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讲座:The 2003 Dividend Tax Cut and Bank Credit Supply

发布者:会计系    发布时间:2021-11-15

题 目:The 2003 Dividend Tax Cut and Bank Credit Supply

嘉 宾:Keyuan Zhang, Ph.D. Candidate, the National University of Singapore

主持人:夏立军 教授 上海交通大学安泰经济与管理学院

时 间:2021年11月18日(周四)16:00-17:30

地 点:腾讯会议(校内师生如需会议号和密码,请发送电邮至diana_@sjtu.edu.cn获取)

内容简介:

We investigate the effect of the 2003 dividend tax cut on bank credit supply. If the dividend tax cut reduces the cost of equity capital, banks can expand their business and increase investments in loans. We find that after the tax cut, C-corporation banks (treatment group) had a higher loan growth rate than S-subchapter banks (control group) whose investors are immune from the dividend tax cut. The tax cut impacted the U.S. real economy through this bank lending channel. Firstly, small businesses had more access to debt financing from C-banks, which increased the supply of commercial and industrial loans. Local entrepreneurship was boosted consequently. Secondly, more households got their mortgage loans approved from C-banks due to the expansion in real estate loans. Low income, female, or minority applicants benefited more than other applicants. Finally, C-banks issued more personal loans to individuals and households after the tax cut. Local consumption surged in counties with higher C-bank market shares. Our research adds to the literature on the consequences of the 2003 dividend tax cut by investigating bank credit supply and the real economic effects through the bank lending channel.

演讲人简介

Keyuan Zhang is a Ph.D. candidate in accounting at the National University of Singapore. His research interests include tax, banking, and labor finance.

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