国外行为公司金融理论的发展及述评

行为公司金融突破了传统公司金融理论的理性框架和研究范式,注重对参与人的心理和实际行为进行分析,使它的假设更加贴近资本市场的现实,从一种全新的视角来研究外部市场的无效性和内部管理层的非理性对公司的融资、投资及股利政策等各方面的影响。本文对行为公司金融方面的研究文献进行了回顾,综述其主要理论、已经取得的成就,并对行为金融在我国的应用做了展望。

Foreign Behavior Corporate Finance Theory Development and Commentary

Behavior Corporate Finance breaks through the traditional corporate finance theory from rational framework and research paradigm, focuses on the participants and the actual behavior of the psychological analysis, makes its supposition even more to draw close to the reality of capital market, from a new angle to study the external market of invalidity and non-rational internal management of the company＇s financing, investment, dividend policy and other implications. This paper reviews the research literature of behaviora finance, reviews the main theories, main achievements, looks forword the application of behavioral finance in China.