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Debt restructuring of listed companies is easy to cause risk of moral hazard and adverse selection. We choose all non-financial of A-share stocks which actually restructured debt in 2007–2009 as our samples. Through empirical research on financial situation before and after the restructuring and the motivations, we find that debt restructuring will improve corporate governance performance in the short...
There are two main ways for listed companies to realize fund allocation, equity refinancing and cash-dividend paying. The former is the source of equity fund; the latter is the use of equity capital and the returns to investors. In recent years, China Securities Regulatory Commission has issued a series of policies, in order to improve the cash dividend payout ratio before equity refinancing. In this...
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