【作者】 胡婷婷；

【导师】 孟翠湖；

【作者基本信息】 南京财经大学 ， 会计学， 2011， 硕士

【摘要】 股利政策作为现代财务理论的三大“谜题”之一,即使经历了半个多世纪的发展,由于新异象和谜题不断出现,始终未能总结出一个理论完整地解释股利政策的效果。为此,财务学家孜孜不倦地更深入研究和发展新的股利理论,他们发现虽然逐渐放松多项理想假设,但始终坚持“理性经济人”的假设,忽略了人的有限理性行为可能对股利政策产生影响。Shiner(1984)认为,未来的模型只有考虑这些因素的影响,才能更科学的解释股利“新谜题”;Miller(1986)也指出,在大多数微观决策的领域,把行为因素引入股利政策的解释,有助于解释长期以来的异象。新兴的行为公司财务思想逐渐开始影响股利政策研究,为股利之谜的研究提出新视角,逐渐形成了行为股利理论学说。本文正是行为公司财务理论在现金股利政策领域的应用。本文从管理层决策的有限理性角度出发,研究行为因素——羊群行为和迎合行为对股利政策产生的影响。首先对国内外股利研究文献进行梳理和总结,提出本文的研究思路和内容。其次,对标准股利理论和行为股利理论进行对比论述,意在突出行为股利理论更能合理的解释我国现金股利分配“低聚”异象,为下文的实证检验奠定理论基础。再次,在充分的理论分析的基础上,采用实证和规范相结合的研究方法,以我国A股上市公司作为研究对象,分别从现金股利支付倾向和现金股利支付程度两个方面,研究管理层的有限理性行为——羊群行为和迎合行为对股利政策现状的影响。研究结果表明:无论是从上市公司现金股利支付倾向方面来看,还是从上市公司现金股利支付程度方面来看,管理层的羊群行为对股利支付倾向和支付程度确实产生了显著的影响,从而证明管理层在制定股利政策时,存在羊群行为;同时,管理层的迎合行为对股利支付倾向和支付程度也产生了显著的影响,从而证明管理者在制定股利政策时,存在迎合广大流通股股东偏好的行为。最后,在对研究进行总结的基础上,针对我国现金股利“低聚”现象,立足本国国情,对政府监管部门和上市公司管理层提出了建设性的建议。更多还原

【Abstract】 As one of the most important financial policy, Dividend policy has been paid much more attention to for half a century. With the development of the stock market, the dividend theories are all kinds of, such as the Lintner model, the agency theory and so on. But so far, none of them could explain the whole puzzle of dividend. In order to explain the phenomenon, researchers began to relax some assumptions of MM theory. Those made much more distributions on explaining dividend policies, though they insisted on their own assumptions, and ignored human behavior bias. Shiner (1984) agreed that unless those elements were taken into model in the future, it is difficult to explain the irrational behavior. Miller (1986) pointed out that behavioral elements played important roles in microeconomics, they could not be ignored, and take the behavioral elements into dividend theories might help to resolve a long standing issue.With the development of behavioral and psychological science, the behavioral theory has been taken into finance studying. With the tools of herding theory and catering theory, the paper is intended to explain some strange dividend phenomena in listed companies. By discussing the relationship between manager behaviors and cash dividend policies, we find that manager behaviors influence the cash dividends. Firstly, the paper begins with literature reviews, contents, framework and the contributions. Secondly, we describe that the strange cash dividend phenomena happening in different industries and in every year. And find that behavioral dividend theories can explain the phenomena in China market. Thirdly, chapter four takes empirical research between behaviors of manager and cash dividends. Finally, the paper makes the conclusion of the empirical research, including the suggestions, the limitations and the directions for future research.In a word, this paper offers evidences that herding and catering behaviors of managers can explain the dividend policies of listed companies. The behavioral elements are important factors which influence dividend payments. According to the above, the paper gives some suggestions to the company managers and the government. All these suggestions base on condition of our country, and raise the paper to higher lever.更多还原