讲座题目：Government debt, government ownership, and corporate cash dividends
主讲嘉宾：安云碧
时间：2025年5月21日（星期三）下午14：00-16:00
地点：商学院116东方厅
欢迎广大师生参加！
江南大学商学院
2025年5月16日
主讲嘉宾简介
安云碧教授，加拿大皇后大学金融学博士，现任加拿大温莎大学Odette商学院金融学教授，其主要研究领域包括公司财务金融、资产组合选择、期权定价、风险管理等。曾在Journal of Corporate Finance, Financial Management, Journal of Banking and Finance, Journal of International Money and Finance, Small Business Economics, Journal of Business Finance and Accounting和Journal of Futures Markets等国际期刊发表论文五十多篇。安教授的学术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, 以及NFA等举办的金融学年会，并担任许多国际著名期刊的审稿专家。
讲座主要内容
This paper 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.
