Study On The Herding Behavior Of Dividend Decision-making Of Small And Medium Enterprise Board Listed Company

Dividend policy is one of core contents of modern corporate financial management; it is also the logical continuation of corporate financing and investment decisions. The dividend policy of listed companies is explained and studied by dividend behaviorism school who using behavioral finance theories from individual, group behavior and their motives of psychological and social, etc, it proposed a new research perspective for"abnormal phenomenon"of securities market which can not explain enough by classical finance theory.Firstly, on the basis of summarizing and analyzing former research, this paper systematic analysis the study background and meaning of dividend decision-making herding behavior, literature review, behavioral finance foundation theory and dividend behavior theory; and then, the basic theory of herding behavior is analyzed. It introduces the principle of the multivariate linear regression method and Logistic regression method, verifies the feasibility of the two methods in this paper; and again, in view of the dividend distribution policy of small and medium enterprise board listed company, dividend decision-making behavior is analyzed from the perspective of behavioral finance and herding behavior theory; Finally, the dividend decision-making herding behavior models under behavioral finance analysis framework are constructed from dividends pay level and decision-making behavior two aspects, analyzing sample data from small and medium enterprise board listed company from 2004 to 2009, using the multivariate linear regression and Logistic regression analysis methods to inspect herding behavior of dividend level and dividend distribution possibility. The findings show, when controlling other variables, there are herding behavior which imitate pay level of leading companies and the market generally companies on dividend pay level of small and medium enterprise board listed company, herding behavior of dividend pay decision-making does not exist on small and medium enterprise board listed company.