Based On Behavioral Finance Domestic Listed Companies Investment Decision-making Research

Investment decision making as the starting point of corporate financial decisions and revenuegrowth the important foundation will directly affect the company's financing decision, dividendpolicy and other financial decisions, indirectly affect the development prospects of the company andthe healthy, stable development of macro economy. But with the scholars on investment decision ofthe deepening of the research, it was found in the company's investment decision-making,management investment behavior in the presence of large number of anomalies, and the traditionalfinancial theory cannot make logical explanation to its. In recent years, behavioral finance hasgradually become the theoretical research and the focus of attention; scholars have found that, forthe traditional financial theory cannot explain financial vision, behavioral finance can make areasonable explanation, thus enabling the corporate investment behavior research extends tobehavior, psychology of the deeper. However, the current relevant from the behavioral financeperspective of corporate investment decision-making literature also rarely, and based on thisperspective study on the norms of our capital market and investors' behavior is of great theoreticaland practical significance.Therefore, this article from the behavioral finance perspective of China's listed companies 'investment decision to do preliminary discuss. The structure of this paper is divided into six parts.First of all at home and abroad about the results of the research in this area do a review andsummary, and then combining the reality of our country and points out that China listed companyinvestment decision making problems, on this basis, using the behavioral finance theory and relatedknowledge, from managers and investors irrational irrational two aspects carries on the a specificanalysis, and combined with the specific case to explain further the irrational behavior on thecompany's investment decision-making mechanism, finally put forward to standardize listedcompanies' investment behavior of some policy suggestions, namely: the play of efficiency of boardof directors, establish democratic decision system, establish an effective internal incentivemechanism, perfect the supervision mechanism of company management, the introduction ofexternal advisory bodies, optimization and listed company investment legal environment, improvethe capital market operation and management mechanism.