The pre-IPO dividend and the cost of equity capital: Evidence from China

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-06-17 DOI:10.1016/j.frl.2025.107795

He Gao , Junwei Lu , Laifeng Yang , Zhangxin (Frank) Liu

引用次数: 0

Abstract

We examine how pre-IPO dividend payments affect the cost of equity capital using data from China’s A-share market (2010–2022). Firms distributing large pre-IPO dividends face higher post-listing equity costs due to investor concerns over agency risks and cash flow constraints. This effect is stronger for non-SOEs, growth-stage firms, and technology-intensive enterprises. Institutional factors, such as regional market development and economic policy uncertainty, further condition this relationship. Our findings, robust to alternative measures and endogeneity checks, highlight the long-term impact of pre-IPO financial decisions and underscore the role of regulatory oversight in shaping investor expectations.

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上市前股利与股权资本成本：来自中国的证据

本文利用2010-2022年中国a股市场的数据，研究了上市前股利支付对股权资本成本的影响。由于投资者对代理风险和现金流限制的担忧，公司在ipo前派发大量股息，上市后将面临更高的股权成本。这种效应在非国有企业、成长期企业和技术密集型企业中更为明显。制度因素，如区域市场发展和经济政策的不确定性，进一步制约了这种关系。我们的研究结果，对替代措施和内生性检查稳健，突出了上市前财务决策的长期影响，并强调了监管监督在塑造投资者预期方面的作用。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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