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论文编号：	3479
作者编号：	2120092437
上传时间：	2011/6/14 21:39:34
中文题目：	公司治理价值效应的行为金融解释
英文题目：	An Explanation of the Effect of Corporate Governance on Firm Value from the Perspective of Behavioral Finance
指导老师：	李维安
中文关键字：	公司治理，公司价值，行为金融，投资者行为
英文关键字：	Corporate Governance, Firm Value, Behavioral Finance, Investor Behavior
中文摘要：	公司治理对公司价值的影响一直都是国内外学者所关注的热点问题。公司治理与公司价值之间的关系在现有的研究中得到了详细的讨论，但是并没有得出一致的结论。而近年来行为金融理论的发展为我们研究公司治理的价值效应提供了新的视角和方法。本文借鉴行为金融的分析方法，着眼于资本市场效率和投资者行为因素，通过实证分析考察其对公司治理价值效应的影响，从而进一步探究公司治理对公司价值产生影响的途径和机制。 本文选取2007-2009年在沪深两地上市的公司的平衡面板数据作为样本，引入投资者异质信念、过度自信、损失厌恶、信息不对称等反应投资者行为方式和资本市场效率的变量，从行为金融的角度考察公司治理对公司价值的影响机制。本文采用固定效应分析方法，通过在模型中引入交互项来分析和考察投资者行为对公司治理价值效应的影响。 本文的研究结果表明，投资者的异质信念对公司治理的价值效应具有显著的增强作用；投资者的过度自信对公司治理的价值效应具有减弱作用，且这种作用仅在控制了流动性溢价后变得显著；投资者的损失厌恶对公司治理的价值效应具有增强作用；信息不对称对公司治理的价值效应具有增强作用，但是控制了流动性溢价后这一作用变得不再显著；好的公司治理在一定程度上控制了投机性的交易行为，从而控制了投机性泡沫的产生；好的公司治理能够使公司的市场价值更加接近公司的真实价值，从而控制投资风险。在文章最后本文对我国的资本市场和公司治理实践的发展提出了政策建议。
英文摘要：	The effect of corporate governance on firm value has been a focus of attention of scholars. However, most existing studies focus only on the relationship between corporate governance and firm value, while pay little attention on the mechanisms of the effect. In recent years, the development of behavioral finance theory provides us new perspective and methods to study the effect of corporate governance on firm value. This article draws on the methods of behavioral finance, focusing on capital market efficiency and investor behavioral factors, investigates their effect on the impact of corporate governance on firm value, so as to further explore the effect of corporate governance on firm value. In this thesis, we selected the panel data of companies listed in Shanghai and Shenzhen as our sample, and selected some variables of investors behavior and capital market efficiency such as heterogeneous beliefs, overconfidence, loss aversion, asymmetric information, in order to investigate the mechanisms of the effect of corporate governance on firm value. The results showed that level of heterogeneous beliefs, overconfidence, loss aversion and asymmetric information have a positive correlation with the effect of corporate governance on firm value. The higher the level of these factors is, the more likely that good corporate governance leads to higher firm value. In this paper, the preliminary empirical analysis also shows that good corporate governance can effectively control the speculative bubble, and lead the value of securities closer to the company's true value. Finally, we give policy recommendations on China's capital market development and corporate governance practice.
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