【摘要】 近年来,新兴的行为财务学将管理者与投资者非理性纳入企业投资研究视野,有效弥补了理性人假设下传统理论的不足。本文就这一领域研究进行梳理,着重总结了管理者过度自信、从众心理和投资者情绪对投资决策影响的研究成果,对现有研究的主要贡献、关键问题、政策含义进行了比较系统的阐述,以利于更好地理解企业投资行为、提高投资效率、完善公司治理。更多还原

【Abstract】 The emerging behavioral finance takes management and investor irrationality into account and brings the classical investment theories closer to reality.The paper summarizes recent studies related to the effects of managerial overconfidence,herding behavior and investor sentiment on corporate investment.It explains the major contributions,key issues and policy implications of this branch of study so as to help better understand corporate investment behavior,promote investment efficiency and improve corporate governance.更多还原