当代经济管理
噹代經濟管理
당대경제관리
Contemporary Economic Management
2011年
1期
19~23
,共null页
行为公司财务学 管理者 过度自信 财务决策
行為公司財務學 管理者 過度自信 財務決策
행위공사재무학 관리자 과도자신 재무결책
behavioral corporate finance ; managers ; overconfidence ; financial policies
随着行为公司财务学的不断成熟和发展，非理性行为假设逐渐取代了传统的理性经济人假设，这使得基于管理者过度自信的公司财务决策研究逐渐成为了现代财务研究领域的重要议题。文章从管理者过度自信的视角综述了有关公司投资、并购、融资和利润分配决策方面的研究，并就其对传统公司财务理论的挑战展开了讨论。同时对当前研究不足和未来可能的研究方向进行了探讨。
隨著行為公司財務學的不斷成熟和髮展，非理性行為假設逐漸取代瞭傳統的理性經濟人假設，這使得基于管理者過度自信的公司財務決策研究逐漸成為瞭現代財務研究領域的重要議題。文章從管理者過度自信的視角綜述瞭有關公司投資、併購、融資和利潤分配決策方麵的研究，併就其對傳統公司財務理論的挑戰展開瞭討論。同時對噹前研究不足和未來可能的研究方嚮進行瞭探討。
수착행위공사재무학적불단성숙화발전，비이성행위가설축점취대료전통적이성경제인가설，저사득기우관리자과도자신적공사재무결책연구축점성위료현대재무연구영역적중요의제。문장종관리자과도자신적시각종술료유관공사투자、병구、융자화리윤분배결책방면적연구，병취기대전통공사재무이론적도전전개료토론。동시대당전연구불족화미래가능적연구방향진행료탐토。
With the development and maturity of Behavioral Corporate Finance theory, scholars tend to replace the traditional rationality assumption with potentially more realistic behavioral assumptions such as managerial overconfidence to explain the decision making of corporate financial poli- cies. As a result, the research of corporate financial policies based on managerial overconfidence is becoming an important subject in this field. This paper, in regard to managerial overconfidence, summarizes a variety of financial policy-making researches within corporate investments, acquisition, financing, dividend payout and their challenges against traditional corporate financial theories. Ultimately, it sums up the insufficiency of the existing research and presents a prospective for future study in this field as well.
