基于行为金融理论的上市公司股利政策研究

发布时间：2018-04-27 19:17

本文选题：行为金融学 + 上市公司　；参考：《陕西科技大学》2013年硕士论文

【摘要】：股利政策作为公司财务管理的核心内容之一，一直以来都是理论界和实务界关注的焦点。股利政策既关系着股东的切身利益，又关系着公司的未来发展，同时影响着证券市场的健康运行。随着我国证券市场的发展，股利政策发挥了越来越明显的作用。与国外相比，我国证券市场的股利分配出现了一些特殊现象：高派现、低派现、高送转等非理性股利较为普遍，用标准金融理论难以解释这种特殊的现象。基于此，本文结合行为金融学的研究成果，从行为金融学的角度来研究我国的股利政策。本文的研究思路是首先介绍了行为股利理论的主要相关理论，然后分析了我国证券市场的现状，并通过实证分析的方法得出我国上市公司的股利政策是非理性的。然后围绕着股利政策的“非理性”展开全面的分析，从两个方面构建了分析的框架：一是投资者非理性；二是管理者非理性。运用行为金融学的股利理论，从投资者非理性和管理者非理性两方面展开了分析。在投资者非理性框架下，着重分析了我国投资者非理性偏好和非理性的表现，并用行为金融的股利理论对投资者的各种非理性表现的成因进行了分析。由于管理者是股利政策的制定者，因此还分析了在投资者非理性的前提下，作为理性的管理者做出了怎样的反应。在管理者非理性的框架下，参考众多学者的研究成果并结合我国的实际情况，从管理者的心理偏差、行为偏差、不完善的市场环境和大股东控制权这四个方面来探讨管理者非理性的深层次原因。此外，通过对股利政策利益相关者的偏好进行分析，研究不同群体的股利支付动机对管理者制定股利政策的影响。研究结果表明，投资者的素质低下、结构不合理和管理层在制定股利政策时存在的心理偏差、羊群行为以及证券监管部门的监管缺失是导致我国非理性股利政策的主要原因。本文透过行为金融学的视角，把行为金融学的股利理论和我国证券市场的现状相结合，创新地从非理性投资者和非理性管理者的角度进行了分析。基于以上分析，从管理者、投资者和证券监管部门的角度提出了规范我国股利分配的建议。通过三大参与方的共同努力，，必将改变我国证券市场非理性的现状，逐步走向理性的轨道。
[Abstract]:Dividend policy, as one of the core contents of corporate financial management, has always been the focus of theoretical and practical circles. Dividend policy is not only related to the immediate interests of shareholders, but also related to the future development of the company, and also affects the healthy operation of the securities market. With the development of China's securities market, dividend policy has played a more and more obvious role. Compared with foreign countries, there are some special phenomena in China's stock market, such as high dividend, low dividend, high transfer and so on. It is difficult to explain this special phenomenon by standard financial theory. Based on this, this paper studies the dividend policy of our country from the perspective of behavioral finance combined with the research results of behavioral finance. The research idea of this paper is to first introduce the main relevant theories of behavioral dividend theory, then analyze the current situation of China's securities market, and through empirical analysis, we can conclude that the dividend policy of listed companies in China is irrational. Then an overall analysis is carried out around the "irrationality" of dividend policy, and the framework of the analysis is constructed from two aspects: one is investor irrationality, the other is manager irrationality. Based on the dividend theory of behavioral finance, this paper analyzes the investors' irrationality and the manager's irrationality. Under the framework of investor irrationality, this paper analyzes the irrational preference and irrational performance of investors in China, and analyzes the causes of various irrational performances of investors with the dividend theory of behavioral finance. Since the manager is the maker of dividend policy, it also analyzes the reaction of the rational manager under the premise of investor irrationality. Under the framework of manager irrationality, referring to the research results of many scholars and combining the actual situation of our country, from the managers' psychological deviation, behavior deviation, The imperfect market environment and the control rights of large shareholders are four aspects to explore the deep reasons of irrational managers. In addition, by analyzing the preference of dividend policy stakeholders, this paper studies the influence of dividend payment motivation of different groups on managers to formulate dividend policy. The results show that the poor quality of investors, unreasonable structure, psychological deviation of management in making dividend policy, herd behavior and lack of supervision of securities regulatory department are the main causes of irrational dividend policy in China. From the perspective of behavioral finance, this paper combines the dividend theory of behavioral finance with the present situation of China's securities market, and makes an innovative analysis from the perspective of irrational investors and irrational managers. Based on the above analysis, the suggestions of regulating dividend distribution in China are put forward from the perspective of managers, investors and securities regulatory authorities. Through the joint efforts of the three major participants, the irrationality of China's securities market will be changed gradually to the rational track.
【学位授予单位】：陕西科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】