公司财务管理的行为金融学分析

Corporate Financial Management Based On The Analyses of Behavioral Finance

现代财务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。文章从近年来兴起的行为金融学研究的角度出发 ,从一个全新的视野来探讨公司财务理论中关于投、融资管理的一些争议 ,提出了管理层预期模型、管理期权评估法等新的分析方法。

The modern Corporate finance theories based on the corporate pricing under the assumption of EMH, are developing from the rational analysis structure of the modern financial theories. But so far the modern financial theories have always ignored the research of people's psychological activities and behavioral modes, causing the great departure between theory and practice. This essay gives a new way to understand the investing and financing management in the newly hos scope of behavioral finance, giving the new analy-zing methods, such as Participatory Model of Management and Optional Assess of Management.