發(fā)布時間：2018-08-15 13:48

【摘要】：上市公司股利支付決策一直是各界長期關注的焦點，但是公司為什么要選擇支付股利？至今傳統(tǒng)的金融理論仍未能完整的解釋“股利之謎”現(xiàn)象。美國學者Baker和Wurgler（2004）從行為金融學角度出發(fā)提出了股利迎合理論，，該理論放寬MM理論中關于“市場有效性”的假設，從投資者角度分析管理層是否滿足投資者的需求。該理論認為如果市場是有效的，則現(xiàn)金股利支付應該由企業(yè)特征決定；如果市場不是完全有效的，則理性的管理層會為了提高股價，迎合投資者對股利不斷變化的偏好。他們通過實證研究得出：迎合理論對美國證券市場現(xiàn)金股利支付決策有很好的解釋能力。由于我國證券市場的特殊性，且不同學者選擇的上市公司及檢驗指標具有差異性，使得利用迎合理論解釋我國現(xiàn)金股利支付傾向的結論并不盡相同�；诖�，本文將迎合理論與我國的實際情況相結合，以研究迎合理論對我國證券市場的適用性，同時對我國現(xiàn)金股利支付決策給出一定的解釋。 本文共分為五個部分。第一章首先介紹選題背景及意義，歸納總結了股利迎合理論的國內外研究現(xiàn)狀，同時介紹了本文的研究思路與框架。第二章詳細介紹了股利迎合理論的主要內容，具體包括迎合理論提出的背景，內容概述，前提假設及模型，并分析了迎合理論的優(yōu)點與不足。第三章結合迎合理論分析了我國上市公司現(xiàn)金股利支付現(xiàn)狀，首先介紹了我國上市公司現(xiàn)金股利支付的現(xiàn)狀，然后用迎合理論分析其對我國上市公司現(xiàn)金股利支付現(xiàn)狀的解釋能力。第四章主要運用Logistic模型對迎合理論是否能解釋我國現(xiàn)金股利支付情況做實證分析，結果表明現(xiàn)金股利支付意愿與現(xiàn)金股利溢價有相似走向趨勢，當現(xiàn)金股利溢價高時，公司傾向于支付現(xiàn)金股利；當現(xiàn)金股利溢價低時，公司傾向于不支付現(xiàn)金股利。從而得出股利迎合理論能很好的解釋我國現(xiàn)金股利支付決策。最后第五章得出結論，并結合迎合理論，對我國上市公司制定現(xiàn)金股利支付決策提出對策和建議。
[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.
【學位授予單位】：沈陽大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51

【參考文獻】

相關期刊論文 前10條

1 于靜;;基于投資者保護的股利支付決策迎合效應研究[J];商業(yè)研究;2012年06期

2 崔建新;;股利迎合理論在我國的適用性探討[J];財會月刊;2009年09期

3 劉潔;;改善我國上市公司現(xiàn)金股利分配現(xiàn)狀的若干建議[J];東方企業(yè)文化;2011年20期

4 饒育蕾;賀曦;李湘平;;股利折價與迎合:來自我國上市公司現(xiàn)金股利分配的證據(jù)[J];管理工程學報;2008年01期

5 熊德華;劉力;;股利支付決策與迎合理論——基于中國上市公司的實證研究[J];經(jīng)濟科學;2007年05期

6 王曼舒;齊寅峰;;現(xiàn)金股利與投資者偏好的實證分析[J];經(jīng)濟問題探索;2005年12期

7 黃娟娟;沈藝峰;;上市公司的股利政策究竟迎合了誰的需要——來自中國上市公司的經(jīng)驗數(shù)據(jù)[J];會計研究;2007年08期

8 陶燕貞;;我國上市公司現(xiàn)金股利分配現(xiàn)狀的分析[J];經(jīng)濟師;2013年01期

9 李常青;張鳳展;王毅輝;;淺議股利迎合理論[J];中國商人(經(jīng)濟理論研究);2005年09期

10 張多蕾;陳曉山;;基于行為財務理論的上市公司現(xiàn)金股利政策研究[J];西安財經(jīng)學院學報;2011年03期

相關博士學位論文 前1條

1 楊U

本文編號：2184388