本文關(guān)鍵詞： 行為金融 股利政策 有限理性 管理者過度自信 投資者股利需求　出處：《南京理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：股利政策涉及到上市公司對盈余進行股利分配還是留存內(nèi)部進行再投資使用的問題,不僅關(guān)系到股東的切身利益,而且影響著上市公司的未來發(fā)展。我國資本市場發(fā)展迅速,上市公司股利政策受到越來越多學(xué)者的關(guān)注,但是我國股利分配出現(xiàn)了諸多不規(guī)范現(xiàn)象,這些明顯的不規(guī)范現(xiàn)狀已經(jīng)嚴(yán)重影響了我國資本市場的發(fā)展。運用傳統(tǒng)金融理論已經(jīng)無法解釋這種現(xiàn)狀產(chǎn)生的原因,而行為金融學(xué)在打破理性人假設(shè)的前提下,來研究股利分配異象更加貼近現(xiàn)實,具有更深刻的理論與實踐意義。本文的主要研究內(nèi)容包括:第一,通過文獻查閱,歸納整理了股利政策主要經(jīng)典理論及國內(nèi)外關(guān)于股利政策的研究成果。第二,總結(jié)概括我國證券市場自成立以來出現(xiàn)的關(guān)于股利分配的不規(guī)范現(xiàn)象。第三,通過實證分析法對我國股權(quán)分置改革后的2006年至2015年股利分配影響因素進行分析,將反映管理者過度自信與投資者股利需求的行為因素、以及反映我國特殊市場背景的第一大股東持股比例與流通股比例放入模型進行分析。第四,結(jié)合實證分析和行為股利理論,深入剖析我國股利政策參與方——管理者和投資者其有限理性行為背后的原因,最后在前文基礎(chǔ)上對管理者、投資者和政府及監(jiān)管部門提出針對性的建議。本文主要結(jié)論如下:第一,我國證券市場主要存在如下股利分配異象:股利支付率低、股利發(fā)放缺乏穩(wěn)定性連續(xù)性等。第二,實證結(jié)果表明,管理者過度自信會降低現(xiàn)金股利發(fā)放水平;而投資者股利需求對現(xiàn)金股利發(fā)放有著顯著的正向影響;第一大股東持股比例對現(xiàn)金股利發(fā)放有顯著的正向影響;流通股比例對現(xiàn)金股利發(fā)放有顯著的負(fù)向影響。第三,管理者過度自信、一股獨大和流通股供不應(yīng)求是導(dǎo)致管理者有限理性的主要原因;投資者不成熟的行為特點、心理及行為偏差是導(dǎo)致投資者有限理性的主要原因,而管理者又會迎合投資者有限理性的股利偏好進行股利發(fā)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.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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本文編號：1496283