考价值。
On April 1, 1988, New Zealand stopped the double taxation of dividends by implementing a full dividend imputation program. Because many believed that the tax advantage of debt had led to more highly leveraged firms subject to greater financial risk than was socially optimal, it was hoped the removal of incentives to finance with debt would result in a more efficient allocation of capital. The empirical results suggest that the shareholder wealth gain from dividend imputation was more than offset in firms with large debt levels. Moreover, an examination of debt ratios indicates debt levels declined in the post–imputation period.