中小投资者对现金股利的心理反应的调查与分析

The analysis of the psychological responses of Chinese scattered investors to cash dividend

对中小投资者股利政策的心理反应进行问卷调查并对其结果进行统计分析 ,结果表明 :我国证券市场的投资者对现金股利存在心理值域 ,且其心理账户明显不同于国外学者的研究结果 ;投资者认为派现的股票要比根本不派现的股票好一些 ,并认为现金股利的变化并未传递多少有关公司投资计划的信息 ;投资者对现金股利的大幅变化没有好感 ,他们赞同证监会把现金分红作为上市公司再筹资的必要条件的政策 ,但仍有相当一部分投资者不注重派现收益。因此 ,提高中小投资者对现金股利的理性反应 。

The thesis analyses the statistic of a questionnaire survey, which investigated scattered investors' psychological responses to dividend policy. The analysis shows that (1) investors of Chinese listed firms do have mental scale of cash dividends and their mental accountings differ distinctly from those in the studies of foreign scholars; (2) Chinese investors prefer stocks that pay dividends to those that pay no dividends, and the changes of cash dividends don't transfer much information of companies' investment plans; (3) Chinese investors don't favor great changes of cash dividends and some of them pay no attention to dividends though they agree the fact that cash-paying is necessary for re-financing.