行为金融视角下我国上市公司股利政策研究

发布时间：2018-02-08 21:12

本文关键词： 行为金融股利政策有限理性管理者过度自信投资者股利需求　出处：《南京理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：股利政策涉及到上市公司对盈余进行股利分配还是留存内部进行再投资使用的问题,不仅关系到股东的切身利益,而且影响着上市公司的未来发展。我国资本市场发展迅速,上市公司股利政策受到越来越多学者的关注,但是我国股利分配出现了诸多不规范现象,这些明显的不规范现状已经严重影响了我国资本市场的发展。运用传统金融理论已经无法解释这种现状产生的原因,而行为金融学在打破理性人假设的前提下,来研究股利分配异象更加贴近现实,具有更深刻的理论与实践意义。本文的主要研究内容包括:第一,通过文献查阅,归纳整理了股利政策主要经典理论及国内外关于股利政策的研究成果。第二,总结概括我国证券市场自成立以来出现的关于股利分配的不规范现象。第三,通过实证分析法对我国股权分置改革后的2006年至2015年股利分配影响因素进行分析,将反映管理者过度自信与投资者股利需求的行为因素、以及反映我国特殊市场背景的第一大股东持股比例与流通股比例放入模型进行分析。第四,结合实证分析和行为股利理论,深入剖析我国股利政策参与方——管理者和投资者其有限理性行为背后的原因,最后在前文基础上对管理者、投资者和政府及监管部门提出针对性的建议。本文主要结论如下:第一,我国证券市场主要存在如下股利分配异象:股利支付率低、股利发放缺乏稳定性连续性等。第二,实证结果表明,管理者过度自信会降低现金股利发放水平;而投资者股利需求对现金股利发放有着显著的正向影响;第一大股东持股比例对现金股利发放有显著的正向影响;流通股比例对现金股利发放有显著的负向影响。第三,管理者过度自信、一股独大和流通股供不应求是导致管理者有限理性的主要原因;投资者不成熟的行为特点、心理及行为偏差是导致投资者有限理性的主要原因,而管理者又会迎合投资者有限理性的股利偏好进行股利发放。
[Abstract]:Dividend policy involves the issue of dividend distribution or internal reinvestment of listed companies, which not only concerns the vital interests of shareholders, but also affects the future development of listed companies. More and more scholars pay attention to the dividend policy of listed companies, but there are many non-standard phenomena in dividend distribution in China. These obvious irregularities have seriously affected the development of China's capital market. The use of traditional financial theory has been unable to explain the reasons for this situation, while behavioral finance is on the premise of breaking the hypothesis of rational people. To study dividend distribution anomalies closer to the reality, has more profound theoretical and practical significance. The main research contents of this paper include: first, through literature review, The main classical theories of dividend policy and the research results of dividend policy at home and abroad are summarized. Secondly, the nonstandard phenomenon of dividend distribution has appeared since the establishment of the stock market in China. Through the empirical analysis, this paper analyzes the influencing factors of dividend distribution from 2006 to 2015 after the reform of split share structure in China, which will reflect the behavioral factors of managers' overconfidence and investors' demand for dividend. And the proportion of the largest shareholders holding shares and the proportion of circulating shares, which reflects the special market background of our country, is put into the model. 4th, combined with empirical analysis and behavior dividend theory, Deeply analyze the reasons behind the limited rational behavior of our country's dividend policy participants-managers and investors, and finally, on the basis of the above, The main conclusions of this paper are as follows: first, there are the following dividend distribution anomalies in China's securities market: low dividend payment rate, lack of stability of dividend distribution, etc. The empirical results show that overconfidence of managers will reduce the level of cash dividend, and investors' demand for dividend has a significant positive impact on cash dividend, the proportion of the first largest shareholder has a significant positive impact on cash dividend. The proportion of circulating shares has a significant negative effect on cash dividend issuance. Thirdly, overconfidence of managers, a dominant share and short supply of circulating shares are the main reasons leading to managers' limited rationality. Psychological and behavioral deviations are the main causes of investors' limited rationality, and managers cater to the investors' limited rational dividend preferences.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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