Through the academic history, there have been three major theories on the economic effects of dividend tax: the irrelevance theory, the traditional theory and the tax capitalization theory.
纵观学术史，有关股息税经济作用的论述主要分为三种观点：传统观、税收无关观以及税收资本化观。
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Section three chooses Vanke , a listed company has more than ten years history and a leader in Real Estate industry as an example, analyzed its common place and variation in dividend policy.