基于迎合理论的我国上市公司现金股利支付决策研究
发布时间：2018-08-15 13:48
【摘要】：上市公司股利支付决策一直是各界长期关注的焦点，但是公司为什么要选择支付股利？至今传统的金融理论仍未能完整的解释“股利之谜”现象。美国学者Baker和Wurgler（2004）从行为金融学角度出发提出了股利迎合理论，，该理论放宽MM理论中关于“市场有效性”的假设，从投资者角度分析管理层是否满足投资者的需求。该理论认为如果市场是有效的，则现金股利支付应该由企业特征决定；如果市场不是完全有效的，则理性的管理层会为了提高股价，迎合投资者对股利不断变化的偏好。他们通过实证研究得出：迎合理论对美国证券市场现金股利支付决策有很好的解释能力。由于我国证券市场的特殊性，且不同学者选择的上市公司及检验指标具有差异性，使得利用迎合理论解释我国现金股利支付倾向的结论并不尽相同。基于此，本文将迎合理论与我国的实际情况相结合，以研究迎合理论对我国证券市场的适用性，同时对我国现金股利支付决策给出一定的解释。 本文共分为五个部分。第一章首先介绍选题背景及意义，归纳总结了股利迎合理论的国内外研究现状，同时介绍了本文的研究思路与框架。第二章详细介绍了股利迎合理论的主要内容，具体包括迎合理论提出的背景，内容概述，前提假设及模型，并分析了迎合理论的优点与不足。第三章结合迎合理论分析了我国上市公司现金股利支付现状，首先介绍了我国上市公司现金股利支付的现状，然后用迎合理论分析其对我国上市公司现金股利支付现状的解释能力。第四章主要运用Logistic模型对迎合理论是否能解释我国现金股利支付情况做实证分析，结果表明现金股利支付意愿与现金股利溢价有相似走向趋势，当现金股利溢价高时，公司倾向于支付现金股利；当现金股利溢价低时，公司倾向于不支付现金股利。从而得出股利迎合理论能很好的解释我国现金股利支付决策。最后第五章得出结论，并结合迎合理论，对我国上市公司制定现金股利支付决策提出对策和建议。
[Abstract]:The decision of dividend payment of listed companies has been the focus of attention for a long time, but why do companies choose to pay dividends? So far, the traditional financial theory has not fully explained the "dividend mystery" phenomenon. American scholars Baker and Wurgler (2004) put forward dividend pandering theory from the point of view of behavioral finance. This theory relaxed the hypothesis of "market efficiency" in MM theory, and analyzed whether management meets the needs of investors from the perspective of investors. The theory holds that if the market is efficient, the cash dividend payment should be determined by the characteristics of the firm; if the market is not completely effective, the rational management will cater to the changing preferences of investors in order to raise the stock price. Their empirical research shows that pandering theory can explain the decision of cash dividend payment in American securities market. Because of the particularity of China's securities market and the differences of listed companies and test indexes chosen by different scholars, the conclusion of using pandering theory to explain the tendency of cash dividend payment in China is not the same. Based on this, this paper combines the pandering theory with the actual situation of our country to study the applicability of pandering theory to the stock market of our country, and at the same time gives a certain explanation to the decision of cash dividend payment in our country. This paper is divided into five parts. The first chapter introduces the background and significance of the topic, summarizes the domestic and foreign research status of dividend catering theory, and introduces the research ideas and framework of this paper. The second chapter introduces the main contents of dividend pandering theory in detail, including the background of pandering theory, content overview, premise hypothesis and model, and analyzes the advantages and disadvantages of catering theory. The third chapter analyzes the current situation of cash dividend payment of listed companies in China, and introduces the current situation of cash dividend payment of listed companies in China. Then it analyzes its ability to explain the current situation of cash dividend payment of listed companies in China by pandering theory. The fourth chapter mainly uses Logistic model to analyze whether the catering theory can explain the situation of cash dividend payment in China. The results show that the willingness to pay cash dividend has a similar trend with the cash dividend premium, and when the cash dividend premium is high, the result shows that there is a similar trend between the willingness to pay cash dividend and the cash dividend premium. Companies tend to pay cash dividends; when cash dividend premiums are low, companies tend not to pay cash dividends. Therefore, the theory of dividend pandering can explain the decision of cash dividend payment in China. Finally, the fifth chapter draws a conclusion, and combines with the theory of pandering, puts forward the countermeasures and suggestions for the decision of cash dividend payment of listed companies in our country.
【学位授予单位】：沈阳大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51
[Abstract]:The decision of dividend payment of listed companies has been the focus of attention for a long time, but why do companies choose to pay dividends? So far, the traditional financial theory has not fully explained the "dividend mystery" phenomenon. American scholars Baker and Wurgler (2004) put forward dividend pandering theory from the point of view of behavioral finance. This theory relaxed the hypothesis of "market efficiency" in MM theory, and analyzed whether management meets the needs of investors from the perspective of investors. The theory holds that if the market is efficient, the cash dividend payment should be determined by the characteristics of the firm; if the market is not completely effective, the rational management will cater to the changing preferences of investors in order to raise the stock price. Their empirical research shows that pandering theory can explain the decision of cash dividend payment in American securities market. Because of the particularity of China's securities market and the differences of listed companies and test indexes chosen by different scholars, the conclusion of using pandering theory to explain the tendency of cash dividend payment in China is not the same. Based on this, this paper combines the pandering theory with the actual situation of our country to study the applicability of pandering theory to the stock market of our country, and at the same time gives a certain explanation to the decision of cash dividend payment in our country. This paper is divided into five parts. The first chapter introduces the background and significance of the topic, summarizes the domestic and foreign research status of dividend catering theory, and introduces the research ideas and framework of this paper. The second chapter introduces the main contents of dividend pandering theory in detail, including the background of pandering theory, content overview, premise hypothesis and model, and analyzes the advantages and disadvantages of catering theory. The third chapter analyzes the current situation of cash dividend payment of listed companies in China, and introduces the current situation of cash dividend payment of listed companies in China. Then it analyzes its ability to explain the current situation of cash dividend payment of listed companies in China by pandering theory. The fourth chapter mainly uses Logistic model to analyze whether the catering theory can explain the situation of cash dividend payment in China. The results show that the willingness to pay cash dividend has a similar trend with the cash dividend premium, and when the cash dividend premium is high, the result shows that there is a similar trend between the willingness to pay cash dividend and the cash dividend premium. Companies tend to pay cash dividends; when cash dividend premiums are low, companies tend not to pay cash dividends. Therefore, the theory of dividend pandering can explain the decision of cash dividend payment in China. Finally, the fifth chapter draws a conclusion, and combines with the theory of pandering, puts forward the countermeasures and suggestions for the decision of cash dividend payment of listed companies in our country.
【学位授予单位】：沈阳大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51
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