摘要
企业融资行为理论的发展在MM理论之后主要有三个发展方向,Hart的财务契约论、Jensen和Meck-ling的代理理论及信息不对称理论,其中优序融资理论是信息不对称理论中最有代表性的。中国上市公司存在股权融资偏好现象,这种融资顺序安排与西方财务学理论的融资优序理论不一致。对此,国内学术界提出了各种解释。我们应通过引入行为金融的理论,将有限理性与信息不对称模型进行结合,从而找出中外融资顺序差异的根本原因。
The development of the enterprise margin behavior theories mainly has three development directions ofter theories of MM, the finance contract ory, Jensen of the Hart and the agency theories and the information dissymmetry theories of the Meckling, among them, the excellent preface margin theories most represents the sexual in the information dissymmetry theories.The Chinese listed company exists the ownership of a share margin hobby phenomenon, the excellent preface theories inconformity of margin that in proper order arrangement and western finances of this kind of margins learn the theories. To this, the local academic circles put forward various explain.We should pass to lead into the theories of the behavior finance, carrying on limited reasonableness and information dissymmetry models to combine, thus finding out the Chinese and Foreign margin basic reason of the in proper order difference.
出处
《经济研究导刊》
2008年第12期87-89,共3页
Economic Research Guide
关键词
融资理论
信息不对称
行为金融
financing theory
information asymmetry
behavior finance
