IPO前现金分红:“利好”还是“陷阱”?  

Pre-IPO Dividend Puzzle:"Boon"or"Pitfall"?

作　　者：李晓慧[1] 宝露日 Li Xiaohui;Bao Luri

机构地区：[1]中央财经大学会计学院 [2]内蒙古财经大学

出　　处：《财务研究》2024年第2期45-58,共14页Finance Research

摘　　要：规范拟上市公司主体行为,对促进我国资本市场高质量发展具有重要意义。本文基于拟上市公司IPO前现金分红的现实背景,研究IPO前现金分红对公司上市后股价崩盘风险的影响。研究发现:拟上市公司IPO前现金分红水平与上市后股价崩盘风险呈“U”型关系,即随着IPO前现金分红水平的上升,上市公司股价崩盘风险呈现先下降后上升的趋势。机制检验发现,IPO前现金分红通过影响上市后融资约束作用于股价崩盘风险。进一步研究发现,IPO前现金分红水平与股价崩盘风险的关系在使用募集资金补充流动性的公司、内部控制水平较低、保荐机构能力较弱的样本中更为显著。拓展研究发现,随着IPO前现金分红水平的上升,媒体语调、上市后市场反应和经营绩效均呈现倒“U”型关系,且市场反应存在延迟。本文的研究结论补充了现金分红领域相关文献,对规范拟上市公司报告期内现金分红具有参考意义。The standardization of the behavior of companies intending to go public is of great significance in promoting the high-quality development of China's capital market.This article based on the practical background of cash dividends by companies before their initial public offerings(IPO),investigates the impact of pre-IPO cash dividends on the risk of stock price crash after the company goes public.The study reveals that there is a"U"-shaped relationship between the level of pre-IPO cash dividends by companies and the risk of stock price crash after listing.In other words,as the level of pre-IPO cash dividends increases,the risk of stock price crash initially decreases and then increases.Mechanism tests indicate that pre-IPO cash dividends affect the risk of stock price crash after listing by influencing the post-listing financing constraints.Further research finds that the relationship between pre-IPO cash dividends and the risk of stock price collapse is more significant in companies that supplement liquidity using raised funds,have lower internal control levels,and are supported by weaker sponsoring institutions.Expanding the study,it is discovered that as the level of pre-IPO cash dividends increases,media sentiment,post-listing market reactions,and operational performance all exhibit an inverted"U"-shaped relationship.Additionally,there is a delay in market reactions,indirectly confirming the hypothesis of this article.The research conclusions of this article complement relevant literature in the field of cash dividends,providing reference significance for regulating the cash dividend behavior of companies intending to go public during the reporting period.

关 键 词：股价崩盘风险 IPO前现金分红 募集资金补充流动性 

分 类 号：F275.1[经济管理—企业管理]