年报及时性、现金股利对债务融资成本的影响  

The Impact of Annual Report Timeliness and Cash Dividend on Debt Financing Cost

作　　者：于谦龙[1] 刘婷[1] 

机构地区：[1]上海理工大学管理学院,上海200082

出　　处：《浙江金融》2020年第10期60-69,共10页Zhejiang Finance

摘　　要：定期披露财务报表信息有助于资本市场参与者作出理性的投资决策,从而减少管理者和投资者之间的信息不对称。本文以2007~2018年A股上市公司为样本,实证研究年报披露及时性及现金股利分配与债务融资成本的关系。研究发现:(1)公司年报披露越不及时,下一年度承担的债务融资成本越高;(2)当上市公司年报披露不及时导致其债务融资成本增加时,现金股利分配能够有效缓和这种负面影响;(3)若年报披露不及时的公司进行现金股利分配,在股利分配较少的情况下,股利支付率越高,债务融资成本越低;在股利分配较多的情况下,股利支付率越高,债务融资成本越高。Regular disclosure of financial statement information helps capital market participants to make rational investment decisions,so as to reduce the information asymmetry between managers and investors.Taking a-share listed companies from 2007 to 2018 as samples,this paper empirically studied the relationship between annual report disclosure timeliness and cash dividend distribution and debt financing cost.The research finds that:(1)The less timely the company’s annual report is disclosed,the higher the debt financing cost it will bear in the next year;(2)When the timely disclosure of annual reports of listed companies leads to an increase in debt financing costs,cash dividend distribution can effectively mitigate this negative impact;(3)If the company does not timely disclose cash dividend distribution in the annual report,the higher the dividend payout ratio and the lower the debt financing cost under the circumstance of less dividend distribution;In the case of more dividends,the higher the dividend payout ratio is,the higher the debt financing cost is.

关 键 词：年报披露及时性 现金股利分配 信号传递 财富转移 

分 类 号：F230[经济管理—会计学]