Private placements, cash dividends and interests transfer: Empirical evidence from Chinese listed firms

被引：12
|
作者：
Zhao, Yu Fang [1 ]
Xia, Xin Ping [2 ]
Tang, Xiang Xi [1 ]
Cao, Wei [1 ]
Liu, Xiao Yuan [3 ]
Fan, Ying Han [4 ]
机构：
[1] Zhongnan Univ Econ & Law, Sch Accounting, Wuhan 430073, Peoples R China
[2] Huazhong Univ Sci & Technol, Sch Management, Wuhan, Peoples R China
[3] Cent Univ Finance & Econ, Sch Business, Beijing, Peoples R China
[4] Curtin Univ, Sch Accounting, Bentley, WA, Australia
来源：
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2015年 / 36卷
基金：
中国国家自然科学基金;
关键词：
Private placements; Cash dividends; Interests transfer; Large shareholders; EXPROPRIATION; OWNERSHIP; INSURANCE; ACT;
D O I：
10.1016/j.iref.2014.11.011
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this paper, the relationship between private placements of common stocks and cash dividends for Chinese listed firms is investigated. It finds that Chinese listed firms pay more cash dividends after private placements than do those that are not involved in placements. Firms with large shareholders participating in private placements pay more cash dividends than those without large shareholder participation. These results indicate that the firms controlled by large shareholders have a high propensity for interests transfer in their cash dividend policies. (C) 2014 Elsevier Inc. All rights reserved.
引用
收藏
页码：107 / 118
页数：12
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