悄然兴起的企业行为财务学

Enterprises’ Behavioral Finance is booming Silently

传统的财务管理是以理性预期、风险规避、效用函数最大化和不断改进决策方法为前提的。可是,大量的事实表明,在市场交易和企业经营中,人们经常发生缺少理性、冒险、只满足情感需要而不考虑效用和效益的行为。于是,心理学、历史学和社会学等知识开始被财务学所吸收,行为财务理论逐渐成为人们解决和解释复杂经济现象的重要依据之一。

The classical financial management is based on rational expectations, risk-averse, utility function maximization and the continuous change of decision methods. However, a great deal of facts illustrate that there are constantly irrational, venturesome behaviors that were done just to satisfy the emotional needs without considering the utility and benefit. In some circumstances, the irrational behaviors are at large. Therefore, the knowledge of psychology, history and sociology is beginning to be considered in Finance. Gradually Behavioral Finance is becoming one of the important theories to solve or explain the complex economic phenomenon.