The Research On Dividend Information、Investors Behavior And Market Value Management

With the development and transition of enterprise business target, value management theory had changed from the nature to the structure. Shareholder value management stakeholder value management had been replaced by the overall value management gradually, market value management which is a management philosophy that can combine product operation with capital operation had been put forward as a new concept of value management when the capital market became as important as product market. The significance and functions of market value management received unprecedented increase, especially after our securities market experience the reform of non-tradable.Market value management emphasizes the organic unity of value creation and value realization, however, most of the current market value management strategy or method can be classified as a single dimension management mode. Begin with the connotation and the essence of market value management, this paper established an integrative market value management mode based on dividend policy. The formulation of dividend policy and announcement of dividend information are closely related to value creation and can transfer value information, however, value realization is directly related to the behavior of information recipient in the capital market. In other words, investors irrational behavior influences the unbiased effective recognition of corporate value information, and then it affects the optimization and management of corporate market value. Therefore, this paper queried the traditional financial theory established on the basis of rational man, then discussed the path and method of investors irrational behavior acting on market value management form behavioral finance theory perspective, dividend market value management is the main clues.This paper fistly illustrated in theory the oneness and scientific reasonability of market value management mode based on dividend policy after summarized and combed the related literature and theory in domestic and foreign. On the basis of investors irrational factors, in which cognitive deviation, psychological deviation and behavior deviation is typical example, this paper analyzed the logic and path of how investors behavior factors impact on market value and market value management form the perspective of dividend information transfer process and investors information identification process. In addition, in view of the representativeness of overreaction which is easy to cause the high volatility of market value, this paper empirically tested the response behavior of investors to the dividend information drawing lessons from the study structure of De Bond and Thaler. The study found that the overreaction of investors irrational behavior to dividend information was almost universal existence, but also showed some selectivity and asymmetry:under the background of market sentiment "bull market", investors overaction to the dividend information of these corpoarations which were not top100of market value management or paied cash dividend or small corpoarations was more sensitive and intensity; And under the background of market depression "bear market", investors overaction to the dividend information of those corpoarations which were top100of market value management or not, didn’t pay dividend or paied cash dividend, were small corpoarations was more sensitive and intensity. Finally, according to the characteristics and behavior patterns of investors irrational react to dividend information, the article put forward corresponding strategies of market value management from three aspects: market value management strategies based on dividend, behavioral market value management strategy and investors rationality education strategy.