管理者过度自信对上市公司现金股利分配政策影响研究.pdf

Abstract As one of listed companys major financial decisions,the dividend distribution policies not only affect the present benefit of existing shareholders,but also affect financing and investment decisions in the future,and enterprise value. It has always been a hotspots in theoretic and practical circle. As the MM theory established,the researchersbeganto studythedividenddistributionpoliciestoadeeperlevel.Perfect market hypothesis put forward is based on rational behavior of investors. Rational investors are always able to handle all available information,so as to make the right decisiontomaximizetheexpectedutility,formbalanced expectedearnings.Thestock market,however,there are abnormalphenomena that cantuse thetraditional financial theory andresearc model explainbecause ofthebasis ofperfectmarkethypothesis. Rollbringforwardaconceptofmanageroverconfidenceinfinancialtheoryfirsttime in 1986.He combine the corporate financial wit psychology in researc form the emergingtheoryofbehavioralfinance. This paper,based on the perspective of behavioral finance theory,to broaden the rationaleconomicmanhypothesisinthetraditionalfinancialtheorythatintroducethe factor of overconfidence into the cas dividend distribution polices’ making process,toexaminehowmanageroverconfidenceimpactoncas dividenddistribution policy of listed companies. At the same time to join the corporate governance factors,to studyhow the mechanism work between manager overconfidence and the cas dividenddistribution. I set up a basic model between manager overconfidence and the cas dividend distributionpolicyatfirstintheempiricalpart.Thencombinethefirstbigshareholder shareholding,theproportions ofthe independent directors and executives shareswit manager overcon