Research On The Dividend Policy Of Listed Companies Based On Behavioral Finance Theory

It plays an important part to establish and implement dividend policies of listed company in our country in the corporation financial management. In 2006, the perfecting in governance structure of Chinese stock market is going to the end. From then on the development of Chinese stock market goes to a brand-new stage. At this moment , from the point of view of behavioral finance theory and found on some researches of the financial scholars ,my passage goes down some issues into the dividend policy of listed company in our country. By the aim of that to exhibit the movement, to show the loses and gains of Chinese stock market in our Chinese economic society modernizing course, I hold the people—oriented attitude and face the reality in considering and viewing some native enterprises.This dissertation mainly adopts the research method in theories combined with actual together and use the statistical analytical technique, by collecting, analyzing and studying the data of listed companies in Chinese A stock market, so it can conclude some special phenomenon ,which of the dividend policies in the Chinese stock market, and the very behavioral factors behind it.The first chapter mostly introduces some matter of Behavioral Finance, including the history, the key theory and so on.The second chapter is related to some basic theories on dividend policy and recommends some kinds of important dividend policies which have been sorted and classified. In this chapter, the author wants to put some foundation for the next chapter.The third chapter is the principal part of the dissertation. As the previous two chapter's discussion, it analyzes the different types of dividend policy of our country's listed companies at the behavior theory aspect.The last part is conclusion: the behavioral finance point of view, from which to look into and discuss the dividend policies of corporations, is a breakthrough of thought and method in financial management study; summing-up on the characteristics and its factors in the behavior of distributing the dividend by Chinese listed companies; discuss the effects of these behavioral factors in the corporation management.