投资者情绪、管理者过度自信与现金股利政策

The Investors' Sentiment, the Administrators' Over-confidence and the Cash Dividends Policy

本文基于行为公司金融的视角,在相关研究的基础上进一步放宽了"理性人"假设,分析了投资者非理性与管理者非理性共存时对公司现金股利的影响,并以2010—2013年期间A股上市公司为研究样本进行了实证分析。结果发现,虽然投资者情绪与管理者过度自信各自对公司现金股利有不同的影响,但是投资者情绪和管理者过度自信两者的共同作用会对公司现金股利产生负向的影响。本文有助于人们从新的角度来认识股利政策。

From the perspective of the corporate finance, based on the previous relevant research and relaxed as- sumption about rational person, this paper studies the influences on corporate cash dividend policies when irrationality exists for both investors and managers simultaneously. We will do an empirical study based on the information of the listed companies in A-share market from 2010 to 2013. Our findings suggest that although the emotions of investors and the over-confidence of managers produce different influences on corporate cash dividend policies, respectively, their combined effect produces a negative influence on the corporate cash dividend policies. This paper will contribute to the development of the understanding of dividend policies from a brand new angle.