行为公司财务的最新发展及其启示

The Update Developments of the Behavioral Corporate Finance and the Inspiration

行为金融学目前已逐渐成为金融学研究中的一个重要领域,在它的影响下,公司财务领域内也形成了行为公司财务的研究范式。与经典的公司财务理论相比,行为公司财务引入了行为因素的影响,它认为外部市场的非有效性和内部管理者的非理性影响着公司的财务决策和公司价值最大化的行为。文章简单总结了行为公司财务的最新研究进展,也就是市场的非有效性和管理者的非理性对公司的融资政策、投资政策、股利政策和并购行为等各方面的影响。针对目前我国资本市场的非有效性,文章认为在我国上市公司的财务研究中应该引入行为公司财务的理论范式和研究方法,才能使得研究前提和结果符合我国的实际经济情况。

Behavioral Finance gradually has been one of the most important Finance study areas at present.Under it’s influence,Behavioral Corporate Finance has been established in the Corporate Finance research areas.Different from the classical Corporate Finance,the Behavioral Corporate Finance introduces the behavioral factors into the study.It holds that the ineffectiveness of the outer markets and the reasonless of the insider managers may effect the company finance decisions and value-maximizing actions.The paper briefly sums up the up-to-date theory developments of Behavioral Corporate Finance,that is,the effects of the ineffectiveness of the outer markets and the reasonless of the insider managers to the corporate financing policy,investment policy,dividend policy,merger policy and so on.Considering the ineffectiveness of Chinese stock market,the paper supports that the research frames of the Behavioral Corporate Finance should be introduced into the Chinese listed companies studies and in this way the study results can be in agrement with the factual economic circumstance of China.