行为财务视角下企业融资行为研究

发布时间：2018-01-07 23:14

本文关键词：行为财务视角下企业融资行为研究　出处：《云南大学》2015年硕士论文　论文类型：学位论文

【摘要】：Harry Markowitz (1952)的投资组合理论为现代财务理论奠定了基础,之后的MM理论、资本资产定价模型、有效资本市场理论、期权定价理论、代理理论、优序融资理论、信息不对称理论、公司治理理论及公司控制权理论等一系列理论共同构成了现代财务理论的基本框架与理论基础,行为主体是理性人、市场是无摩擦的是这些理论的共同假设前提。但是,事实上,正如Simon教授所说,人是“有限理性”的。现代企业自从诞生那一刻起就伴随着融资的问题,企业融资问题,即资本结构问题,一直是实务界和理论界关注和研究的热点。行为财务学是将认知心理学与传统财务理论相结合的产物,就目前而言,行为财务学对企业融资行为的理论研究主要集中在：(1)管理者理性与市场非理性前提下的企业融资行为研究；(2)管理者非理性与市场理性前提下的企业融资行为研究；而缺少更接近现实状况的管理者和市场均为非理性条件下的企业融资行为研究。本文研究的主要目的就是在前人研究的基础上,对二者均为非理性条件下的企业融资行为进行研究,拓展行为财务的研究范围。通过数理推理、约束求解、定量分析和定性分析相结合等方法,进行探索性研究,在引入阻碍因子函数h(γ,·)的前提下,推导出在管理者和市场均为非理性条件下的企业融资决策最优模型,并对融资决策约束模型进行了内在逻辑的验证,经济学和政策上的意义解读,然后应用推导的理论结果对我国上市公司的非理性融资行为,尤其是偏好股权融资,进行分析解释,最后根据存在的问题提出相关的建议和对策。本文的研究具有积极的现实意义,并且为进一步研究管理者和市场均为非理性条件下的企业融资行为提供了数理支持。
[Abstract]:Harry Markowitz's portfolio theory laid the foundation for modern financial theory, followed by MM theory, capital asset pricing model and efficient capital market theory. A series of theories, such as option pricing theory, agency theory, priority financing theory, information asymmetry theory, corporate governance theory and corporate control theory, constitute the basic framework and theoretical basis of modern financial theory. The behavior subject is rational person, the market is frictionless is the common hypothesis premise of these theories, but, in fact, as Professor Simon said, man is "limited rationality". Since its birth, modern enterprises have been accompanied by the problem of financing, which is the problem of capital structure. Behavioral finance is a combination of cognitive psychology and traditional financial theory. The theoretical research on corporate financing behavior in behavioral finance is mainly focused on the research of corporate financing behavior under the premise of manager rationality and market irrationality. 2) Research on enterprise financing behavior under the premise of managers' irrationality and market rationality; The lack of more realistic managers and markets are irrational conditions of corporate financing behavior research. The main purpose of this study is based on previous studies. This paper studies the financing behavior of enterprises under the condition of irrationality, and extends the research scope of behavioral finance. By means of mathematical reasoning, constraint solving, quantitative analysis and qualitative analysis, and so on. On the premise of introducing the hindrance factor function h (纬, 路), this paper deduces the optimal model of enterprise financing decision under the condition that both manager and market are irrational. The paper also verifies the internal logic of the financing decision constraint model, and interprets the meaning of economics and policy, and then applies the theoretical results to the irrational financing behavior of listed companies in China. Especially the preference for equity financing, analysis and explanation, finally according to the existing problems put forward relevant suggestions and countermeasures. This study has a positive practical significance. It also provides mathematical support for further research on corporate financing behavior under irrational conditions of both managers and markets.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275

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