Dividend Policy Of Listed Companies Causes Of Behavioral Finance

There is no doubt that the dividend from the company's profits, but also for the distribution of these profits resulting dividend policy. Listed companies in the real world have a variety of dividend policy, dividend policy with the interpretation of these, it produced a corresponding dividend policy theories which generally can be divided into the standard theory of dividend policy, dividend policy theory and behavior The former is based on the efficient market hypothesis and the basis of completely rational people, who felt that the market is not completely effective and rational investors is limited, it is clear dividend policy behavior in the relaxation of the standard theory of dividend policy based on the hypothesis generated.The face of such a stock market only a short two decades, although the development of fast, but the rapid development but can not cover up the problems, whether regulatory or management of listed companies, investors, the quality of their own, with the Western countries there are significant differences in the securities market, in which dividend policy is one of them, which is also trying to research this article. This will be the main board listed companies in the sample of Gansu Province, on the dividend policy analysis. Paper will first prove entirely based on efficient market hypothesis and the rational man theory of dividend policy based on the standard interpretation of Gansu Province in the dividend policy of listed companies do nothing when trying to prime, it will use behavioral finance in the dividend policy on the latest research results-Dividend Behavior theory to a variety of listed companies dividend policy analysis, and finally combined with the analysis of dividend policy, dividend policy of listed companies are given suggestions or comments, this is the reality of the significance of this article.