资源描述：
《管理者过度自信对上市公司现金股利政策影响的实证研究.pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、AbstractSinceMillerandModiglianiproposedthedividendirrelevancetheory,thecompany'sdividendpolicyisgraduallybecomingahotproblemofresearchinthefinancialarea.Bothdomesticandforeignscholarshavetriedtoexplainthereasonsforthecompany'sdividendpoliciesthroughsettingupmanytheories,includingcateringtheoryof
2、dividends,clienteleeffecttheory,agencycosttheory,taxdifferentialtheory,signalingtheory,herdeffecttheoryofdividends,abirdinthehandtheoryandsoon.However,mostofthestudyassumedthatcompany'smanagersarefullyrationaldecisionmakers,ignoringtheimpactofthemanagers'irrationalbehavioralonthecompany'sdividend
3、policy.Existingstudyhasshownthatoverconfidenceisprevalentincorporatemanagers.Therefore,itisverynecessarytoexploretheimpactofmanagerialoverconfidenceoncashdividendpolicyofChineseA-sharelistedfirms.Firstly,thispaperdescribesthebackgroundandsignificance,researchcontent,researchmethodologyandframewor
4、kofthepaper,aswellasinnovationofthisarticle;Secondly,thispapergivesareviewofrelatedliteratureondividendpolicyandmanagerialoverconfidence.Thirdly,thispaperanalyzesthecurrentsituationofthecashdividendpaymentbehavioroftheChineselistedcompaniesaccordingtoindustry,annualandcomplex.Fourthly,thispaperan
5、alyzesthereasonsfortheprevalenceofmanagerialoverconfidenceofChineselistedcompanies,onthisbasis,IputforwardhypothesesbetweenmanagerialoverconfidenceandthecashdividendpaymentbehavioroftheChineselistedcompanies.Finally,Idotheempiricaltestbetweenmanagerialoverconfidenceandthecashdividendpaymentbehavi
6、oroftheChineseA-sharelistedcompaniesinShanghaiandShenzhen.Theempiricalresultsshowthatmanagerialoverconfidencecanimprovethewillandlevelofthepaymentofcompany'scashdividend.Basedonthefindings,weshouldtakemanagerialoverconfidenceintoaccountwhenlistedcompaniesestablishcashdividendpolicies.Therefore,Ip
7、roposethefollowingrecommendations:developascientificandrationalmanagementrewardIIsystem,inordertoreducethenegativeimpactofmanagerialoverconfidenceonthecompany'scashdividendpolicy;designaperfectandacomprehensiveevaluati
