投资者异质信念与公司股利支付研究  

An Study on the Relationship Between Investor′s Heterogeneous Belief and Listed Company′s Dividend Payment Propensity

作　　者：田秋生[1] 杨喆[1] 

机构地区：[1]华南理工大学经济与贸易学院,广州510006

出　　处：《商业研究》2012年第10期8-13,共6页Commercial Research

摘　　要：在逻辑分析和模型推理的基础上,本文利用我国沪深两市2009-2010年上市公司股利政策的数据,探讨了投资者异质信念与上市公司股利支付倾向之间的关系。研究表明:当投资者异质信念越大时,上市公司支付股利的可能性越小。This paper investigates the relationship between investor′s heterogeneous beliefs and dividend payment.On the base of reasoning and modeling,we use the data of Chinese listed Company that issues dividend payment announcement during the period of 2009-2010 to exam our hypothesis.We find that： the larger investor′s heterogeneous beliefs,the lower the probability that listed company pay dividend.

关 键 词：异质信念 股利支付倾向 市场时机 

分 类 号：F820[经济管理—财政学]