中文摘要：

连续现金分红一直是我国监管部门鼓励和引导上市公司利润分配的重要内容，考察上市公司现金分红的经济后果将为监管部门提供重要的决策依据。本文研究发现：连续现金分红的公司股票价格愈接近内在价值，股票错误定价程度愈低；投资者意见分歧在连续现金分红影响股票错误定价过程中发挥中介作用，连续现金分红能够通过减少投资者意见分歧，进而降低股票错误定价。因此，上市公司制定连续的现金股利分配政策不仅有利于提升股票市场定价效率，而且在影响投资者行为及优化上市公司市值管理中意义重大。

英文摘要：

This paper focuses on the impact of continuous payment of cash dividend on stock mispricing. We find that （1） Companies with continuous payment of cash dividend have lower possibility of stock mispricing; （2） Heterogeneous beliefs play a mediating role on the impact of continuous payment of cash dividend on stock mispricing, which indicates continuous payment of cash dividend can reduce heterogeneous beliefs, and then reduce stock mispricing. Our results show that continuous payment of cash dividend is helpful to improve the efficiency of stock market and market value management.