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上市公司非理性融资行为严重损害了债权人和中小股东利益,扰乱了证券市场的定价和运行秩序。其非理性行为主要表现为非理性股权融资偏好、将募集资金大量闲置等。行为金融学针对传统理性模型的缺陷,基于“非理性人”和“非有效市场”两个前提假设,认为人们在决策和判断时会出现诸多行为偏差。行为金融学为观察我国上市公司资金大量闲置提供了一个新视角,并解释了我国上市公司股权融资过度的原因。
The irrational financing of listed companies has seriously damaged the interests of creditors and minority shareholders, disrupting the pricing and operation of the securities market. Its irrational behavior is mainly manifested in the non-rational equity financing preferences, a large number of idle funds will be raised. Behavioral finance aims at the defects of the traditional rational model. Based on the two assumptions of “irrational person ” and “non-effective market ”, people think that there are many behaviors in people’s decision making and judging. Behavioral finance provides a new perspective for observing a large number of idle funds of listed companies in China and explains the reasons for over-financing of listed companies in our country.