The Research Of Irrational Dividend Of Listed Company On The Perspective Of Behavioral Finance

It is disputable that the dividend policy is very important to the listed company. Agood dividend policy can improve the intrinsic value of company, give investors’confidence, at the same time provide reliable guarantee for the company’s long termdevelopment. In recent20years, with the fast development of securities market, theimportance of dividend policy is increasingly apparent. But many rules and regulationsare still imperfect. For example, non-distribution phenomenon、excessive bonuses or nodividends、lack of stability and continuity have obvious irrational characteristics. It hasbecome a bottleneck to the further development of securities market. And theseproblems cannot be explained in the traditional theory of dividend policy and thetraditional financial theory. Behavioral financial, which disciplines such as sociology,psychology and behavioral science as the foundation, broke through the traditionaltheory of rational man hypothesis and efficient market hypothesis, making it more adaptto the actual situation. So from the perspective of behavioral finance to analyze thecharacteristics of dividend policy in our country will become a promising researchdirection. Based on this, in this paper, we from a new point of view, with the behavioralfinance theory and combined psychological factors with financial analysis, from thepersonal behavior and the deeper social and psychological reason which lead to thisbehavior to explain and study the capital market, aimed to provide some usefulreference.In order to use behavioral finance theory to explain the irrational dividend policy,this paper uses the method of normative approach to state the basic concept ofbehavioral finance and the basic theories of dividend policy, then draw a conclusionthrough analyzing the characteristics of dividend policy, then using the empirical studywith data for latest three years to prove if it exists irrational features. Next, from theperspective of behavioral finance, and combining with the theory of behavioraldividends, to analyze the irrationality of the dividend policy of listed companies inChina, mainly from three parties, namely the investor, manager and regulators, finallycorrespond to these three aspects respectively, puts forward improvement suggestions.The main innovation point of this paper embodied in two aspects: the aspect oftheory, put the behavioral finance theory and several representative behavior dividendtheory as the breakthrough point, combining the current situation of dividend distribution in our country creatively, conduct the thorough research to the irrationalabout dividend policy,and puts forward corresponding policy recommendations;empirical study, combined with the latest three years of data, put four representativeindicators as independent variables, put a cash dividend per share as the dependentvariable, established the multiple regression equation, using spass software for analysis,to make the conclusion more realistic significance.