基于行为公司财务的上市公司异常财务政策分析

Analysis on Abnormal Financing Policies of Listed Companies Based on the Theory of Behavior Corporate Finance

上市公司进行财务决策时表现出许多异常行为,传统公司财务理论往往对此无法做出圆满解释。本文基于新崛起的行为公司财务理论,从一个新的视角进行了分析,结果发现:资本市场上投资者的非理性行为以及企业管理者自身的非理性行为都会导致企业财务政策的扭曲。

It is well-known that the listed company display many abnormal behavior when making financing decision, but traditional corporate finance theory cannot give a perfect explanation. We analyze these abnormal behavior based on Behavioral Corporate Finance, then provide an new explanation to it： These abnormal behavior is derived from either investor＇s irrationality or manager＇s irrationalily.