资产增长效应研究综述及其成因分析
发布时间：2018-09-06 16:48
【摘要】：尽管行为金融学派和理性资产定价学派均解释了资产增长异象,但资产增长异象的成因仍是近期公司金融研究领域最具争议的热点问题之一。文章认为,行为金融中的心理账户效应同样存在于公司投资行为中,公司外部股权融资的使用效率和公司价值可能因此而降低,这就是资产增长异象的解释,并且这种解释力还受股市状态影响。研究从公司投资行为偏差视角解释了资产增长异象,丰富了基于投资的资产定价研究和行为公司金融研究,深化了对资产定价决定因素和公司投资决定因素的理解。
[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.
【作者单位】： 亚太(集团)会计师事务所河南分所;
【分类号】：F275;F832.51
本文编号：2226952
[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.
【作者单位】： 亚太(集团)会计师事务所河南分所;
【分类号】：F275;F832.51
【相似文献】
相关期刊论文 前2条
1 杜青青;;中国上市公司资产增长效应研究[J];科技创新与生产力;2014年03期
2 陈振;周群艳;;上海技术进步的特征及增长效应[J];统计科学与实践;2010年02期
相关硕士学位论文 前1条
1 杜青青;中国上市公司资产增长效应研究[D];山西大学;2014年
，本文编号：2226952
本文链接：https://www.wllwen.com/jingjilunwen/touziyanjiulunwen/2226952.html
