【摘要】：盡管行為金融學(xué)派和理性資產(chǎn)定價(jià)學(xué)派均解釋了資產(chǎn)增長異象,但資產(chǎn)增長異象的成因仍是近期公司金融研究領(lǐng)域最具爭議的熱點(diǎn)問題之一。文章認(rèn)為,行為金融中的心理賬戶效應(yīng)同樣存在于公司投資行為中,公司外部股權(quán)融資的使用效率和公司價(jià)值可能因此而降低,這就是資產(chǎn)增長異象的解釋,并且這種解釋力還受股市狀態(tài)影響。研究從公司投資行為偏差視角解釋了資產(chǎn)增長異象,豐富了基于投資的資產(chǎn)定價(jià)研究和行為公司金融研究,深化了對資產(chǎn)定價(jià)決定因素和公司投資決定因素的理解。
[Abstract]:Although behavioral finance school and rational asset pricing school both explain asset growth anomaly, the cause of asset growth anomaly is still one of the most controversial hot issues in the field of corporate finance recently. This paper holds that the psychological account effect in behavioral finance also exists in the investment behavior of the company, and the efficiency and value of the external equity financing of the company may be reduced as a result, which is the explanation of the asset growth anomaly. And this explanatory power is also affected by the stock market state. The study explains the asset growth anomalies from the perspective of the deviation of corporate investment behavior, enriches the investment-based asset pricing research and behavioral corporate finance research, and deepens the understanding of asset pricing determinants and corporate investment determinants.
【作者單位】： 亞太(集團(tuán))會計(jì)師事務(wù)所河南分所;
【分類號】：F275;F832.51

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