IPO现金股利政策迎合了证券市场吗?  

Does IPO Cash Dividend Policy Cater for the Stock Market?

作　　者：林川[1] 杨柏[1] 代彬[1] 

机构地区：[1]四川外国语大学国别经济与国际商务研究中心,重庆400031

出　　处：《云南财经大学学报》2016年第1期111-120,共10页Journal of Yunnan University of Finance and Economics

基　　金：重庆市社会科学规划博士项目"基于行为金融视角的上市公司现金股利政策稳定性研究"(2014BS035);国家自然科学基金青年项目"控制权配置;审计监督与国企高管自利行为"(71402109)

摘　　要：以2000—2012年间IPO公司及配对公司为样本，实证检验了行为金融学的迎合理论对IPO公司现金股利政策的解释能力。研究发现，迎合理论可以作为解释IPO公司分配现金股利的原因。具体而言，迎合理论对IPO公司当年分配现金股利的行为具有较强解释力，市场股利溢价水平越高，IPO公司越倾向分配现金股利；迎合理论也可以解释IPO公司次年的分配行为，但解释力度有所降低；而且迎合理论对IPO公司现金股利政策的解释力度远远高于对非IPO公司的解释力度。By using IPO companies and the matching companies during 2000 -2012 as sampies, the paper empirically tests the explanation ability of ＂catering theory＂ of behavioral finance to IPO company＇s cash dividend policy. The study shows that catering theory is the cause for IPO companies to distribute cash dividend. To be specific, catering theory has strong ability to explain IPO Company＇s cash dividend behavior in the first year, which means the higher of the dividend premium, the more IPO companies tend to pay cash dividends. Catering theory can also explain IPO Company＇s cash dividend behavior in the next year, but the explanation ability has decreased. The explanation of catering theory to IPO Company＇s cash dividend policy is much higher than that of the non - IPO Company.

关 键 词：迎合理论 现金股利政策 首次公开发行的上市公司 现金股利溢价 

分 类 号：F276[经济管理—企业管理]