After a summary of mm irrelevant theory , i study how the corporate income taxes , personal income tax and capital gains tax affect the value of the firm . at the end of this section , i formulate a state preference general equilibrium model about tax effect on the corporate capital structure decisions on a basis of the taxation in china 应用现代资本资产定价理论，本章首先回顾了mm的资本结构无关理论，接着讨论公司所得税、个11 k司财务政策的税收效应研究人所得税和资本利得税对公司资本结构的影响。
The bird - in - the - hand theory recommends high dividend , mm theory believes that it doesn ’ t matter whether the dividend is paid or not , and tax differentials - theory recommends low dividend . and the modern theories include clientele effect - theory , signaling hypothesis , and agency cost hypothesis . clientele effect - theory believes that corporation should adjust dividend according to the shareholders ’ preference “一鸟在手”理论主张公司支付高股利,认为股利支付越多,公司价值越高;股利无关论也即mm理论认为公司支不支付股利无所谓,不会影响公司的价值;税差理论则认为在资本利得与股利之间存在税收差异时,少发股利或不发股利对投资者有利,而且这样可以有延迟纳税的好处,所以税差理论主张低股利政策。
The second part is an important part in the paper . before i analysed , i set some hypothesises about capital gains markets and capital gams taxation . on the base of these hypothesises , i mentioned four investment strategies that are lock - in strategy immediate realization strategy indebtedness strategy and loss - roll - over strategy 本部分写作的目的就是要对资本利得和资本利得税有一个完整的了解，为后面的分析打下基础。第二部分是本文的关键部分，这部分整体上可分为理论和实践两个层面。
In a perfect walrasian market with no taxes or transations " costs , share prices on the ex - dividend day would fall by exactly the value of the dividend that is paid on each share . however , it is well documented that stock prices do not fall by full amount , on average . following elton and gruber ( 1970 ) , we use chinese data to examine the effect of dividend taxes on investors " relative valuation of dividends and capital gains 作为税收金融效应的研究方法之一，股票除息日股价行为研究与公司的股利政策息息相关，直接关系着公司的股利政策是否能够达到使得股东税后收益最大化的目标；我国股票市场目前投机过度，现金股利被统一的课以20的个人所得税，而资本利得税尚未开征，这方面的研究也可以为资本利得税的开征提供一个实证依据。
While the relative controlling shareholder doesn ’ t please to pay the cash dividend , favor in letting the profit remain in the listed - company , because the cash dividend weaken controlling rights . in china , the stock market was cut up in to un - circulate and circulate field , the shareholder cannot buy and sold the un - circulate stocks , and the return of un - circulate 由于我国资本市场被人为地分割为非流通股与流通股,非流通股股东不能通过股票买卖获得资本利得,加上非流通股股东地投资回报率远远高于流通股股东,故可以获得更多的现金股利收益,即非流通股股东偏好现金股利。
The tax revenue is passed to investing the square tax revenue preferential policy , encourage specific investment ; through investing and divide into or profit carry on dividend that go back tax revenue support and exempt to enterprise , avoid levying taxes repeatedly ; the tax revenue that must to capital profit introduce our country is dealt with and keep a lookout the tax revenue regulation that the thin capitalization ; at last , we will investing in the difference that is dealing with of the business to explain to the tax revenue and accountant 一是我国现行税法对企业投资的税收处理的基本政策和制度。税收通过对被投资方的税收优惠政策，鼓励特定投资；通过对企业投资分回的股息或利润进行税收抵免，避免重复征税；介绍我国对于资本利得的税收处理和防范资本弱化的税收规定；最后，对税收和会计在投资业务处理的差异进行阐述。
Besides that , i made use of some data to analyse the effects of the investments strategies on the investors in the united states . in the third part , i tried to probe into how to establish an efficient capital gains taxation in our country . i firstly analysed the capital gains markets and the sources of capital gains in china , then i put forward some proposals about the design of capital gains and some key problems in conceiving capital gams taxation in china 在理论层面上，通过假设的资本市场和资本利得税制体系来对投资者可能运用到的各种投资策略进行分析，分析中按照投资者相对更关注的资本利得税制中的关节点为基础将投资策略分为“锁入策略” ， “立即实现”策略， “举债策略” ， “损失结转策略” ，并对各个策略进行了模型化分析。
