An Analysis On Irrational Dividend Policy Of Chinese Listed Companies Based On Behavioral Finance Theory

After 10 years' development, Chinese stock market has got obvious achievement, but new problems emerged. An outstanding problem of them is that there's obvious irrational characteristic demonstrated in dividend policy of listed companies, which has been one important restricting factor of the development of China's stock market.That the main body of a book is wielded is the method of the norm studies. Firstly the thesis evaluates all researches on dividend policy home and aboard. Secondly it discusses related behavioral financial theories. By discussing the motivation on which the dividend assigns and the characteristics of the dividend policy on western bond market, the contrast reaches the characteristic there existing dividend policy in listed companies of our country. Then the thesis analyzed reasons of the irrational dividend policy from an angle of behavior by dividend behavior school relevance theory. Finally, the thesis emphasize the proper suggestions for improving the dividend policy of listed companies in our country on a market survivor's angle.