Financing Payouts
研究发现43%的公司当年既支付股息又融资，31%的股息靠外部资金（主要是债务）支持，其中25%的股息若不同时融资则无法支付。盈利且适度增长的公司用债务融资的股息来管理杠杆和现金，揭示股息与资本结构决策的紧密关系。
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.