基于“迎合理论”的A股分配新趋势的实证研究

An Empirical Research into the New Trend of Distribution in A Stock Market on the Basis of the Catering Theory

行为金融理论认为:投资者对股利分配方式的偏好驱动了公司的股利政策,管理者在制定股利政策时有"迎合投资者股利分配偏好"的倾向。论题利用事件研究法以2007—2010年为研究期间,检验了A股市场不同股利分配形式的市场效应,结果发现混合派现分配方式在近期的迅速兴起正是管理层迎合市场分配需求的结果。而分红监管的压力与上市公司、机构投资者等多方利益的共同诉求是导致这一结果的根本原因。

The Theory of Behavioral Finance holds that the investor＇ s preference for means of dividend distribution drives the company＇ s dividend policy, and the manager tends to cater for this preference when making the dividend policy. This paper adopts the method of event study to test the market effect of different forms of dividend distribution in A stock market from 2007 to 2010, finding that the distribution means of mixed cash dividends have flourished lately as a result of the manager＇ s catering for the need of market allocation. However the fundamental causes for this result lie in the regulatory pressure of dividend and the common appeal for the benefits of the listed company, the institutional investor and so on.