【作者】 赵晓洁；

【导师】 周平海；

【作者基本信息】 同济大学 ， 金融学， 2006， 硕士

【摘要】 在标准金融学中,公司行为像普通投资者的行为一样,是建立在完全理性的假设基础上的。但是,行为金融学的实证研究表明,市场参与者并非是完全理性的,其会导致金融市场中较为普遍的行为偏差,而公司行为的偏差则与公司的性质和目标、投资者的情绪以及管理者的决策过程有关。行为金融学以及管理决策行为的研究进一步推动了行为公司金融学(Behavioral Corporate Finance)的兴起和发展。行为公司金融学偏重于以资本市场非理性环境为背景对上市公司财务决策行为进行研究。本文将利用行为公司金融学对公司反常财务行为进行初步的解释,尝试研究投资者或公司管理者情绪是否会通过各种机制对公司的财务决策,如投融资及股利分配等产生影响,并对公司重要的投融资模式进行分析。上市公司的优质和规范运作以及投资者的理性投资是保障股票市场稳定健康发展的重要前提,针对我国资本市场近年来低迷不振的现实情况,本文还将尝试从行为公司金融学角度对非理性因素下我国上市公司“独特”的财务政策进行阐述和分析。该新兴学科对当前我国资本市场的规范运作和长远发展以及上市公司行为偏差研究有着较强的理论和实践意义,对监管部门采取积极有效的监管措施,引导公众形成对市场的理性认识,促进管理者和投资者提高股市资本配置效率也具有一定的借鉴意义。更多还原

【Abstract】 In mainstream finance, research in corporate behavior, just like that of normal investors, is based upon the hypothesis of complete rationality. Yet empirical study of behavioral finance demonstrates that market participants are not entirely rational, which may lead to pervasive behavioral bias in the financial market. Corporate behavioral bias has something to do with the nature and target of the company, investor’s sentiment and manager’s decision process. Researches in behavioral finance along with those in management decision behavior facilitate the spring-up and development of behavioral corporate finance, which focuses on financial decisions of listed companies under irrational circumstances of capital market. This paper will elaborate preliminarily on abnormal corporate financial decisions in terms of behavioral corporate finance and attempt to investigate whether sentiment of either investor or manager might have impact on such corporate financial decisions as investment, financing and dividend allocation etc. via various mechanisms and will render analysis on critical corporate investment and financial mode. Sound operation of listed companies and rational investment behavior of investors constitute a significant cornerstone to ensure stable and healthy growth of capital market. In view of the sluggish domestic capital market, the paper will attempt to expatiate from the perspective of behavioral corporate finance on different "unique" financial decisions of domestic listed companies in terms of the reality of China’s stock market driven by irrational factors. Research on this burgeoning subject is of crucial theoretical and practical significance to the sound and orderly operation and long-term development of current domestic capital market and the study regarding behavioral bias of listed companies. The research will also be conducive to the adoption and implementation of effective regulatory measures by market watchdog, fostering rational sentiment among the public and enhancing capital allocation efficiency of the stock market.更多还原