投资者情绪、股利政策与公司价值研究  

A Study on Investor Sentiment,Dividend Policy and Corporate Value

作　　者：张继袖[1] 陆宇建[2] 

机构地区：[1]北京交通大学中国产业安全研究中心,北京100444 [2]南开大学商学院,天津300071

出　　处：《南京审计学院学报》2012年第2期29-36,共8页journal of nanjing audit university

基　　金：国家自然科学基金(70872053);国家自然科学基金(70802050);中国博士后基金项目(第49批)

摘　　要：基于行为金融学背景对股利政策的信号传递作用进行的研究发现,在不同的投资者情绪条件下,股利政策信号传递的效应存在差异。在股市上涨时期,不同股利政策对投资者的投资决策的影响几乎没有显著差异;在股市下跌时期,现金股利成为投资者获得收益的主要来源,因此发放现金股利的公司受到市场追捧。因此,上市公司股利政策制定不仅要考虑自身情况,还需要考虑市场情绪。This article studied the signaling role of dividend policy against the background of behavioral finance. It found that the signaling effects of dividend policy were different with different investors＇ sentiment. When stock market rises, there is barely significant differences of the effects of different dividend policies on the investment decisions ; when stock market falls, the companies that pay cash dividends are sought after by the market, since cash dividends become the main source of investors＇ income. Therefore, the dividend policy of listed companies should not only consider their own circumstances, but also need to consider market sentiment.

关 键 词：投资者情绪 股利政策 上市公司价值 股利行为 行为金融学 股利信号假说 现代资本结构理论 

分 类 号：F276.6[经济管理—企业管理]