股利信息、投资者行为与市值管理研究

发布时间：2018-03-27 05:38

本文选题：市值管理　切入点：股利政策　出处：《兰州理工大学》2014年硕士论文

【摘要】：随着企业经营目标的发展和变化,价值管理理论从性质到结构均发生了变迁。股东价值管理、利益相关者价值管理逐渐演变为企业整体价值管理,而在资本市场成为与产品市场一样必须得到企业关注和重视的今天,市值管理已经是企业价值管理的新理念,是企业家贯通产品经营和资本经营的管理哲学。尤其是在我国证券市场经历股权分置改革之后,市值管理的意义和作用得到空前提升。市值管理强调价值创造和价值实现的有机统一,而当前的市值管理策略或方法多数属于单一维度管理模式。从市值管理的本质和内涵出发,本文构建了基于股利政策的一体化市值管理模式。股利政策的制定和股利信息的公告关系公司的价值创造又能起到传递价值信息的作用,然而价值实现与资本市场上信息接收者的行为密切相关,即投资者的非理性影响其对公司价值信息的有效无偏识别,进而影响公司市场价值的优化管理。因此,本文基于行为金融视角,打破理性人基础上的传统财务理论,以股利市值管理为主线,探讨投资者非理性行为作用于市值管理的路径及方式。在总结和梳理国内外相关研究文献和理论的基础上,本文首先阐释了股利市值管理的一体性和科学合理性,立足于以认知偏差、心理偏差和行为偏差为代表的投资者非理性因素,从股利信息传递流程和投资者对信息的识别过程角度分析了非理性行为作用于市值与市值管理的逻辑和路径。然后,针对极易导致公司市值大幅波动的过度反应这一非理性行为的典型代表,借鉴De Bond和Thaler的研究框架实证检验了投资者对股利信息的反应行为。研究发现,投资者对股利信息过度反应的非理性行为几乎普遍存在,但是又表现出一定的选择性和非对称性：在市场情绪高涨的“牛市”背景下,对非市值管理百佳公司、支付纯现金股利、小规模公司的股利信息的过度反应更加敏感强烈；而在市场情绪低落的“熊市”背景下,对市值管理百佳与非百佳、不支付股利、支付纯现金股利、小规模公司的股利信息均存在敏感而强烈的过度反应。最后,针对投资者对股利信息非理性反应的特点和行为模式,文章从三个方面提出了相应的市值管理策略：股利市值管理策略、行为市值管理策略和投资者理性教育策略。
[Abstract]:With the development and change of enterprise management goal, the theory of value management has changed from nature to structure. Today, when the capital market has become the same as the product market, it must be paid attention to by enterprises. Market value management has become a new concept of enterprise value management. It is the management philosophy of entrepreneur through product management and capital management, especially after the reform of equity structure in China's securities market, the significance and function of market value's management have been promoted unprecedented. Market value's management emphasizes the organic unity of value creation and value realization, while the current market value management strategy or method mostly belongs to a single dimensional management mode. This paper constructs an integrated market value management model based on dividend policy. The establishment of dividend policy and the announcement of dividend information can also play a role in transmitting value information. However, the realization of value is closely related to the behavior of the information receiver in the capital market, that is, the irrational influence of investors on the effective and unbiased identification of the company value information, and then the optimization of the management of the market value of the company. Based on the perspective of behavioral finance, this paper breaks the traditional financial theory based on rational people, takes the management of dividend market value as the main line, and probes into the path and ways of investors' irrational behavior acting on market value's management. On the basis of summarizing and combing the relevant research literature and theories at home and abroad, this paper first explains the unity and scientific rationality of dividend market value management, based on cognitive bias. The irrational factors of investors represented by psychological deviation and behavioral deviation are analyzed from the perspective of dividend information transmission process and investors' recognition process of information. Then, the paper analyzes the logic and path of irrational behavior in the management of market value and market value. In view of the typical irrational behavior of excessive reaction which can easily lead to large volatility of market value, the paper empirically tests investors' response to dividend information by using de Bond and Thaler's research framework. The irrational behavior of investors' overreaction to dividend information is almost universal, but it also shows certain selectivity and asymmetry: in the "bull market" background of high market sentiment, the non-#china_person0# company is managed. To pay pure cash dividends, the overreaction of dividend information in small companies is more sensitive and intense. However, in the "bear market" background of low market sentiment, market value is managed by Bai Jia and non-Parktop companies, not paying dividends, but paying pure cash dividends. There is a sensitive and strong overreaction in dividend information of small companies. Finally, aiming at the characteristics and behavior patterns of investors' irrational reaction to dividend information, This paper puts forward the corresponding management strategies of market value from three aspects: the management strategy of the dividend market value, the management strategy of the behavior market value and the rational education strategy of investors.
【学位授予单位】：兰州理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F276.6

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