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安宝123 · 2020年05月27日

问一道题:NO.PZ2016012005000027 [ CFA II ]

问题如下:

WL Corporation is located in a jurisdiction that has a 40 percent corporate tax rate on pretax income and a 30 percent personal tax rate on dividends. WL distributes all its after-tax income to shareholders. What is the effective tax rate on WL pretax income distributed in dividends?

选项:

A.

42 percent.

B.

58 percent.

C.

70 percent.

解释:

B is correct.

The effective tax rate can be computed as 1 minus the fraction of 1 unit of earnings that investors retain after all taxes, or 1 – (1 – 0.40)(1 – 0.30) = 0.58 or 58 percent effective tax rate. Another way to obtain the solution: Corporate taxes = 1.00 × 0.40 = 0.40 and Personal taxes = 0.60 in dividends × 0.30 = 0.18, so Total tax = 0.40 + 0.18 = 0.58, a 58 percent effective rate.

0.6 Div怎么来的,题目中好像没有啊?
1 个答案

王琛_品职助教 · 2020年06月01日

同学你好, 题目有关键说明哈

WL distributes all its after-tax income to shareholders.

即: 税后净利润, 全部用来分红了, 没有留存收益.

所以, 分红就是 EBT 减去 公司税, 比如 EBT 为 100, 那么用来分红的就是 100 * (1-40%) = 60

李老师在基础班视频中也有举例题哈

  • 视频 Factors Affecting Dividend Policy
  • 播放位置: 10:30 (1.3 倍速播放)
  • 截图: