An Exploratory Study of Four Corporate Financial Decisions: Behavioural Aspects and Traditional Aspects.

[[abstract]]傳統的財務理論乃基於兩個假設，亦即理性人假設和效率市場假說。然而，當學者們對資本市場之運行與對投資者之行為做更深入的研究後，學者們便發現這兩個基本假設一方面在現實中很難符合，另一方面市場中也出現了傳統財務理論所無法解釋的市場異象，行為財務理論便因此形成。自從1980年代至今，行為財務學的出現及發展已對傳統的財務理論造成很大的影響，而行為財務理論的研究領域也已逐漸受到人們普遍的注意。 目前現有的研究多半都聚焦於透過行為財務理論來解釋證券市場中的各種異常現象，此類研究乃在於檢視投資者的行為偏誤對金融市場所造成的總體效果。但是卻鮮少有將行為財務理論應用於公司財務管理議題中之研究，此類型的研究乃在於檢視管理者及投資者的心理偏誤對公司財務決策之個體影響。這個部分的研究相對來說較為新穎。 本文將公司財務管理議題區分為四大部份，包括：資本結構（即融資）、資本預算（即投資）、併購決策以及股利政策。本研究探索性地將行為財務學之觀點應用於上述公司財務管理四大議題之探討，將行為財務學之理論與傳統財務學之理論做一比較，並且透過個案分析的方式，分析公司管理者在進行財務決策時可能產生的行為偏誤。本研究初步推論，傳統財務觀點之決策分析，若未兼重行為財務學觀點之考量，可能無法滿足公司價值極大化之原則，且很可能會造成對公司績效的負面影響。[[abstract]]Traditional finance theory is based on the two hypotheses: rational agents and efficient market hypothesis. However, while scholars get a deeper thought of the function of the capital market and the behavior of investors, scholars find that on the one hand, these two hypotheses are not in accord with the fact, on the other hand, some anomalies that traditional finance theory can not explain appear in the market. Hence behavioral finance theory comes into being. Since 1980’s, the appearance and development of behavioral finance theory have given a great impact to traditional finance theory and behavioral finance theory became a research field that attracted pervasive attention. Most of the existing studies of behavioral finance focus on the explanation of unusual phenomena in security market with behavioral finance theory , and these studies examine the effects of investors’ biases on the behavior of the financial markets. But behavioral finance theories are seldom applied in corporate financial management issues, this kind of research examine the effects of managerial and investor psychological biases on a firm’s corporate finance decisions. The emerging research in this part is relatively young. We separated these corporate financial management issues into four parts, including capital structure（i.e. finance）, capital budgeting（i.e. investment）, mergers and acquisitions, and dividend policy. In this paper, we cast the existing research of the application of behavioral finance theories in corporate financial management systematically, and compare behavioral finance theory with traditional finance theory. Additionally, this study uses several case study to analysis the irrational manager’s behavior biases while making financial decisions. These finance decisions can not satisfy the principle of maximizing the value of corporate, and these probably will have negative influence on the corporate performance