This paper examines the effect of individual investors’ dividend tax on stock price crash risk. By introducing the implementation of dividend tax reform (DTR) for individual investors, we present strong evidence that the reduction of the individual investors' dividend tax reduces the stock price crash risk. Mechanism analysis shows that DTR reduces the stock price crash risk by enhancing investor supervision and reducing the stock selling behavior of executives. Furthermore, DTR also reduce the stock price synchronicity. By revealing the effect of the individual investors’ DTR on stock price crash risk, our study presents a clear policy to regulators concerned with high-quality development of the capital market.

本文考察了个人投资者的股息税对股价崩盘风险的影响。通过对个人投资者实施股息税改革（DTR），我们提供了强有力的证据表明，个人投资者股息税的降低降低了股价崩盘的风险。机理分析表明，DTR通过加强投资者监管、减少高管抛售股票行为来降低股价崩盘风险。此外，DTR 还降低了股价的同步性。通过揭示个人投资者 DTR 对股价崩盘风险的影响，我们的研究为关注资本市场高质量发展的监管机构提供了明确的政策依据。