“鸟在手”理论是基于对投资者心理状态的分析。他们认为，由于投资者对风险

"Bird in hand" theory is the analysis of investor psychology based on the state. They believe that as investors have a natural aversion to risk, I believe the risk will increase over time, in their minds, they think that capital gains by reinvesting retained earnings uncertainty is higher than the dividends obtained payment of uncertainty, thus increasing dividends, it is realistic and critical. The actual dividend that can be obtained by increasing the ratio of retained earnings and return on investments again in the future at much greater risk. Therefore, investors prefer dividends currently receive less, do not want to wait until the uncertain future for a larger dividend or stock sales to obtain higher prices. Investors think the above will result in the following: if the company will set aside profits to reinvest future earnings must be discounted at normal market return and risk premium and that investors require not only the return on investment market level, but also requires companies to the risk borne by paying the price. Otherwise, between cash dividends and capital gains equal value, investors will choose the former.

The "bird in hand" theory is based on the analysis of the psychological state of investors. They believe that the increase in dividends is realistic and critical because investors have a natural aversion to risk and believe that it will increase over time, and that they believe that the uncertainty of capital gains gained through retained surplus reinvestment is greater than the uncertainty of dividend payments. The actual dividend stakes are much greater than the risk of future returns from increased retained earnings and reinvestment. As a result, investors would rather get less dividends now than wait for larger uncertain dividends or higher stock sales prices in the future. Investors' thinking will also lead to the following: if the company retains profits for reinvestment, future returns must be discounted in the sum of normal market returns and risk premiums, i.e. investors demand not only a return on investment at the market level, but also a company paying the price for the risks it takes. Otherwise, investors choose between cash dividends of equal value and capital appreciation.

The theory of "bird in hand" is based on the analysis of investors' psychological state. They believe that investors have a natural aversion to risk and believe that the risk will increase with the passage of time. In their mind, they believe that the uncertainty of capital gains from reinvestment by retaining earnings is higher than the uncertainty of dividend payment, so the increase of dividend is realistic and crucial. The dividends that can actually be earned are much riskier than the future returns that can be earned by increasing retained earnings and reinvestment. As a result, investors prefer to receive less dividends at present, rather than wait until they receive a larger uncertain dividend or a higher share sale price in the future. The above thinking of investors will also produce the following results: if the company keeps the profits for reinvestment, the future earnings must be discounted according to the sum of normal market earnings and risk premium, that is, the investors not only require the investment returns at the market level, but also require the company to pay for the risks it bears. Otherwise, investors will choose the former between cash dividends of equal value and capital appreciation.<br>