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会计系讲座(11月20日)
发布时间：2013-11-15
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主 题：Mandatory Dividend Payout and the Cost of Debt
主讲人：叶康涛副教授，中国人民大学商学院会计系副主任
主持人：吴沁红副教授，北京师范大学经济与工商管理学院会计系主任
时 间：11月20日星期三 14:00-16:30
地 点：后主楼1610
主讲人简介：叶康涛，中国人民大学商学院会计系副主任，副教授，博士毕业于北京大学光华管理学院管理学，美国北卡罗来纳大学博士后，研究领域为会计理论、公司治理、管理会计、会计-税收差异，叶博士的研究成果发表在Journal of International Financial Management and Accounting、Journal of Business Ethics、Journal of Accounting & Public Policy 、Advances in Accounting、《经济研究》、《管理世界》和《会计研究》等一系列国内外权威刊物上。
内容简介：This paper examines the effect of firms’ dividend payout policy on the cost of debt in the context of the dividend payout regulation taken place in 2006 in China. We employ the 2006 dividend regulation as an exogenous shock to investigate creditors’ reaction in setting interest rate for firms that are affected by this dividend regulation. Usinga large sample of Chinese A-share firms listed in Shanghai and Shenzhen stock exchanges from 2004 to 2008, we find that consistent with the monitoring hypothesis, debt holders increase the cost of debt after the dividend regulation in 2006. Probing further on the cross-sectional variation, we find that this regulation effect on cost of debt is more pronounced for firms with more rapidly growth, more long-term debt and more volatile operating performance. Further analyses suggest that such a result may arise from an increase in future dividend payout instead of an increase in future leverage. This evidence thus contributes to the unsettled argument on the conflicts between dividend payout and cost of debt.