Research On Corporate Value Based On Behavioral Finance

After the 1980 s,behavioral finance based on market non-effectiveness and social people has developed rapidly.More and more researchers have turned their attention to behavioral finance,and domestic and foreign scholars have devoted themselves to research.The theoretical foundation of behavioral finance has become more and more reliable,and the research content has been greatly improved.Based on the research of scholars,this paper determines the value of the company from the perspective of behavioral finance.Through theoretical analysis and empirical analysis,this paper studies the specific performance of behavioral finance on corporate value.Based on the theoretical analysis,two hypotheses are made: the degree of irrationality of investors is positively correlated with the value of the company;the degree of irrationality of managers and the value of the company Negative correlation.After that,according to certain standards and principles,the indicators and construction models were selected,and the data of the 75 listed companies in Anhui A-shares for the past five years from 2013 to 2017 were used for empirical analysis to verify the hypothesis.The research content of this paper is mainly divided into the following five modules: 1.Introduction.The introduction to the first chapter mainly introduces the background and significance of the topic selection,and reviews the domestic and international research status of corporate value research from the perspective of behavioral finance.2.Theoretical basis.The second chapter mainly expounds the theoretical knowledge of behavioral finance research in this paper,understands the connotation and main theoretical basis of behavioral finance,and explains the theory of corporate value,and introduces the evaluation theory of corporate value.At the end of this chapter,the theory of corporate value based on behavioral finance is expounded,and the basis of this study is introduced.3.Theoretical analysis and model establishment.The third chapter is based on the first two chapters,the performance of behavioral finance in the research is expressed as manager irrationality and investor irrationality,and based on relevant knowledge,theoretical analysis,make assumptions,build four An empirical model.4.Empirical analysis.The fourth chapter is to first explain the principle of sample selection,the source of the data,etc.,and select the data of 75 listed companies in Anhui A-shares for nearly 5 years,and then carry out empirical analysis to verify the hypothesis.5.Summary.The fifth chapter is mainly the conclusion of this paper.At the same time,according to the analysis results,the A-share listed companies in Anhui Province put forward corresponding suggestions on improving the company's value,and put forward the research deficiencies and prospects of this paper.