摘要
通过对2009—2020年沪深A股非金融上市公司的数据进行研究,以自由现金流和实际分红金额为标准界定“庞氏分红”行为,同时以股东当年投入现金流量净额(不考虑股利发放和股票回购情况)和债权人当年投入现金流量净额为参考指标,判断“庞氏分红”行为的严重程度,探究“庞氏分红”行为和公司破产风险之间的关系。实证结果表明:“庞氏分红”行为会增加上市公司的破产风险;“庞氏分红”程度越严重,破产的风险越大;有息债务规模发挥了中介效应作用。
Through the study of the data of Shanghai and Shenzhen A-share non-financial listed companies from 2009 to 2020,the"Ponzi dividend"behavior was defined with free cash flow and actual dividend amount as standards.Meanwhile,the net cash flow invested by shareholders(regardless of the dividends and share repurchases)in the current year and the net cash flow invested by creditors in the year are used as reference indicators to judge the severity of"Ponzi dividend"behavior and explore the relationship between"Ponzi dividend"behavior and corporate bankruptcy risk.The empirical results showed that"Ponzi dividend"behavior will increase the bankruptcy risk of listed companies;the more serious the degree of"Ponzi dividend",the greater the risk of bankruptcy;the scale of interest-bearing debt plays a mediating role.
作者
李子凡
刘英
程峰
LI Zifan;LIU Ying;CHENG Feng(School of Law,Shanghai University of Finance and Economics,Shanghai 200433,China;不详)
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2023年第5期759-765,共7页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
国家社会科学基金项目(19BGL039).
关键词
股利政策
庞氏分红
中介效应
公司破产
有息债务
dividend policy
Ponzi dividend
mediating effect
corporate bankruptcy
interest-bearing debt
