Behavioral Finance Theory and Its Application in Investment Decision

Behavioral finance theory is constantly relaxing or even abandons traditional financial theory rational man assumptions and the efficient market hypothesis, based on the decision-making process to the actual person＇s psychological characteristics as variables studied financial market vision, such as asset pricing and portfolio a series of questions theoretical system. In this paper, from home and abroad on behavioral finance theory, based on the current situation in our country from the company＇s investment policy analysis behavioral finance theory in corporate finance in the application, in order for some of our corporate decision makers to provide a non-decision against the company fully rational and non-efficient market investment strategy.

中国金融学面临的挑战和发展前景

金融在中国经济发展中承担着越来越重要的角色。在金融学的理论认识及学科建设上 ,中国金融学界面临的挑战是 :对于金融学的内涵界定混沌一片 ;金融学理论和学科建设较为滞后 ,包括学科布局、理论研究、师资、学生培养模式、教科书和学术研究期刊建设等都急需改正 ;金融研究没有能够为近期中国金融体制改革的一些重大决策提供充分的理论指导。本文提出将金融学分为三大学科支系 :微观金融学 ,宏观金融学 ,以及由金融与数学、法学等学科互渗形成的交叉学科。本文提出目前金融学最需要解决的理论问题和最有回报的研究课题是 :以资本成本理论为核心研究金融学 ;以随机折现因子为起点、以制度性缺陷为核心研究投资学和资产定价理论 ;推动行为投资学和行为公司财务学的研究 ,使金融学更接近现实 ;加强法和金融学研究 ,为金融立法和监管的价值取向提供经济学判断。