Empirical Study On The Influence Of The Dividend Policy Of Listing Corporation On The Investment Behavior Of Individual Investors

In recent years,more and more investors enter the stock market.Through the reports released by the Shanghai and Shenzhen stock market,we can find that the proportion of the individual investors' investment in the stock market is higher and higher.The transactions of the individual investors are very active.The listed companies' dividend policies are important corporate financial management,which affects the investment behavior of individual investors.At the same time,investors' speculation is serious in Chinese capital market because of imperfect system.Therefore,it is of great practical significance to study the influence of dividend policies on investors' investment behavior.First of all,this thesis describes the scale and characteristics of individual investors in Chinese A share stock market and the evolution and characteristics of the dividend policies of the listed corporations.Then this study explores an empirical analysis of the influence of dividend policies of listed companies on the investment behavior of individual investors.The empirical analysis is divided into three steps: the first step,setting the variables,the sample and models selection,the sample analysis,putting forward the assumptions,and testing the causality between the independent variables and dependent variables with Grainger Causality,ensuring the rationality of the selected variables;the second step,analyzing whether the proportion of individual investors' investment increases at the end of the year or not with Logistic Regression to verify the set assumptions in the long term;the third step,the Multiple Regression Analysis of the impact of the listed corporations' dividend policies on the individual investors' behavior,establishing the regression model with independent variables and setting the assumptions.The empirical analysis shows the significant positive correlation between the listed companies' cash dividend policies and individual investors' investment behavior,significant negative correlation between the listed companies' stock dividend policies and individual investors' investment behavior,the more significant impact of the listed companies' cash dividend policies than the stock dividend policies on the investment behavior of individual investors.Meanwhile,the investment of individual investors is proportional to the cash dividend per share of the listed corporations,and is inversely proportional to the stock dividend per share.Different industries and duration of dividend policies have significant impact on the investment behavior of individual investors.The longer the duration of the dividend policies,the greater are attraction to individual investors.This study can provide a reference for the listed corporations to make dividend policy and the individual investors' stock investment.