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(一)理论简述行为财务理论认为,投资者对红利的偏好引导了上市公司的红利政策。Baker和Wurgler通过放松MM股利无关论的有效市场假设,构建了红利迎合理论,丰富了行为财务学的研究。迎合理论的三个基本要素是:(1)由于心理和制度的原因,某些投资者具有对支付股票股利未知的、随时间变动的需求;
(A) a theoretical summary Behavioral finance theory that the preferences of investors dividend to guide the dividend policy of listed companies. Baker and Wurgler enriched the study of behavioral finance by relaxing the effective market assumptions about the irrelevance of MM dividend. The three basic elements that cater to the theory are: (1) due to psychological and institutional reasons, some investors have a demand that is unknown over time to pay for stock dividends;