摘 要：行为金融学为企业财务决策提供了新的理论视角，本文基于行为金融学框架，探讨其在企业财务决策中的作用机制。研究以传统理性假设的局限为背景，旨在揭示心理偏差和非理性行为对企业资本结构、投资决策及风险管理的影响。通过整合问卷调查与实证分析方法，选取中国A股上市公司为样本，构建了包含过度自信、损失厌恶等行为特征的多元回归模型。结果表明，管理层的心理偏差显著影响企业财务政策选择，且这种影响因公司治理水平的不同而有所差异。本文创新性地将行为金融学理论与企业财务实践相结合，弥补了现有研究中对非理性因素关注不足的问题，并为企业优化财务决策提供了理论支持与实践指导。研究表明，加强管理层行为约束和提升信息透明度是改善企业财务决策质量的关键路径。
关键词：行为金融学；企业财务决策；心理偏差
Abstract：Behavioral finance provides a new theoretical perspective for corporate financial decision-making. This study, grounded in the fr amework of behavioral finance, investigates its mechanisms in shaping corporate financial decisions. Against the backdrop of the limitations of traditional rationality assumptions, this research aims to uncover how psychological biases and irrational behaviors influence corporate capital structure, investment decisions, and risk management. By integrating questionnaire surveys with empirical analysis methods, this study selects A-share listed companies in China as samples and constructs a multiple regression model incorporating behavioral characteristics such as overconfidence and loss aversion. The results indicate that managerial psychological biases significantly affect the choice of corporate financial policies, with this impact varying depending on differences in corporate governance levels. Innovatively combining behavioral finance theory with corporate financial practices, this study addresses the inadequacy of attention to irrational factors in existing research and offers theoretical support and practical guidance for optimizing corporate financial decisions. The findings suggest that strengthening managerial behavioral constraints and enhancing information transparency are critical pathways to improving the quality of corporate financial decision-making.
Keywords: Behavioral Finance；Corporate Financial Decision；Psychological Bias
目 录
引言 1
一、行为金融学基础与企业财务决策 1
(一)行为金融学的核心理论 1
(二)企业财务决策的基本框架 2
(三)行为因素对财务决策的影响 2
二、投资决策中的行为偏差分析 3
(一)过度自信与投资选择 3
(二)损失厌恶对企业投资的影响 3
(三)羊群效应在投资决策中的体现 4
三、融资决策中的心理因素研究 4
(一)控制幻觉与融资偏好 4
(二)风险规避与资本结构选择 5
(三)认知偏差对融资策略的作用 5
四、分配决策中的行为金融学视角 6
(一)偏好反转与股利政策制定 6
(二)心理账户对分配决策的影响 6
(三)行为偏差与企业价值最大化 7
结论 7
参考文献 9
致谢 9
关键词：行为金融学；企业财务决策；心理偏差
Abstract：Behavioral finance provides a new theoretical perspective for corporate financial decision-making. This study, grounded in the fr amework of behavioral finance, investigates its mechanisms in shaping corporate financial decisions. Against the backdrop of the limitations of traditional rationality assumptions, this research aims to uncover how psychological biases and irrational behaviors influence corporate capital structure, investment decisions, and risk management. By integrating questionnaire surveys with empirical analysis methods, this study selects A-share listed companies in China as samples and constructs a multiple regression model incorporating behavioral characteristics such as overconfidence and loss aversion. The results indicate that managerial psychological biases significantly affect the choice of corporate financial policies, with this impact varying depending on differences in corporate governance levels. Innovatively combining behavioral finance theory with corporate financial practices, this study addresses the inadequacy of attention to irrational factors in existing research and offers theoretical support and practical guidance for optimizing corporate financial decisions. The findings suggest that strengthening managerial behavioral constraints and enhancing information transparency are critical pathways to improving the quality of corporate financial decision-making.
Keywords: Behavioral Finance；Corporate Financial Decision；Psychological Bias
目 录
引言 1
一、行为金融学基础与企业财务决策 1
(一)行为金融学的核心理论 1
(二)企业财务决策的基本框架 2
(三)行为因素对财务决策的影响 2
二、投资决策中的行为偏差分析 3
(一)过度自信与投资选择 3
(二)损失厌恶对企业投资的影响 3
(三)羊群效应在投资决策中的体现 4
三、融资决策中的心理因素研究 4
(一)控制幻觉与融资偏好 4
(二)风险规避与资本结构选择 5
(三)认知偏差对融资策略的作用 5
四、分配决策中的行为金融学视角 6
(一)偏好反转与股利政策制定 6
(二)心理账户对分配决策的影响 6
(三)行为偏差与企业价值最大化 7
结论 7
参考文献 9
致谢 9
