打破刚兑、股利政策与债权人利益保护  

Breaking Rigid Payment,Dividend Policy,and Creditor Interest Protection

作　　者：胡聪慧 于军 魏倩昕 HU Conghui;YU Jun;WEI Qianxin(Business School,Beijing Normal University;School of Accounting,Shandong University of Finance and Economics;Finance Department,Hubei University of Technology)

机构地区：[1]北京师范大学经济与工商管理学院,北京100875 [2]山东财经大学会计学院,山东济南250014 [3]湖北工业大学财务处,湖北武汉430068

出　　处：《金融研究》2024年第9期59-76,共18页Journal of Financial Research

基　　金：国家重点研发计划(2023YFC3305401);国家自然科学基金(72372011,71972037);中央高校基本科研业务费专项资金(1233200014)的资助。

摘　　要：本文以债券发行公司的现金股利政策为研究视角,探讨股东与债权人之间的利益冲突,并进一步从公司治理角度探讨保护债权人利益的有效途径。理论上,现金股利的发放既可能加剧债权人与股东之间的利益冲突,也可能预示着公司未来稳定的盈利能力。实证结果显示,公司宣告的现金股利规模越大、增加幅度越大,公告后债券二级市场的累计超额收益越低,即债券投资人倾向于负面解读公司的现金股利发放,与代理冲突的理论预期一致。此外,债券市场对股利发放的负面反应在打破刚兑后才变得显著,且在财务状况较差的企业以及民营企业中更加突出,这表明打破刚兑后债权人更加关注公司经营信息。基于公司治理特征的分析显示,较好的股权制衡以及独立董事和中介机构的监督,可以有效缓解债权人对潜在利益冲突的担心。In recent years,default events in China's bond market have occurred frequently.According to Wind statistics,from 2014 to 2023,a total of 1,116 bonds defaulted in the bond market.The market interprets these bond market default events as the government breaking rigid payment guarantees for bonds.In this context,the issue of creditor interest protection has attracted widespread attention.This paper takes the cash dividend policy of bond-issuing companies as a research perspective,exploring the conflicts of interest between shareholders and creditors and further discussing effective ways to protect creditor interests from the perspective of corporate governance.Theoretically,the issuance of cash dividends can either exacerbate the conflict of interest between creditors and shareholders or signal the company's stable profitability in the future.In the context of breaking rigid payment guarantees,does the cash dividend policy of bond-issuing companies exacerbate the conflict of interest between creditors and shareholders,or convey information about the company's stable future profitability to creditors?To answer this question,we use A-share listed companies with undue corporate bonds during the period when cash dividend announcements were made from 2010 to 2022 as samples and employ the event study method to investigate the reaction of the bond secondary market price to corporate cash dividend policies.The empirical results show that the larger the scale and increase in the announced cash dividends,and the poorer the continuity of the dividend policy,the lower the cumulative excess returns in the bond secondary market after the announcement.Furthermore,the negative reaction of the bond market to dividend payments becomes significant only after breaking rigid payment guarantees and is more prominent in financially distressed enterprises and private enterprises,indicating that creditors pay more attention to corporate operating information after rigid payment guarantees break.The heterogeneity analysis based on corporate

关 键 词：打破刚兑 股利政策 债权人利益保护 公司治理 债券市场反应 

分 类 号：F27[经济管理—企业管理]