本文選題：行為金融學(xué) + 上市公司��； 參考：《陜西科技大學(xué)》2013年碩士論文

【摘要】：股利政策作為公司財(cái)務(wù)管理的核心內(nèi)容之一，一直以來都是理論界和實(shí)務(wù)界關(guān)注的焦點(diǎn)。股利政策既關(guān)系著股東的切身利益，又關(guān)系著公司的未來發(fā)展，同時(shí)影響著證券市場(chǎng)的健康運(yùn)行。隨著我國(guó)證券市場(chǎng)的發(fā)展，股利政策發(fā)揮了越來越明顯的作用。與國(guó)外相比，我國(guó)證券市場(chǎng)的股利分配出現(xiàn)了一些特殊現(xiàn)象：高派現(xiàn)、低派現(xiàn)、高送轉(zhuǎn)等非理性股利較為普遍，用標(biāo)準(zhǔn)金融理論難以解釋這種特殊的現(xiàn)象�；诖�，本文結(jié)合行為金融學(xué)的研究成果，從行為金融學(xué)的角度來研究我國(guó)的股利政策。 本文的研究思路是首先介紹了行為股利理論的主要相關(guān)理論，然后分析了我國(guó)證券市場(chǎng)的現(xiàn)狀，并通過實(shí)證分析的方法得出我國(guó)上市公司的股利政策是非理性的。然后圍繞著股利政策的“非理性”展開全面的分析，從兩個(gè)方面構(gòu)建了分析的框架：一是投資者非理性；二是管理者非理性。運(yùn)用行為金融學(xué)的股利理論，從投資者非理性和管理者非理性兩方面展開了分析。 在投資者非理性框架下，著重分析了我國(guó)投資者非理性偏好和非理性的表現(xiàn)，并用行為金融的股利理論對(duì)投資者的各種非理性表現(xiàn)的成因進(jìn)行了分析。由于管理者是股利政策的制定者，因此還分析了在投資者非理性的前提下，作為理性的管理者做出了怎樣的反應(yīng)。 在管理者非理性的框架下，參考眾多學(xué)者的研究成果并結(jié)合我國(guó)的實(shí)際情況，從管理者的心理偏差、行為偏差、不完善的市場(chǎng)環(huán)境和大股東控制權(quán)這四個(gè)方面來探討管理者非理性的深層次原因。此外，通過對(duì)股利政策利益相關(guān)者的偏好進(jìn)行分析，研究不同群體的股利支付動(dòng)機(jī)對(duì)管理者制定股利政策的影響。 研究結(jié)果表明，投資者的素質(zhì)低下、結(jié)構(gòu)不合理和管理層在制定股利政策時(shí)存在的心理偏差、羊群行為以及證券監(jiān)管部門的監(jiān)管缺失是導(dǎo)致我國(guó)非理性股利政策的主要原因。本文透過行為金融學(xué)的視角，把行為金融學(xué)的股利理論和我國(guó)證券市場(chǎng)的現(xiàn)狀相結(jié)合，創(chuàng)新地從非理性投資者和非理性管理者的角度進(jìn)行了分析�；谝陨戏治�，從管理者、投資者和證券監(jiān)管部門的角度提出了規(guī)范我國(guó)股利分配的建議。通過三大參與方的共同努力，，必將改變我國(guó)證券市場(chǎng)非理性的現(xiàn)狀，逐步走向理性的軌道。
[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.
【學(xué)位授予單位】：陜西科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1811973