The Study Of Enterprises Value Based On The Perspective Of Behavior Finance

At present, China is in the early stages of development of market economy, not only the existence of non-efficient markets, but the irrational behavior of market participants in economic activities also play a role can not be ignored. In this paper, the theory of Behavioral Finance Principles and the mainstream affect the value under the non-rational financial circumstances. Under China's deepening financial system reform arid economic openness, increasing the systematic research of the mechanism of the enterprise value is good for curbing excessive speculation, cleaning up the market, resolving and preventing financial risks and preventing financial crisis and maintaining the healthy development of great theoretical and practical significance of the stock market and the economy.Research purposesFrom the perspective of Behavioral Finance, analyzing the value of irrational factors affect business and hope that in the non-rational point of view of helping to build a behavior business value model, more rational and effective assessing the company value, and putting forward views and measures. The purpose of this study is to learn from the traditional business valuation models and existing behavioral finance research, find the factors that affect corporate value, thereby to determine the validity of the capital markets, market pricing is reasonable. The study was designed to reflect the following two aspects:(1) The limited rationality of human factors. Throughout the capital markets, the human factor is the most complex factor, if see the "human" element cleanly, then can thorough understand entire capital market, of course, this task is difficult, nor realistic at present. However, through continuous research to find a number of reasons, this is one improvement of China's capital market, also is an improvement of a reasonable assessment. This article needs to be done is to find a task that affect the irrational value, and describe in the end these factors produced What kind of an impact on the value of the enterprise. (2) reasonable proposal response. China's capital market is not perfect, is a semi-strong market, there are many non-rational, and many subjects to take part in a certain extent aggravated the problem, and some of financial indicators overly concerned with stocks but neglect of market impact, while some financial indicators overly concerned with the market impact but neglected stocks, which are relatively one-sided approach.The main contents and viewsThe study mainly based on the perspective of Behavioral Finance, the article firstly analyzes "irrational" in China's capital market, reviews of domestic and international's behavior Finance and corporate value's literatures. According to literature reviews and then select the indicators to empirical analysis, to identify the irrational factors impact on the enterprise value. Finally suggestions and standardize China's capital market, hoping to curb "speculative market" and contribute to short-sighted behavior. The main research content and views of Various parts as follows:The first chapter is the Introduction. First of all, explain the background and the significance of this study; Secondly, make a brief description of China's capital market; Finally, focus on analysising the Behavioral Finance how to impact the business value.The second chapter is mainly the literature review. First, concepting the Behavioral Finance theory and making the author's own points, and then classifing and descripting for the existing behavioral finance models; Secondly, analysis the advantage and disadantage for domestic and foreign enterprise value assessment Review. Finally, presenting the use of Tobin's Q of practical significance based on this subject in this paper.The third chapter mainly from the perspective of Behavioral Finance to analyze the influencing factors of the business value. First of all selecting data and sample from 2007 to 2008, in order to make the data as effectively as possible, to exclude the sample loss data and ST, PT companies, remove the financial and insurance industry data; followed by reasonable assumptions, selection of indicators, model building and the use of SPSS software model regression;. Finally, according to regression results analysis the various factors.ChapterⅣis mainly from the perspective of Behavioral Finance to study the business value. First analysising the participation that bring the main effects. Second, think that if China's stock market efficient, can be a reasonable assessment of enterprise value should improve.ChapterⅤis the last paper, analysising the inadequate, explanating the small and insufficient sample selection. Second, behavioral finance studies on the future prospects.Research ContributionThis article is forcous on non-rational factors, from the human point of view to explain, from the perspective of the research conducted by the following three and concluded:(1) Behavioral Finance angles enterprise value of the factor analysis. Based on the expectations theory and the capital asset pricing theory and behavioral portfolio theory, the main body of the psychological factors for each market inconsistencies in which the environment is different, would lead to an unreasonable interpretation of corporate value, it is necessary to explore in China's unique cultural and market economic system affect the value of factors. Analysis of China's capital markets, aimed at identifying the value of irrational factors affect to guide the investors to avoid some irrational elements, maintaining the capital market, rational and effective; but also for policy-making advice.(2) There is a unique place is review the cutting-edge of the West behavioral finance theory. you can find that in fact the whole of China's market is not rigid, but there is a lot of irrational phenomena, but these non-rational phenomena in all aspects of people's lives, but not the most concern problem. The reason is because of China's capital market's imperfections, the majority of investors, the level of expertise is still relatively low, risk awareness is relatively weak, in the stock market has also shown varying degrees of non-rational phenomenon.(3) To explore the "humans" in the enterprise value contribution. The existing enterprise performance evaluation system, basically focused on the rational assumptions, while ignoring the "person" role. But because it is very difficult to measure, and is not comprehensive, mainly targeted at an internal staff use, so as to select the corresponding behavior of the target to help building enterprise performance evaluation system.