美国公司丑闻发生机理的行为金融学解释

The Behavioral Finance Analysis on the Mechanism of American Corporations Scandals Occurring

用行为金融学的非有效市场理论等分析美国公司丑闻发生的机理,可以看出:非有效资本市场中存在的股票溢价现象,不仅是公司丑闻发生的必要外部环境,而且更造成了公司经营目标的异化;市场迎合理论和市场时机理论共同作用于非有效资本市场,大大增加了公司管理者非理性化恶性转变的可能。行为金融学理论对美国公司丑闻的分析,为我们认识资本市场存在的问题提供了一个新视角,是建设和完善我国资本市场的重要借鉴。

This paper analyses the mechanism of American company's scandals occurring by using behavioral finance theories: the ineffective market theory, the market timing hypothesis and the catering theory of dividends etc. Ineffective market existents price premium phenomena, which is not only the necessary external circumstance that company's scandal occurs , but also the reason of deviation of company's operation goal. And in the ineffective market, overconfident managers greatly prone to the possibility of malignant change.