The Study On The Listed Corporate Controller Investment Behavior

As basilic issues in corporate financial management, the capital structure hinges the corporate financing whereas the dividend policy is about the earning allocation. The conjoined element of these two parts is corporate investment behavior: Without investment demand, the corporate needn't to give financing decision; without investment behavior, there would be no surplus and no dividend distribution. Compared to financing and dividend policy, corporate investment behavior impacts the corporate performance and risk more doughty. Because as the foundation of the firm growth and cash flow, Corporate investment not only influences the corporate financing and dividend policy, but also acts as the beginning of corporate fiscal policy in practice. So the academic research should focus much more on the corporate investment behavior.Contrast to the flourish research of capital structure and dividend policy, the study on corporate investment behavior has been stagnated and has no impressive harvest being of its complexity and complicacy, which result in the fiscal policy inherence rupture. The research in China on this field is very crude so far, and hardly handles the western theory and analysis tools systemic and fish out no research characteristics. Because of the special history arrangement restriction in china, the listed corporate has congenital system bug since it's coming into being. The irrational investment behavior in listed corporate is much more evident and serious. Hoping in virtue of the seeking Fruit help to stir the corporate investment behavior research and provide effectual governance proposal on irrational investment behavior of china listed corporate.On the basis of using for reference and absorbing the western relevant research achievement, referring to the signaling function of investment behavior, This dissertation focuses on the corporate investment behavior and the impact of the corporate investment behavior affected by stock market under uncertainty and information asymmetry, synthetically exerting the behavioral finance,informational economics and game theory. Furthermore, This thesis does research on the irrational investment behavior and its governance proposal combining the corporate controller investment behavior mode with the special transition background of china listed corporate.The dissertation divides seven parts from arrangement level. The corresponding contents and conclusions are as follows:The first part puts forward the research questions, defines the research hypothesis and approaches, definitizes the research routes and analysis frames, providing essential background and theory base for follow-up study.The second part analyzes the control right structure and the corporate controller of listed corporate. According to the incomplete of control right contractual assignment among relevant right principal part and the dynamic character of the control right exertion, this paper brings forward the corporate controller term. After the discrimination from the control balancing,Non agent conflicting,control right incentive and control right transferring, The research thinks that the neutral term of "the corporate controller" is more exactly than "the insider control" from the point of control right contractual assignment and exertion. The third part gives a description of the corporate controller investment behavior decision theory. The thesis Firstly classifies the uncertainty of investment behavior, then analyses the investment behavior characteristic of corporate controller under the economical model of complete rationality (Simon's partly rationality) and the behavioral finance model; finally turns the corporate controller uncertainty decision-making into risk decision-making by introducing "noise", and derivates the game theory analyzing method being retrospecting the investment behavior decision-making theories.The fourth part is about the listed corporate controller over-investment behavior. It firstly introduces the information asymmetry and signaling...