Study On Dividend Policy Based On Behavioral Dividend Theory

This thesis attempts to establish the whole framework of behavioral dividend theory and make research on the behavioral factors which result in the irrational dividend payout behavior in conjuction with dividend payout practices of Chinese listed companies.Major difference between the behavioral dividend theory and traditional dividend theory is the introduction of"irrational factors". The research of this thesis follows two basically theoretical frameworks. One is the irrational framework of the market (investors). The other is the irrrational framework of the manager. This thesis makes some researches on theoretical and empirical pionts of view.Under the frame of the irrational market, this thesis attempts to design the inquiries based on characteristics of Chinese security market in conjunction with some viewpoints of behavioral dividend theory in foreign companies, and make research on the investor's irrational behavioral factores which result in the irrational dividend payout behavior based on the result of the inquiries and the dividend pay-out practices of Chinese listed companies. This thesis also theoretically analyzes the adaptability of catering theory in China, focusing on manager's rational and initiative. The aim of this part is to study the feedback of rational manager pursuing maximum value of company when he faces irrational investors.Under the framework of irrational managers, this paper theoretically studies foreign documents which are relevant with the manager's irrational behavior based on our own circumstance, and make research on the manager's irrational behavioral factores which result in the irrational dividend pay-out behavior based on the dividend pay-out practices of Chinese listed companies from three aspects. This thesis also empirically analyzes the differences between different entity's initiative of dividend payout, grouping by the index of three factors: ownership structure, the nature of the biggest shareholder, and the negotiability.