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本文以2008-2012年A股上市公司为研究样本,从高管过度自信视角研究我国上市公司股利政策的波动性问题。研究结果表明,相对于不存在过度自信高管的上市公司,存在过度自信高管的上市公司在决定是否支付股利上随意性更大,在上市公司现金股利发放的连续性上也更差;而在上市公司股利支付水平的稳定性上,高管的过度自信心理行为的影响并不显著。这一结论为解释我国上市公司股利政策波动性问题提供了一个新的思路。
Based on the sample of A-share listed companies from 2008 to 2012, this paper studies the volatility of the dividend policy of listed companies in China from the perspective of executives overconfidence. The results show that compared with listed companies that do not have overconfidence, listed companies with overconfident executives are more arbitrary in deciding whether to pay dividends or even worse in the continuity of cash dividends issued by listed companies. However, In the stability of dividend payout of listed companies, the influence of overconfidence psychology of executives is not significant. This conclusion provides a new idea for explaining the volatility of the dividend policy of the listed companies in our country.