基于行为金融学的我国上市公司资本结构研究

Research on the Capital Structure of China 's Listed Companies Based on Behavioral Finance

资本结构理论经历了从早期资本结构理论到现代资本结构理论,再到新资本结构理论的过程。随着行为金融理论兴起,经济学家开始站在行为科学以及心理学的角度去思考金融领域的问题,传统资本结构理论"有效市场"以及"完全理性人"两个前提假设受到冲击。基于行为金融理论对企业资本结构研究进一步推动了相关理论的发展,并在实践中发挥了积极的作用。本文主要分析了我国上市公司在资本结构的选择上存在非理性的羊群行为,并以房地产上市公司为例进行了实证研究。最后,对上市公司资本结构选择上存在的非理性行为给出了两点建议,第一增强董事会的作用,第二完善我国的资本市场。

Capital structure theory has gone from the early capital structure theory to the modem capital structure theory, to the new capital structure theory process. With the rise of behavioral finance theory, economists began to think about the problems in the fi- nancial field from the point of view of behavioral science and psychology. The two assumptions of the traditional capital structure theory ＂effective market＂ and ＂perfect rational person＂ were affected. Based on behavioral finance theory, the research on enterprise capi- tal structure has further promoted the development of relevant theories and played a positive role in practice. This paper mainly ana- lyzes the irrational herd behavior of listed companies in the choice of capital structure, and takes real estate listed companies as an example to carry on the empirical research. Finally, the author gives two suggestions on the irrational behavior of the listed companies＇ capital structure choice. The first is to enhance the role of the board of directors and The second is to perfect the capital market of our country.