The two categories have different directions . the dividend based on traditional finance is based on efficient market hypothesis . the dividend based on behavioral finance lead the psychology into the theory to explain the dividend policy 。 the dividend policy based on emh ( the efficient markets hypothesis ) face puzzle : 1 dollar cash dividend has no difference with 1dollar capital gain , in fact the investor pay no attention to the listed firms which do not distribute dividend . why so many listed firms make the decision to distribute dividend even cash dividend is taxed by 20 % and stock dividend is exemption from tax . why the price of the stock rise when the company make the decision to distribute dividend . the dividend policy based on emh do not rationally explain the puzzle of dividend 通过寻求西方传统和现代股利理论的研究轨迹,本文认为公司股利理论体系可以划分为基于标准金融学的股利理论和基于行为金融学的股利理论两大类。两者的研究出发点和研究角度各有不同。标准金融学的股利政策理论是建立在有效市场假说和理性经济人基础之上的,而股利行为理论则引入社会学和心理学等学科的研究成果来阐释和论证股利政策,从微观个体的行为以及产生该行为的更深层次心理、社会动机来解释、研究和预测个体心理决策程序对股利政策的影响以及如何运用心理学和金融原理来改善决策行为。
The text used expect theory to set up management fraud inducement model , used the theory of society control , and the theory of culture transmit to build up management fraud ' s inducement system . on this basis , the text used reason economic people utility function to build up management fraud utility function , thus analyzed the influence factors structure of management fraud ' s cost and income on the basis of theorizing management fraud systematically 借鉴激励期望理论建立起管理层舞弊诱因模型,同时运用社会控制论、文化传递论等理论构建起管理层舞弊的诱因体系;并在此基础上,运用理性经济人效用函数构建起管理层舞弊效用函数,从而在管理层舞弊诱因系统理论化基础上深入地剖析了管理层舞弊的成本收益的影响因素结构。
The existence of economic incentives reduces the auditor ’ s negotiated strength in front of the audit client . when the audit client ’ s importance increases , that is to say the auditor ’ s negotiated strength improves , the auditor as a rational economic man is likely to pursue his benefit extremely farther , sacrificing the auditing quality ? ? reporting favorably to more important client 经济依赖性的存在降低了审计师在审计客户面前的谈判力,当审计客户的重要性增大时,即增强了审计客户的谈判力,作为理性经济人的审计师极有可能追求自己利益的最大化而牺牲审计质量? ?出具有利于重要客户的审计意见。
With the assumption of ' orchard peasant is a limited rational economic person " , the author investigates three kinds of peasants , who recently plant longan , who plant longan for one to three years ( being in longan ' s growth period ) and who plant longan for more than four years ( being in the harvest time for longan ) ; at the same time the arthor carries a deep investigation into the management cadres ( of cities , counties or countries ) who give guidance to longan ' s planting and producing . the technical personnel and the fruit processing enterpriser 在“果农是有限理性经济人”的假设下，笔者对新种植龙眼的农户、种植龙眼1 ? 3年(龙眼生长期)的农户以及种植龙眼4年以上(龙眼收获期)的农户进行了调查，同时对地级市、县(市) 、乡镇、村有关指导水果生产的管理干部和技术人员、水果加工企业主进行深入调查。
