股利政策是企业利润分配的重要内容。国内外传统研究成果已相当成熟,但随着资本市场的不断发展,其传统研究思路表现出一定的滞后性,因此,重新审视行为财务学理论对于股利政策研究具有重要意义。本文在总结分析前人股利研究成果的基础上,提出了“非理性”与“理性”相结合的新观点。 Dividend policy is an important part of corporate profit distribution. The traditional research results at home and abroad are quite mature, but with the continuous development of capital market, the traditional research ideas show some lag. Therefore, reviewing the behavioral finance theory is of great significance to the research of the dividend policy. On the basis of summarizing and analyzing the research achievements of the former people’s dividend, this article puts forward a new viewpoint combining “irrationality” and “rationality”.