基于行为财务理论的上市公司现金股利政策研究

The Research on Cash Dividend Policy of Listed Companies Based on Behavioral Finance Theory

面对传统财务理论不能有效解释资本市场中日益繁多的"股利之谜"这一窘境,行为财务理论当仁不让地承担起此重任。运用行为财务理论对上市公司现金股利政策进行实证研究,分析我国上市公司现金股利政策存在的非理性行为,进而运用行为财务理论加以解释,具有一定的理论和现实意义。

Traditional finance theory cannot effectively explain increasingly numerous ＂mysteries of dividend＂ in capital market.Facing the dilemma of traditional finance theory,behavioral finance theory shouldn＇t decline to undertake this responsibility.Therefore,it has certain theoretical and realistic significance of carrying on empirical research on cash dividend policy of listed companies via behavioral finance theory,and analysing non-rational behaviours in the cash dividend policy of China＇s listed companies,and then using the behavioral finance theory to explain them.