| Dividend policy as one of key financeial content, is the extence of financing policies and investment decision. The theoretical system begins with MM dividend that has nothing to do with Company's value in the 1960, dividend and capital profit can replace each other, dividend policy does not influence shareholder wealth and Company's value. The financial educational circles regard this theory as the frame of studying , has formed theory schools of modern dividend such as difference theory of the tax revenue , customer's effect, signal theory and agency's theory ,etc. progressively , but all theories are based on the hypothesis of the standard financial theory, i.e. rational decision , avoiding the risk , the maximization of utility function etc..Directing against the dividend policy current situation of listed companies in our country, through the analysis of "special phenomenon" the thesis pointed out that the traditional dividend theory could not explain the dividend policy of listed companies in our country . On the basis of domestic and oversea study, gave the brand-new explanation from different angles, formed behavioral deviation of psychology and decision-making process of investors , administrators and the government , tried to apply the theory method of the behavioral finance to the study on dividend policy of listed company in our countryThis thesis introduced basic theory and concept of behavioral finance briefly firstly, learned the similarities and differences of behavioral finance and traditional finance systems, then carried on the positive research with real example and norm method combined together to study to Shenzhen stock market phased dividend policy of A-share separately, proved the existing for a long time of the special phenomenon, and launched deep analysis and study to irrational behavior of listed company dividend policy in our country. |
