The Research On Reference Point Effect In State-owned Enterprise Dividend Paid

The problem of dividends paid of state-owned enterprises has always been the core content of reform of state-owned enterprises. Third Plenary Session of the18th Central Committee put forward that, to2020, the state-owned enterprise dividend payout rate will increase to30%. Dividend paying is a incomplete contract between the state-owned shareholders and managers. To study this problem, we need to analyze the decision-making mechanism of both sides, including psychological factors such as the decision-making reference point. According to the analysis above, this paper tries to base on behavioral economics paradigm, to study state-owned enterprise dividend paid from the perspective of contract reference point.The article builds external and internal reference point effect model during the process of the SOE dividend paying.From internal reference point perspective, the reason of inefficiency is the disagreement about dividend amount between SOE and government, and the government can adopt the method of announced payable dividend amount in advance to unified expectations and improve efficiency. From the perspective of the external reference points, the reason of inefficiency is that the external dividend paid amount changes the original decision reference point on both sides, From the perspective of the external reference points and inefficient because the dividend pay range changed enterprise original decision reference point on both sides.The empirical part uses the simultaneous equation model to verify the existence of internal and external reference point effect, with the state-owned enterprises data from2007to2012. The empirical results show that:(1) the relationship between cash dividends and the performance of SOEs’ managers is mutual promoting;(2) history management performance as well as the industry average level is the external reference point which affects the state-owned enterprises to determine the current decision. Finally, on the basis of the theory and empirical research, this paper puts forward the corresponding policy recommendations: preinstalling state-owned enterprise dividend paid reference point; weigh the ratio dividend and quota dividend; Keep the policy stability.