| Dividend policy as one of the three "puzzles" of modern financial theory,even after more than half a century development,due to the constant emergence of new visions and puzzles,it has not been able to sum up a theory to fully explain the dividend policy.In recent years,with the development of experimental psychology and behavioral science,human behavior factors have begun to be introduced into the field of finance,and the research of behavioral company finance has gradually emerged.From the perspective of managerial behavior,the study of dividend policy has become the current dividend policy.The frontier topics of research.This paper is the application of behavioral company financial theory in the field of cash dividend policy.This paper takes the management decision-making incomplete rationality as the starting point and explores the impact of the same group effect as one of the behavioral factors on the cash dividend payment policy.As one of the company’s financial decision-making behaviors,the cash dividend policy includes the following two aspects: whether to pay cash dividends on the one hand;and the level of cash dividend payment on the other hand.This paper firstly analyzes the overall situation of the cash dividend payment policy of listed companies in China,and finds its characteristics of clustering.And traditional theory can not make a reasonable explanation for this special phenomenon,but it seems that from the perspective of behavioral finance,it is a feasible idea to introduce the relevant theory of the same group effect.Then,this paper expounds the relevant theory of the phenomenon of cash dividend payment policy and group phenomenon,and lays a theoretical foundation for empirical testing.On the basis of sufficient theoretical analysis,this paper constructs a dividend policy cohort model from the aspects of whether to pay cash dividends and cash dividend payment levels.The listed companies in 2013-2017 are used as research samples,using logistic models and multiple linearities.Regression analysis,to investigate whether the industry co-group effect of the willingness to pay cash dividends and the level of dividend payment of listed companies in China exists.In order to avoid the existence of deviations in the test of the same group effect,this paper uses a variety of statistical methods to identify exogenous effects,correlation effects,and then test the robustness of the empirical results.Finally,based on the empirical test conclusions,the correspondingcoping strategies of cash dividend policy cohort effect are proposed.The conclusions of this paper indicate that the cohort effect of the cash dividend payment policy of listed companies is the phenomenon that the executives’ psychology and learning behavior play together.The listed companies in China decide the payment of cash dividends.The cash dividend payment level of listed companies measured by dividend per share has the same group effect that imitates the level of dividend payment of common companies in the industry. |
