略论行为财务理论

On the Behavioral Financial Theory

传统财务理论始终假定人是完全理性的经济人,有充分的决策能力来进行有利于自身的决策,经济主体追求最优决策的价值判断依据是该理论作用的基础。但进入20世纪80年代以来,行为财务理论悄然兴起且日渐发展,对原有财务理论框架下的有效市场假说和理性人假设提出了强有力的挑战。这一理论通过研究人们在投资决策过程中认知、情感、态度等心理特征,以及由此引起的市场非有效性,从而解释金融市场中的异常现象,以其真实市场行为的理论分析展示出自身广阔的发展前景。目前,行为财务理论已成为国内外财务学界研究和关注的热点问题。本文在综合国内外研究成果的基础上,主要介绍了行为财务理论的内涵和研究对象,系统阐述了行为财务理论的理论基础,对行为财务理论与传统财务理论进行了比较。

Generally, in traditional financial theory, human beings is assumed as completely rational economic bolder who owns full decision - marking ability to carry out decision beneficial to itself. The basis of this theory is that the main body of economy pursuit value judgment which contains best decision. Since 1980s, behavioral financial theory blossoms out and develops gradually, it challenges strongly the efficient market hypothesis and rational human being hypothesis under traditional theories framework. Through researching the following psychological char- acteristics in the process of investment and decision, cognition, emotions, attitudes and the market non - validity. This theory explains the abnormal phenomenon in financial market, analyzes and exhibits the own broad developing prospect. At present, behavioral financial theory has been the hot spot which is researched and concerned in finan- cial field home and abroad. This thesis, 9n the basis of concentrating researching achievement, mainly introduces the theory connotation and studying/object, illustrates systematically the theories foundation of this theory. Finally, the thesis compares behavioral financial theory with traditional financial theory.