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我国证券市场在短短10多年的发展过程中，对我国的改革实践提出了许多课题，引发了诸多思考。其中，对上市公司红股是否应征收个人所得税就是一个值得研究探讨的问题。在我国的股票市场上，送红股这种现象是普遍存在的，大量的送配股行为甚至成为我国股票市场的一个显著特征。本文在简要回顾有关红股税收规定的基础上，从企业所有权的角度讨论了红股的经济实质，指出红股并没有使股东的收入增加；股票的波动更多地反映了市场对于该上市公司盈利前景的不同预期，而发放红股导致的市场波动并非是由于收入效应的影响；在我国现行体制下，发放红股有利于资金缺乏的上市公司充实资本金。
In just over 10 years of development, the securities market in our country has raised many issues for our country’s reform practice and triggered many reflections. Among them, whether the individual company income tax should be levied on the bonus shares of listed companies is a question worth discussing and studying. In the stock market of our country, the phenomenon of sending bonus shares is ubiquitous. A large number of behavior of offering rights and issuing shares has even become a notable characteristic of the stock market in our country. Based on a brief review of tax provisions on bonus shares, this paper discusses the economic essence of bonus shares from the point of view of the ownership of the enterprise, points out that the bonus stocks do not increase the shareholders’ income, and the fluctuations of the stocks more reflect the market’s influence on the profitability of the listed company Different expectations, and issuing bonus shares caused by market fluctuations are not due to the impact of income; under the current system in our country, the issuance of bonus shares is conducive to the lack of funds for listed companies to enrich the capital.