行为金融对信用风险管理的挑战  

A Challenge to Credit Risk Management from Behavioral Finance

作　　者：何琳洁[1] 文凤华[1] 马超群[1] 兰秋军[1] 冯君莲[1] 

机构地区：[1]湖南大学工商管理学院,湖南长沙410082

出　　处：《金融理论与实践》2004年第8期3-5,共3页Financial Theory and Practice

基　　金：国家社会科学基金项目(03BJY056)的阶段性成果。

摘　　要：通过对信用风险管理理论的发展研究发现,信用风险管理的发展越来越考虑投资者对风险的心理感受;同时,行为金融完全从投资者的心理感受出发,发现了投资者风险偏好存在转移以及资本结构对公司价值有很大的影响,这对建立在有效市场理论上的信用风险管理提出了严峻的挑战。The study of the developments in the credit risk management theory shows that financial institutions are thinking more and more about the investor's attitude towards risk. In the meantime, behavioral finance, completely from the perspective of investor's attitude towards risk, shows that investor's risk preference may transfer and that capital structure has great impact on corporate value, all of which issues a severe challenge to the conventional credit risk management based on efficient market hypothesis.

关 键 词：行为金融 信用风险 风险偏好 

分 类 号：F830.2[经济管理—金融学]