行为金融理论视角下我国上市公司股利政策对企业价值的影响研究

发布时间：2018-01-20 09:06

本文关键词： 企业价值股利政策行为金融理论非理性　出处：《广东财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：股利政策在上市公司经营决策中占有重要地位，但中外学者尚未就股利政策对企业价值的影响达成共识。我国资本市场的发展历程较短，市场体制、机制不健全，投资者和企业的管理者在进行相关决策时往往表现出非理性特征。以行为金融理论为基础研究我国上市公司股利政策对企业价值的影响具有十分重要的理论和现实意义。本文在梳理国内外学者研究成果的基础上从理论上分析不同股利政策对企业价值的影响。结合理论分析，本文分别研究了投资者理性而管理者非理性情况下及管理者理性而投资者非理性情况下股利政策对企业价值的影响。实证研究结果表明：在投资者理性而管理者非理性的情况下股利支付与否、每股现金股利、现金股利支付率、股利支付稳定性与企业价值显著负相关，，每股股票股利，股票股利支付与否与企业价值显著正相关；在管理者理性而投资者非理性的情况下上市公司股利支付与否、股利支付率、每股现金股利、现金股利支付与否、股利支付稳定性及稳定的现金股利支付水平与企业价值显著正相关。最后，本文从我国投资者非理性的背景下上市公司如何制定股利政策以提升企业价值和管理者非理性的背景下理性投资者如何做出科学的投资决策两个方面提出了政策、建议。
[Abstract]:Dividend policy plays an important role in the decision-making of listed companies, but the Chinese and foreign scholars have not influence the dividend policy of the enterprise value is reached. The development process of China's capital market is relatively short, the market system, the mechanism is not perfect, investors and corporate managers in related decisions often exhibit irrational characteristics. Behavioral finance theory has very important theoretical and practical significance of basic research of China's listed company dividend policy influence on the enterprise value.
Based on the research of domestic and foreign scholars from the theoretical analysis of effects of different dividend policies on enterprise value. Combined with theoretical analysis, this paper studies the rational investors and irrational managers and managers under the condition of rational and irrational conditions and policy shares under the influence on the enterprise value. The empirical results show that in the rational investors and managers under the condition of non rational dividend or cash dividend per share, cash dividend rate, dividend stability and enterprise value have a significant negative correlation, stock dividends, stock dividend payment and enterprise value are positively related; in the management of rational and irrational investors under the condition of market the company paid dividends or dividend payment rate, cash dividend, cash dividend payment or not, dividend stability and stable cash dividend payment of water There is a significant positive correlation between leveling and enterprise value.
Finally, from the perspective of irrational investors, how to make dividend policy and how to make scientific investment decisions for rational investors in the context of how to improve corporate value and managers' irrational decisions are put forward in two aspects.

【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.6;F832.51;F275

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