[1]张庆君,蒋一荻.股利平稳性对企业债务违约风险的影响[J].金融教育研究,2022,(03):3-14.
　ZHANG Qingjun,JIANG Yidi.The Influence of Dividend Stability on Corporate Debt Default Risk[J].,2022,(03):3-14.
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股利平稳性对企业债务违约风险的影响()
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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:
期数:
2022年03期
页码:
3-14
栏目:
金融论坛:企业债务风险研究
出版日期:
2022-05-25

文章信息/Info

Title:
The Influence of Dividend Stability on Corporate Debt Default Risk
文章编号:
2095-0098(2022)03-0003-12
作者:
张庆君;  蒋一荻
天津财经大学 金融学院,天津 300222
Author(s):
ZHANG Qingjun;  JIANG Yidi
School of Finance,Tianjin University of Finance and Economics,Tianjin 300222,China
关键词:
债务违约;  股利平稳性;  财务杠杆
Keywords:
Debt default;  Dividend stability;  Financial leverage
分类号:
F830.91
文献标志码:
A
摘要:
以2010—2019年我国A股上市企业为样本,以股利信号传递理论和股利代理成本理论为框架基础,研究股利平稳性与企业债务违约风险之间的关系。研究结果表明:企业的股利越趋于平稳,企业的债务违约风险越低; 无论是国企还是非国企,股利的不平稳性都会增加企业债务违约风险,但在国企中股利不平稳对企业债务违约风险的影响力高于非国企。股利的不平稳性,可以通过财务风险管理、股东治理和审计决策等路径影响企业债务违约风险。
Abstract:
Based on the dividend signal transmission theory and dividend agency cost theory,this paper studies the relationship between dividend stability and corporate debt default risk by taking China's A-share listed companies from 2010 to 2019 as samples.The results show that the more stable the dividend is,the lower the default risk will be.In both state-owned enterprises and non-state-owned enterprises,the instability of dividends will increase the risk of debt default,but the instability of dividends in state-owned enterprises has a higher impact on the risk of enterprises than non-state-owned enterprises.The instability of dividends can affect the debt default risk of enterprises through financial risk channels,shareholder governance channels and audit decisions.

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备注/Memo

备注/Memo:
收稿日期:2021-12-10
基金项目:国家社会科学基金项目(20FJYB003)
作者简介:张庆君(1974—),男,辽宁大连人,博士,教授,博士生导师,研究方向为金融风险管理。
更新日期/Last Update: 2022-05-25