Does Refinancing Incentive affect Cash Dividends Policy？
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| Title | Does Refinancing Incentive affect Cash Dividends Policy？
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| Author | Deng Fumin,Deng Guoying and Zhao Shaoyang |
| Organization | SICHUAN UNIVERSITY |
| Email | dengfm@scu.edu.cn； |
| Key Words | Refinancing; Cash Dividend; Semi-mandatory Dividends Policy |
| Abstract | This paper examines whether the motivation for refinancing affects the company's cash dividend policy. Using data from China's listed companies from 1999 to 2009, our empirical analysis shows that before 2001, the relationship between motivation for refinancing and the cash dividend is not significant, but since 2001, after the Securities Regulatory Commission（SFC）introduced a policy that directly linked qualifications for refinancing to corporate cash dividend situations, companies with higher motivation of refinancing are more likely to pay cash dividends or pay more cash dividends. |
| Serial Number | WP588 |
| Time | 2014-01-28 |
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