| 百家争鸣难结论:股利之谜 |
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| 引用本文： | 吕长江. 百家争鸣难结论:股利之谜[J]. 上海立信会计学院学报, 2008, 22(1): 14-20 |
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| 作者姓名： | 吕长江 |
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| 作者单位： | 复旦大学,上海,200433 |
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| 基金项目： | 国家自然科学基金,教育部跨世纪优秀人才培养计划,上海市浦江人才计划,吉林大学校科研和教改项目 |
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| 摘 要： | 迄今为止,有三类理论试图解释"股利之谜":代理理论(道德风险)、信号理论(逆向选择)和行为金融理论。这些理论详细解释了"为什么公司支付股利","为什么投资者喜欢股利","股利如何影响股价","管理者对分配股利的态度怎样"等问题。在详细总结国内外研究文献的基础上,我们提出了股利研究的未来发展方向。
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| 关 键 词： | 股利之谜 代理理论 信号理论 行为金融理论 |
| 文章编号： | 1009-6701(2008)01-0014-07 |
| 修稿时间： | 2007-12-15 |
Hard to Have a Conclusion under the Contention of a Hundred Schools of Thought: Dividend Puzzle |
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| LU Chang-jiang. Hard to Have a Conclusion under the Contention of a Hundred Schools of Thought: Dividend Puzzle[J]. Journal of Shanghai Lixin University of Commerce, 2008, 22(1): 14-20 |
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| Authors: | LU Chang-jiang |
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| Abstract: | There are three theories attempting to explain dividend puzzle: agent theory(moral hazard),signal theory(adverse selection),and behavior finance.These theories detailedly explain why firms pay dividend,why investors like dividend,how dividend affect stock price,what attitude managers have about dividend distribution etc.This paper suggests the future research direction based on the summary of domestic and overseas research findings. |
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| Keywords: | dividend puzzle agent theory signal theory behavior finance theory |
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