非理性状态下的企业投资决策——行为公司金融对非效率投资行为的解释  

Corporate Investment Decision under Irrationality——A Behavioral Corporate Finance Explanation of Inefficient Investment

作　　者：卞江[1] 李鑫[2] 

机构地区：[1]山东大学管理学院,山东济南250100 [2]山东经济学院工商管理学院,山东济南250014

出　　处：《中国工业经济》2009年第7期152-160,共9页China Industrial Economics

摘　　要：经典的公司金融理论建立在决策主体完全理性、有效资本市场的假设基础上。隐含地假定企业经理人与市场投资者都是追求效用最大化的理性决策者。但是,越来越多的资本市场异象和公司异常财务行为表明,决策主体的认知偏差及市场的非理性会直接影响决策过程和结果,而这很难被生硬地框入传统的"经济理性"范畴。现实中,企业经理人与市场投资者的非理性是普遍存在的,而且深刻影响着公司的财务战略决策,如公司融资、投资、股利政策以及收购兼并等。行为公司金融将市场投资者和企业经理人的非理性引入到企业财务行为研究中,对企业非效率投资行为给出了更为符合现实、也更有说服力的解释。Classical corporate finance theory is based on the completely rational participants and effective capital markets hypotheses,which assumes managers and investors to be rational decision-maker. However,more and more market anomalies and abnormal corporate finance behavior indicate that the participants＇ cognitive bias and market irrationality affect decision-making process and result directly, which is difficult to fall under traditional ＂economic rationality＂ category. In fact,irrationality exists universally in corporate managers group and market investors group, which could affect corporate financial strategies deeply,including financing, investment, dividend policy,annexing and merging. Behavioral corporate finance theory introduces psychical factors and irrationality of corporate managers and market investors into the study of corporate financial behavior,which could provide more practical and more persuasive explanation of inefficient investment behavior.

关 键 词：非理性 企业投资 行为公司金融 非效率投资 

分 类 号：F270[经济管理—企业管理]