公司股利迎合行为:研究述评与展望  

Corporate Dividend Catering:A Literature Review and Prospects

作　　者：罗琦[1] 李川 彭梓倩 LUO Qi;LI Chuan;PENG Ziqian(Economics and Management School,Wuhan University,Wuhan,Hubei 430072,China;Economics and Management School,Hubei University of Technology,Wuhan,Hubei 430068,China)

机构地区：[1]武汉大学经济与管理学院,湖北武汉430072 [2]湖北工业大学经济与管理学院,湖北武汉430068

出　　处：《北京工商大学学报（社会科学版）》2024年第1期104-113,共10页JOURNAL OF BEIJING TECHNOLOGY AND BUSINESS UNIVERSITY:SOCIAL SCIENCES

基　　金：国家自然科学基金项目“基于互联网环境的投资者股利情绪指数构建及应用研究”(72273099)。

摘　　要：股利政策是上市公司财务决策的重要内容,基于行为金融学视角分析公司股利迎合行为具有重要的理论意义和实践意义。从内涵、动机、表现和经济后果等方面系统梳理并评述了公司股利迎合行为的现有研究成果,并提炼了需要进一步着重研究的问题。首先,结合投资者非理性股利偏好,厘清和归纳了投资者非理性行为的内涵和衡量方法。其次,从动机、影响因素、回购场景等方面总结了公司的现金股利迎合行为,并结合股票拆分、高送转等多种方式归纳了公司的股票股利迎合行为。再次,从市场反应、信息质量、未来业绩、公司风险等角度阐释了公司股利迎合行为的经济后果。最后,从投资者非理性股利情绪指标的构建、现金股利迎合中的委托代理问题、股票股利迎合行为的差异性以及互联网环境下公司股利迎合的经济后果等多个方面指出了关于公司股利迎合行为的未来研究方向,为后续的理论研究和监管政策的优化完善提供了指引和启示。Dividend policy is the core content of financial decision-making of listed companies,and it is of theoretical and practical significance to analyze corporate dividend catering from the perspective of behavioral finance.This paper systematically reviews the research status of corporate dividend catering from the perspectives of connotation,motivation,performance,and economic consequences,and concludes the issues deserving further studies.First of all,based on the investors irrational dividend preferences,this paper clarifies and summarizes the nature and measuring methods of investor irrational behaviors.On this basis,this paper analyzes corporate cash dividend catering from the perspectives of motivation,influencing factors,and repurchase scenarios,and reviews corporate stock dividend catering through various methods such as stock splits and large stock dividends.Then,this paper explains the economic consequences of corporate dividend catering from the perspectives of market response,quality of information,future performance,and company risk.Finally,this paper points out the future research directions on the construction of investor irrational dividend sentiment indicators,the principal-agent problem in cash dividend catering,the differences in stock dividend catering,and the economic consequences of corporate dividend catering under the Internet environment,providing guidance and inspiration for future theoretical research and the optimization and improvement of regulatory policies.

关 键 词：投资者非理性行为 投资者非理性情绪 股利政策 现金股利迎合 股票股利迎合 

分 类 号：F270[经济管理—企业管理]