RETRACTED BY THE AUTHORS: Dividend Taxes and the Allocation of Capital
研究了2013年法国股息税率三倍上调的影响，发现企业迅速削减股息支付，并用增加的流动性进行更多投资，高需求和资本回报率高的企业反应最明显。
This paper investigates the 2013 threefold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008 to 2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints, which can reduce capital misallocation.