本文選題：市值管理　切入點：股利政策　出處：《蘭州理工大學》2014年碩士論文

【摘要】：隨著企業(yè)經(jīng)營目標的發(fā)展和變化,價值管理理論從性質(zhì)到結構均發(fā)生了變遷。股東價值管理、利益相關者價值管理逐漸演變?yōu)槠髽I(yè)整體價值管理,而在資本市場成為與產(chǎn)品市場一樣必須得到企業(yè)關注和重視的今天,市值管理已經(jīng)是企業(yè)價值管理的新理念,是企業(yè)家貫通產(chǎn)品經(jīng)營和資本經(jīng)營的管理哲學。尤其是在我國證券市場經(jīng)歷股權分置改革之后,市值管理的意義和作用得到空前提升。 市值管理強調(diào)價值創(chuàng)造和價值實現(xiàn)的有機統(tǒng)一,而當前的市值管理策略或方法多數(shù)屬于單一維度管理模式。從市值管理的本質(zhì)和內(nèi)涵出發(fā),本文構建了基于股利政策的一體化市值管理模式。股利政策的制定和股利信息的公告關系公司的價值創(chuàng)造又能起到傳遞價值信息的作用,然而價值實現(xiàn)與資本市場上信息接收者的行為密切相關,即投資者的非理性影響其對公司價值信息的有效無偏識別,進而影響公司市場價值的優(yōu)化管理。因此,本文基于行為金融視角,打破理性人基礎上的傳統(tǒng)財務理論,以股利市值管理為主線,探討投資者非理性行為作用于市值管理的路徑及方式。 在總結和梳理國內(nèi)外相關研究文獻和理論的基礎上,本文首先闡釋了股利市值管理的一體性和科學合理性,立足于以認知偏差、心理偏差和行為偏差為代表的投資者非理性因素,從股利信息傳遞流程和投資者對信息的識別過程角度分析了非理性行為作用于市值與市值管理的邏輯和路徑。然后,針對極易導致公司市值大幅波動的過度反應這一非理性行為的典型代表,借鑒De Bond和Thaler的研究框架實證檢驗了投資者對股利信息的反應行為。研究發(fā)現(xiàn),投資者對股利信息過度反應的非理性行為幾乎普遍存在,但是又表現(xiàn)出一定的選擇性和非對稱性：在市場情緒高漲的“牛市”背景下,對非市值管理百佳公司、支付純現(xiàn)金股利、小規(guī)模公司的股利信息的過度反應更加敏感強烈；而在市場情緒低落的“熊市”背景下,對市值管理百佳與非百佳、不支付股利、支付純現(xiàn)金股利、小規(guī)模公司的股利信息均存在敏感而強烈的過度反應。最后,針對投資者對股利信息非理性反應的特點和行為模式,文章從三個方面提出了相應的市值管理策略：股利市值管理策略、行為市值管理策略和投資者理性教育策略。
[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.
【學位授予單位】：蘭州理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51;F276.6

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本文編號：1670260