An Empirical Study On The Listing Corporation Managers’ Irrational Behavior Impact On Enterprise Value

With the development of behavioral finance, people gradually realized that there are significant limitations about the "rational" managers assume. Managers tend to make "irrational" behavior, which affect the company’s financial management objectives- to maximize enterprise value realization. Enterprise Value as an important areas of Financial Management, it has long has been base of an assumptions of a "rational man", and there are few scholars have studied the impact of irrational factors on the enterprise value.This paper’s study issue is the impact of irrational behavior of managers of listed companies on corporate value. At the first, systematic review of the relevant literature and theoretical research results, on the basis of the theoretical analysis of behavioral finance, then summed up the reason for forms and measure behavior research. According to study the reason of influencing of the enterprise value from the perspective of investment and financing analysis, to propose hypotheses and further design alternative irrational factors variable, then take Chinese listed companies data in 2008 to 2013 as a sample for empirical analysis, the main conclusion: managers of listed companies by the irrational behavior factors, the presence of its corporate value by miscalculation of the phenomenon; business managers irrational behavior and enterprise value was a significant negative correlation, and there are mutual influence between the managers’ irrational behavior in different forms.By the behavioral finance theory into the enterprise to explore the irrational factors influence the value of the enterprise value, to achieve the effective integration of traditional financial theory and behavioral finance theory, it broadens the perspective of enterprise value for the enterprise value of listed companies in China assessment provides a reference. Finally, the impact of irrational factors on the value of listed companies for the proposed rationalization proposal, by analyzing the influence of irrational behavior of managers of the enterprise value of the future to minimize the irrational behavior and conduct their internal decision-making have realistic reference.