公司管理者非理性行為研究.pdf

1、浙江大學碩士學位論文公司管理者非理性行為研究姓名：穆林申請學位級別：碩士專業(yè)：政治經(jīng)濟學指導教師：史晉川20041125ABSTRACTTheirrationalbehaviorofthemanagerofcorporateis，briefly，thatmanagersdeviatefrommaximizingfirmvaluebecauseofinfluenceofirrationalinvestorandhimselfcogniti

2、onproblemsUntilrecentyears，academicresearchershaveshedsomeli曲tontheirrationalofmanagersNowtherearestillalotofproblemstobesolvedwithinthisareaBarberisandThaler(2001)expoundtheBehavioralCorporateFinancebyresearchingbehavio

3、rofmanagersfromthepointofBehavioralFinanceBehavioralCorporateFinanceisinterestedintwoirrationalbehaviors，whichcaninfluencethecapitalstructure：theirrationalinvestorsandmanagersinthecapitalmarketThemainproblemsthatBehavior

4、alCorporateFinanceisresearchingare：(1)whethertheirrationalinvestorscaninfluencethebehaviorofmanagersInotherwords，whenthepriceofequityobviouslydeviatesfromthetruevalue，whatdomanagerswilldoIncludeinvestment、financinganddiv

5、idendWhethermanagerscanrectifythemispricingofinvestorsBecauseofagencyproblems，ifthesemanagerswillchangetheirmindtomaximizethemselves’benefitwheninvestorsaleirrationalinthecapitalmarket(2)Canirmtionalmanagerseffectthecapi

6、talstructureofcorporateWillirrationalinvestorsdowhentheyfaceirrationalmanagersThisessayistodotheresearchinthefieldofirrationalbehaviorofmanagersandinvestorsfrominsideandoutsideBasedonBehavioralCorporateFinanceandMarketTi

7、mingTheory(Stein，1996)，1willresearchthathowtheirrationalbehaviorsofmanagersinfluencethedecideoffirm’Sinvestment、financinganddividendUsingaboveOutcomesincombinationwiththepeculiaritysituationofourcountry’Scapitalmarket，1w