债券发行与现金股利政策——基于中国上市公司的经验证据  

Bond Issuing and Cash Dividend Policy: Evidence from Chinese Listed Firms

作　　者：吴育辉[1] 翟玲玲 魏志华[2] WU Yu-hui;ZHAI Ling-ling;WEI Zhi-hua(School of Management,Xiamen University,Xiamen,Fujian,361005,China;School of Economics,Xiamen University,Xiamen,Fujian,361005,China)

机构地区：[1]厦门大学管理学院,福建厦门361005 [2]厦门大学经济学院,福建厦门361005

出　　处：《经济管理》2018年第8期153-171,共19页Business and Management Journal ( BMJ )

基　　金：国家自然科学基金项目"中国制度和文化背景下公司财务政策的理论与实践研究"(71790601);国家自然科学基金项目"企业债券市场发展与企业财务政策选择"(71372072);国家自然科学基金项目"中国上市公司关联交易研究:动因;经济后果与治理机制"(71572165)

摘　　要：本文以2008—2016年公开发行债券的中国A股上市公司作为研究对象,实证检验了上市公司债券发行与现金股利政策之间的关系。研究结果表明:(1)上市公司在发债前一年显著提高了其现金股利支付水平。(2)上市公司现金股利支付水平的提高显著降低了其债券融资成本,且这种现象在民营企业中尤其显著。(3)进一步研究发现,发行债券的公司支付现金股利所以能够显著降低债券融资成本,一方面是因为现金股利降低了信息不对称,向投资者传递了公司质量信息;另一方面是因为现金股利在一定程度上缓解了代理问题。本文的研究拓展了上市公司在发债期间的财务行为研究,进一步丰富了现金股利政策以及债券融资成本影响因素的实证研究。With the rapid development of corporate bond market in China,more and more listed firms choose to finance through bond market,which is a more important direct financing channel for firms relative to stock market.During bond issuing,one of the most concerns for issuing firms is how to lower their cost of bond financing.However,it is decided by corporate default risk of bond-issuing firms,which reflects market participants expectations of whether companies can pay their interest and principal on time.The finance literature documents,theoretically and empirically,that cash dividend policy,which is one of the most important financial decisions for listed firms,conveys firms quality information to capital market and alleviate agency problems between managers and shareholders.Therefore,if a firm pays more cash dividends before its bond issuing,it may be a signal of its bright future.As a result,bond investors will ask lower expected return.Previous studies find that firms are likely to manage earnings before bond issuing in order to achieve a lower financing cost(Liu et al.,2010;Caton et al.,2011;Alissa et al.,2013;Jung et al.,2013;Demirtas and Cornaggia,2013;Ge and Kim,2014).Studies by Long et al.(1994),Aivazian et al.(2006)and Allen et al.(2012)have shown that bond-issuing firms tend to pay more cash dividends than non-bond-issuing firms,because bond-issuing firms are more eager to use cash dividends as a signal of its bright prospects and a governance mechanism.Different from the above papers,we propose that firms also tend to adjust their cash dividend policy before bond issuing to get a lower financing cost.Given the fact that cash dividend is stickier than accounting earnings,we believe that cash dividend is a stronger signal than accounting earnings for firm s future performance.Once firms pay more cash dividends,bond market participants may lower their expectations of the firms probability of default and then lower their risk compensation.To prove this point,we concentrate on the relation between bond issuing a

关 键 词：债券发行 股利政策 公司债券 

分 类 号：F275.4[经济管理—企业管理]