行为金融视野下的资本结构研究

A Study of Capital Structure in the New Scope of Behavioral Finance

资本结构理论是现代金融理论的重要基石之一。经典的资本结构理论以有效市场和理性人假设为基础,而一直忽视了对人心理活动及行为模式的研究,造成了理论与实际的背离。本文从行为金融角度出发,在一个全新的视野下, 研究资本结构决策与非理性行为之间的关系,公司内部和外部行为阻碍对资本结构产生重要影响,在此基础上对我国公司投融资行为和股票市场实践有重要的现实意义。

The theory of capital structure plays a very important role in modem financial research. The conventional capital structure theories based on the corporate pricing under the assumption of EMH, are developing from the rational analysis structure of the financial theories. But so far the conventional financial theories have always ignored the research of people＇s psychological activities and behavior modes, causing the great departure between theory and practice. This essay gives a new way to understand capital structure and irrational activities in the new scope of behavioral finance. Enterprise external and internal behavior obstacles have an important influence on capital structure. On this basis, there are important realistic meanings to Chinese enterprise financing behavior and stock market practice.