摘要
随着行为金融理论的逐步发展,市场错误定价的稳定存在已经得到越来越多学者的认可。本文对行为公司金融理论中投资者非理性范式下的前沿理论进行了综述,从投资和融资决策两个方面分析了面对错误时的外部市场定价行为,以及理性的财务决策者如何利用这种市场无效率来为长期股东获利,或迎合非理性投资者预期来实现自己的短期目标。
With the rapid development of behavior finance theory, the phenomenon that the corporate market prices deviate from their fundamentals has gained more acceptances. Consequently, the theoretical separation between corporate finance and asset pricing becomes invalid when capital markets are inefficient. This survey-based research deals with the irrational investors approach of recent behavior corporate finance theories in terms of investment and financing decisions.
出处
《金融评论》
2011年第3期114-122,126,共9页
Chinese Review of Financial Studies
基金
中央高校基本科研业务费专项资金“投资者情绪、资本结构长期选择和企业实际投资效率研究”的资助
关键词
行为公司金融
市场时机
迎合理论
投资者情绪
Behavior Corporate Finance
Market-timing
Catering Theory
Investor Sentiment
