| At present,the stability of China’s capital market is poor,and the stock market often rises and falls sharply.From 2007 to 2008,the A-share market in China changed from bull market to bear market.In 2014,the A-share market began to decline after the crazy bull growth model.These phenomena all indicate that the financial market of our country is not mature,and the relevant laws,regulations and regulatory measures need to be improved.Otherwise,the function of rational allocation of resources in the capital market is difficult to play,and in the long run,it is not conducive to the development of enterprises.Most investors in China lack financial knowledge and market information asymmetry.Most transactions of small and medium-sized investors in the capital market are irrational,and they are liable to be misled by false market information to make wrong decisions.Controllable investors control the payment of cash returns,so investment returns cannot be guaranteed.This paper studies the market information used by individual investors,the investment process and the whole process of ultimate capital gains from a micro perspective.It also studies the relationship between accounting information robustness,investor heterogeneity belief and cash dividend distribution,and whether investor heterogeneity belief is an intermediary variable among them by using behavioral finance theory.With the help of behavioral finance,dividend distribution theory and psychological theory,this paper studies the relationship between accounting information robustness,investors’ heterogeneous beliefs and cash dividend distribution from two dimensions of theoretical research and Empirical Analysis on the basis of previous studies,and examines the intermediary effect.In this study,1666 A-share listed companies in China from 2014 to 2017 were selected as the final samples to exclude data-missing companies and financial enterprises.Basu inverse regression model was used to calculate accounting information conservatism indicators.This study will decompose the status of cash return payment from two dimensions,one is whether the public company has the willingness to pay cash return,and the other is to calculate the rate of cash return payment.Multivariate linear regression and binary selection model were used for regression analysis.In the test of intermediary effect,the multi-step regression method is used to test whether investors’ heterogeneous beliefs are intermediary variables.This study finds that firms with robust accounting information can reduce the heterogeneous beliefs of potential investors,reduce the heterogeneous beliefs of investors can promote public companies to pay dividends in theform of cash,and the relationship between accounting information robustness and cash dividend distribution is positive.The most empirical test shows that investors’ heterogeneous beliefs are not intermediary variables between accounting information conservatism and cash dividend distribution;they have strong direct effects.Perhaps due to China’s special national conditions,the excessive artificial regulation of the market by the authorities has resulted in the inadequate regulation of the market,thus weakening the positive role between information conservatism and the level of cash return payment,and weakening the indirect effect.Through research,this paper puts forward policy suggestions from both micro and macro perspectives,and from micro perspectives,it puts forward suggestions from the perspective of internal governance of listed companies,personal financial knowledge reserve of investors,and the whole process of generating corporate information.At the macro level,it puts forward policy suggestions from the perspective of capital market supervision departments and the establishment of relevant laws and regulations. |
