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以2000~2012年间IPO公司及配对公司为样本,实证检验了行为金融学的迎合理论对IPO公司现金股利政策的解释能力。研究发现,迎合理论可以作为解释IPO公司分配现金股利的原因。具体而言,迎合理论对IPO公司当年分配现金股利的行为具有较强解释力,市场股利溢价水平越高,IPO公司越倾向分配现金股利;迎合理论也可以解释IPO公司次年的分配行为,但解释力度有所降低;而且迎合理论对IPO公司现金股利政策的解释力度远远高于对非IPO公司的解释力度。
Taking the IPO companies and counterpart companies from 2000 to 2012 as samples, this paper empirically tests the ability of catechism of behavioral finance to explain the IPO company’s cash dividend policy. The study found that catechism can be used as a reason to explain the cash dividend distribution of IPO companies. Specifically speaking, the theory of cater to the IPO company’s distribution of cash dividends in the year has strong explanatory power, the higher the market dividend premium level, the more inclined IPO companies to distribute cash dividends; cater to the theory can also explain the IPO company’s distribution of the following year, but Explaining the degree of reduction; and cater to the theory of the IPO company’s cash dividend policy is much higher than the explanation of the non-IPO company’s explanation.