债务分布、子公司债务期限结构与上市公司现金分红

Debt Distribution,Debt Maturity Structure of Subsidiaries and Cash Dividends of Listed Company

公司债务融资特征是影响现金分红的重要因素,本文分析并检验上市公司与子公司之间债务分布、子公司债务期限结构对上市公司现金分红决策的影响。研究发现,子公司负债增加会降低上市公司现金分红倾向和分红水平,其中子公司负债对上市公司现金分红具有负向影响,国有企业要弱于民营企业;针对子公司作为负债主体的企业集团,子公司短期负债的比重越高,上市公司现金分红的倾向和水平越低。因此,从集团内部子公司负债的角度加强集团内部的债务管理是保障上市公司现金分红能力的重要因素之一。

The characteristics of corporate debt financing are important factors affecting cash dividends. This paper examined the effect of debt distribution in group and subsidiaries＇ debt maturity structure on cash dividends of listed company.The study found that the increase of debt distributed in subsidiaries will reduce the possibility and level of cash dividends that the listed company could pay,and in state-owned enterprises,the negative impact of debt distribution in subsidiaries on listed company＇s cash dividends is weaker than that of private-owned enterprises; in addition,for the groups in which the debt is mainly distributed in subsidiaries,the higher the proportion of subsidiaries＇ short-term liabilities is,the less cash dividends the listed company could pay. Therefore,strengthening debt management within the group from the perspective of the liabilities of subsidiaries is an important factor to ensure the ability of cash dividends of listed company.