Financing Payouts

IF 3.9 2区经济学 Q1 Economics, Econometrics and Finance

Journal of Financial and Quantitative Analysis Pub Date : 2024-04-01 DOI:10.1017/s0022109024000231

Joan Farre-Mensa, Roni Michaely, Martin Schmalz

引用次数: 0

Abstract

We find that 43% of firms that make payouts also raise capital during the same year, resulting in 31% of aggregate payouts being externally financed, primarily with debt. Most financed payouts cannot be explained by payout smoothing in response to volatile earnings or investment (rather, they are the result of firms persistently setting payouts above free cash flow). In fact, 25% of aggregate payouts could not have been paid without the firms simultaneously raising capital. Profitable firms with moderate growth use debt-financed payouts to jointly manage their leverage and cash, thus highlighting the close relationship between payout and capital structure decisions.

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融资支付

我们发现，43% 进行了派息的公司在同一年也进行了融资，这导致派息总额中有 31% 是外部融资，主要是债务融资。大部分融资派息无法用派息平滑来解释，因为派息平滑是为了应对收益或投资的波动（相反，派息平滑是企业持续将派息设定在自由现金流之上的结果）。事实上，如果企业不同时筹集资金，就不可能支付 25% 的派息总额。适度增长的盈利企业利用债务融资派息来共同管理其杠杆和现金，从而凸显了派息与资本结构决策之间的密切关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial and Quantitative Analysis Multiple-

CiteScore

6.60

自引率

5.10%

发文量

131

期刊介绍： The Journal of Financial and Quantitative Analysis (JFQA) publishes theoretical and empirical research in financial economics. Topics include corporate finance, investments, capital and security markets, and quantitative methods of particular relevance to financial researchers. With a circulation of 3000 libraries, firms, and individuals in 70 nations, the JFQA serves an international community of sophisticated finance scholars—academics and practitioners alike. The JFQA prints less than 10% of the more than 600 unsolicited manuscripts submitted annually. An intensive blind review process and exacting editorial standards contribute to the JFQA’s reputation as a top finance journal.