融资结构的行为金融学分析

企业融资行为理论的发展在MM理论之后主要有三个发展方向，Hart的财务契约论、Jensen和Meck—ling的代理理论及信息不对称理论，其中优序融资理论是信息不对称理论中最有代表性的。中国上市公司存在股权融资偏好现象，这种融资顺序安排与西方财务学理论的融资优序理论不一致。对此，国内学术界提出了各种解释。我们应通过引入行为金融的理论，将有限理性与信息不对称模型进行结合，从而找出中外融资顺序差异的根本原因。

The Behavior Finance Analysis about the Financing Structure

The development of the enterprise margin behavior theories mainly has three development directions after theories of MM, the finance contract ory, Jensen of the Hart and the agency theories and the information dissymmetry theories of the Meckling, among them, the excellent preface margin theories most represents the sexual in the information dissymmetry theories.The Chinese listed company exists the ownership of a share margin hobby phenomenon, the excellent preface theories inconformity of margin that in p...