Study Of The Enterprise Investment Decision-making Behavior Based On The Behavior Corporate Finance

The research of modern corporate finance theory about enterprise invests is based on the supposition of "the rational economic man" and "the effective market". However, the research discoveries that the enterprise investors frequently display the psychological characteristics which deviate with the most superior decision-making during the decision-making process, investors' non-rational behavior also influences the decision-making through many ways in the capital market. Along with the overlapping fusion of psychology, behavior study and financial theory, people discover that some financial homeomorphism what is unable to be explained with the modern corporate finance theory, may obtain the explanation in the behavioral corporate finance theory, the research about enterprise invests and policy-making question start to penetrate gradually into the behavior and the psychological level.This paper embarks from the goal of enterprise value maximization, takes the behavior corporate finance theory as the foundation, conducts the integrity research of investment includes investor, assessment method, decision criteria and other factors. To find the solution of the fault question of the original corporate finance theory enterprise in the practice instruction, and provide the more reliable theory basis and practice instruction for the enterprise invest and decision-making. The full text altogether divides into six parts to launch the elaboration. The first part is a foreword, elaborated research background, the research significance and the domestic and foreign research present situation of the article, limited the concrete research content through the present situation analysis. The second part for the correlation theories foundation, elaborated the connotation, the research content and the rationale of two main basic theories:behavior corporate finance theory and the enterprise invest the policy-making theory, and established the theory basic point for this article. The third part is the homeomorphism of enterprise invests under the modern corporate finance, separately from the investor and investment decision-making method (including assessment method and decision criteria), promulgates the insufficiency of modern corporate finance theory to invest in the practice, and thus drew out the core question which this article studied. The fourth part explains the policy-making homeomorphism in enterprise investment practice with the behavior corporate finance theory, and give explanation from investor' non-rationality and capital market' non-validity. The fifth part is the improvement of investment and the policy-making with the behavior corporate finance theory. According to the overall process of enterprise investment involves, there are investor, the investment appraisal and the decision criteria three aspects. This part shows how to avoid the investor' non-rational behavior through the internal government and the outside supervision mechanism, how to amending NPV law by taking the BAPM model as the foundation, as well as multi-objective decision making method based on the entropy power and the TOPSIS, and all carries on the concise quality by the example introduction. The sixth part is the summary and enlightenment, summarizes the innovation and insufficient of this paper, and carry on the forecast to future research.