论股利政策理论行为学研究视角的演进路径

标准金融学视角下的＂股利之谜＂在学界一直存在不同的实证结论,依旧悬而未决,然而行为金融学对认知和偏好的关注为股利政策的理论研究开辟了新视角,在市场不完善的情况下迎合理论、预期理论、后悔厌恶、心理账户、自我控制等对股利政策进行了一定的解释,但仍需不断系统化并用于解释中国上市公司的股利行为。

A Discussion on Development and Review on Dividend Policy Theory from Behavioral Perspective

There exist some different empirical conclusions on the explanation of puzzle of dividends from standard finance theory perspective.Behavioral finance provides a new perspective for the research of dividend policy theory by focusing on cognition and preference.Catering theory,prospect theory,regret aversion,mental accounting,and self-control under the imperfect market situation explain the dividend behaviors of Chinese listed companies,though which need to be systematized.