南京审计学院学报
南京審計學院學報
남경심계학원학보
JOURNAL OF NANJING AUDIT UNIVERSITY
2012年
2期
29-36
,共8页
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
投資者情緒%股利政策%上市公司價值%股利行為%行為金融學%股利信號假說%現代資本結構理論
투자자정서%고리정책%상시공사개치%고리행위%행위금융학%고리신호가설%현대자본결구이론
investor sentiment%dividend policy%the value of listed companies%dividend behavior%behavioral finance%dividend signaling hypothesis%modem capital structure theory
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。
基于行為金融學揹景對股利政策的信號傳遞作用進行的研究髮現,在不同的投資者情緒條件下,股利政策信號傳遞的效應存在差異。在股市上漲時期,不同股利政策對投資者的投資決策的影響幾乎沒有顯著差異;在股市下跌時期,現金股利成為投資者穫得收益的主要來源,因此髮放現金股利的公司受到市場追捧。因此,上市公司股利政策製定不僅要攷慮自身情況,還需要攷慮市場情緒。
기우행위금융학배경대고리정책적신호전체작용진행적연구발현,재불동적투자자정서조건하,고리정책신호전체적효응존재차이。재고시상창시기,불동고리정책대투자자적투자결책적영향궤호몰유현저차이;재고시하질시기,현금고리성위투자자획득수익적주요래원,인차발방현금고리적공사수도시장추봉。인차,상시공사고리정책제정불부요고필자신정황,환수요고필시장정서。
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.
