CAJ | 학술논문

行为经济学研究按主体不同，可以划分为投资者非理性和管理者非理性两个分支。投资者非理性行为主要表现为投资者情绪，已有研究主要用股权融资渠道观、理性迎合渠道观解释投资者情绪对企业实物投资的影响，用市场驱动并购理论解释投资者情绪对企业并购的影响。管理者非理性行为主要表现为管理者过度自信，已有研究发现，管理者过度自信往往造成过度投资或投资不足，且与并购决策正相关，与并购绩效负相关。未来研究应将投资者非理性和管理者非理性纳入同一框架，考虑不同人文环境下主体非理性行为差异。
행위경제학연구안주체불동，가이화분위투자자비이성화관리자비이성량개분지。투자자비이성행위주요표현위투자자정서，이유연구주요용고권융자거도관、이성영합거도관해석투자자정서대기업실물투자적영향，용시장구동병구이론해석투자자정서대기업병구적영향。관리자비이성행위주요표현위관리자과도자신，이유연구발현，관리자과도자신왕왕조성과도투자혹투자불족，차여병구결책정상관，여병구적효부상관。미래연구응장투자자비이성화관리자비이성납입동일광가，고필불동인문배경하주체비이성행위차이。
Based on different research targets,the research on behavioral economics is categorized into research on investor irrationality and on manager irrationality.Investor ir-rationality is mainly reflected by investor sentiment.Equity financing channels and ration-ally catering channels are used to explain how investor sentiment affects corporate invest-ment,and the market-driven acquisition theory is used to explain how investor sentiment affects corporate acquisitions.Manager irrationality is mainly reflected by over confidence, which causes over-investment or under-investment,more acquisitions and worse perform-ance.Future research should integrate the irrationality of investors and managers into the same framework and examine the differences in their rationality of different targets within different cultural environments.