The Dividend Policy Of Listed Companies In China And Investor Psychology

With Chinese securities market standardizing and developing, the listed companies' dividend policies and the investors' psychologies are changing now. The fact urgently requires us to study dividend policies in the light of investors' psychologies.The thesis firstly evaluates all researches on dividend policies home and abroad, secondly discusses related behavioral financial theories and addresses some important conceptions, and thirdly analyzes our dividend policies status quo as well as market condition. For the first time, by practising behavioral finance with our actual securities market, the paper analyses the statistic results of a questionnaire survey about dividend policies and the case of Yongyou's paying cash dividend in order to comprehend investors' psychological status on dividend policies. So this paper takes new and collective studies about dividend policies from a view of investors' psychologies. This paper finds out that the supervision on profits' distribution has taken effect, that investors' attitudes and opinions are changing, that to some extent different groups of investors with different natural and social characters have different psychologies along with Chinese's features, and that different kinds of investors have much differences on dividend policies especially for mobile and nomobile stockholders. The paper also shows that dividend policies and investors' psychologies have mutual relationships, and that institution foundations, market environments, ideologies and social cultures influence both listed companies and investors. Finally the author puts forward effective advices and then prospects the following research work.