The effect of dividend smoothing on bond spreads: Evidence from Japan
The effect of dividend smoothing on bond spreads: Evidence from Japan
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股息平滑对债券利差的影响：来自日本的证据
DOI：
10.1016/j.iref.2023.02.018
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发表时间：
2023
影响因子：
4.5
通讯作者：
Yasuharu Aoki
中科院分区：
文献类型：
--
作者：
簗島瞬;石谷謙介;Yasuharu Aoki
本文利用日本债券发行公司的数据，考察了股利平滑对债券利差的影响。回归结果表明，虽然股利平滑与债券利差之间没有系统的关联，但对于股东和债券持有人在股利问题上存在严重利益冲突的公司，股利平滑对目标派息率和债券利差之间的关系起到了缓和作用。具体地说，当股利平滑水平较低时，目标派息率与债券利差之间存在正相关关系。然而，当股利平滑程度较高时，目标派息率与债券利差无关。
This study investigates the impact of dividend smoothing on bond spreads, using data on Japanese bond-issuing firms. The regression results show that, although dividend smoothing is not systematically associated with bond spreads, it moderates the relationship between target payout ratios and bond spreads for firms facing serious conflicts of interest between shareholders and bondholders over dividends. Specifically, when the level of dividend smoothing is low, the relationship between target payout ratios and bond spreads is positive. However, when the level of dividend smoothing is high, target payout ratios are unrelated to bond spreads.