Behavioral Finance In Corporate Finance

Since the 1990s, the behavior finance theory production and the development has hadthe intense impact to the modern finance theory, the behavior finance study has become aresearch area which the people generally pays attention. The modern finance theory takethe rational person supposition and the effective market hypothesis as afoundation. However, along with the capital market movement and investor behaviorunderstanding gradually thorough, the people discover these two basic suppositions on theone hand to be very difficult in the reality satisfy, on the other hand in the market alsoappeared the market different elephant which some modern finance theories cannotexplain.This article take the behavior finance theory and its applies in the company as theresearch object, the model overseas behavior finance study research results, unifies ourcountry actual situation, managed finances the application to the behavior finance study inthe company to conduct the research. The full text altogether divides into five parts tolaunch the elaboration. The first part is an introduction, elaborated this article researchbackground, the research significance, the research technique and the literaturesummary. The second part were partial for the behavior finance theory, elaborated thebehavior finance theory production, the development, the rationale, the research subjectand the main theoretical model. The third part finances in the policy application for thebehavior finance theory in the company. Mainly has analyzed the modern finance theoryfinancing policy outline, drew out the behavior finance theory financing policy, andanalyzed our country to finance in policy rights and interests financing by chance. Thefourth part for behavior finance theory in corporate investment policy application. Mainlyelaborated in the company exterior some to the corporate investment policy influencefactor and some corresponding measure suggestions and based on the behavior financestudy investment policy. The fifth behavior finance theory in the company dividendpolicy application, this part mainly introduced and has studied the behavior finance studyrelated dividend policy, as well as analyzed our country to go on the market the companydividend policy non- rational present situation characteristic and the origin. Finallysummarized the conclusion and the behavior finance study enlightenment which this articlestudies.