行为金融理论则放松了有效市场假说的前提条件,其着重考察资本市场条件对于企业融资决策的影响,即理性的经理人面对非理性的市场时会如何做出融资决策。而这种框架模式正好符合我国资本市场弱式有效以及投资者非理性行为严重的现状,因此本文针对非有效市场的现实背景,围绕市场投资者对公司股票的非理性估价,以中国上市公司为研究对象,探讨企业融资决策,切中了国际前沿的热门课题,具有重要的现实意义和理论价值。 Behavioral finance theory relaxes the preconditions of effective market hypothesis. It focuses on the influence of capital market conditions on corporate financing decision, that is, how rational managers make financing decisions in the face of irrational market. However, this framework model is in line with the current weakness of the capital market in our country and the serious irrational behavior of investors. Therefore, according to the realistic background of the non-effective market, this paper focuses on the irrational valuation of the stock of the company by market investors, Research object, discuss financing decision-making, cut the hot topics in the forefront of the world, with important practical significance and theoretical value.