摘要
本文以2011-2014年我国沪深两市既发行中期票据又发布现金分红公告的A股上市公司为研究对象，采用事件研究法研究分红公告对债券市场的反应。研究发现大规模现金分红会造成债券价格的下跌．国有企业分红引起的债券价格的波动与盈利能力并无显著联系，而非国有企业分红引起的债券超额收益与净利润呈显著正相关。此外本文还发现，第一大股东控股与现金股利支付率的交互作用会引发上市公司分红负效应，但引入机构投资者后，这种负效应得到缓和．大股东利益转移行为得到有效监督。
In this paper, the A-share listed companies in China and Shanghai, both in Shanghai and Shenzhen, issued both medium-term notes and cash dividend announcements were selected as research objects. The incident research method was used to study the response of dividend announcement to bond market. The study found that large-scale cash dividends can lead to the dechne in bond prices. The fluctuation of bond prices caused by dividends of state-owned enterprises has no significant correlation with profitabihty, while non-state-owned enterprise dividends caused significant excess returns to net profit. In addition, this paper also finds that the interaction between the largest shareholder holding and the cash dividend payout rate will lead to the negative effect of the dividend of hsted companies. However, after introducing the institutional investors, this negative effect is mitigated and the transfer of the interests of the major shareholders is effectively monitored.
作者
张梦婷
李慧
Zhang Mengting Li Hui(School of Business, Shanghai Normal University, Shanghai 200234, Chin)
