报告题目：
Government Debt, Government Ownership, and Corporate Cash Dividends
报告人：
加拿大温莎大学（University of Windsor）Odette 商学院
安云碧 教授
主办单位：金融系
报告时间：2025年4月30日 10:00-12:00
报告摘要：
This study investigates the joint effect of government debt and government ownership on corporate dividends, using data on local government debt and A-share listed companies in China. We find that excessive local government debt leads to higher cash dividends of local state-owned enterprises (SOEs), indicating that under great debt pressure, local governments tend to demand high cash dividends from local SOEs. When there is significant government debt, local governments prioritize easing urgent debt burdens to meet the central government’s evaluation criteria, lower financing costs, and reduce media scrutiny. We further show that SOEs accommodate these demands by cutting R&D expenditures and operating expenses while increasing bank debt. In fact, government debt is largely converted into SOE bank loans. Finally, we find that high SOE cash dividends enable local governments to scale back bond issuance for refinancing maturing implicit government debt and narrow the interest spread of newly issued government debt.
安云碧，加拿大皇后大学（Queen's University）金融学博士，加拿大温莎大学Odette商学院金融学教授、金融系主任。主要从事公司财务金融、资产组合选择、期权定价、风险管理等领域的研究。在Journal of Corporate Finance、 Financial Management、Journal of Banking and Finance、Small Business Economics、Journal of Business Finance and Accounting、Journal of Futures Markets等期刊发表论文五十余篇，相关成果得到了国内外金融理论与实务界的广泛承认。多次受邀参加EFMA、EFA、MFA、NFA等举办的金融学年会，并担任多个国际权威期刊审稿专家。
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