公司金融理论

传统的公司金融理论体现在基于价值的管理（Value-Basedmanagement），即建立在理性行为、资本资产定价模型和有效市场三个基础之上。

Traditional corporate finance theory is based by the theory of Value-based Management , and it is built by the basis of rational behavior , CAPM theory , efficient market hypothesis .

自Modigliani和Miller（1958）提出MM定理以来，一直是公司金融理论研究的起点和基准，但是该模型对企业的融资选择和治理结构却所言甚少。

Since Modigliani and Miller ( 1958 ), the MM theorem has been the starting point and benchmark of the study of corporate finance theory . However , this model has said little about patterns of corporate financing and governance .

公司金融理论在我国的研究现状

The Study of Corporate Finance Theory in China

信息披露理论相关领域是公司金融理论在股票市场研究的前沿领域。

Information disclosure theory is one of the advanced research fields of finance theory .

随着我国经济的发展，西方公司金融理论在我国的应用也日益增多。

With the economic development , the corporate finance theory is applied more and more in China .

利用这一模型，文章综述了行为公司金融理论对企业投资扭曲行为进行解释的相关理论和实证文献，并将这种解释和传统的信息不对称及代理观点进行了比较。

Using this model , the authors compare some traditional information and then further explain the related theories .

行为公司金融理论是公司金融理论和行为金融理论相互融合的产物。

Behavioral corporate finance is the production that has integrated the theory of corporate finance and behavioral finance .

内容包含三个主要部分：有效率市场假说，资本均衡理论和现代公司金融理论。

The contents contain three main parts : efficient market hypothesis , capital equilibrium theory and modern corporate financial theory .

一.本文的主要内容：行为公司金融理论作为行为金融学的一个重要分支日益受到学者的重视。

Behavioral corporate finance theory is an important branch of behavioral finance theory , which is attached importance to by lots of scholars in this field .

基于价值管理的公司金融理论立足于三个基础假设：理性行为、资本资产定价模型和有效市场。

Corporate finance theory based on corporate value is established in three basic assumptions : rational behavior , the capital asset pricing model and the efficient market .

债务战略效应将产业组织理论与公司金融理论结合起来，研究了企业资本结构与产品市场竞争之间的关系。

The debt strategic effect , which links the industrial organization theory and the corporate financial theory , researched the relationship between the capital structure and product market competition .

人们对企业产品市场竞争和资本结构的研究相当长时间内是在两个独立的领域内分别进行的，即产业组织理论和公司金融理论领域。

For a long time , the study on firms ' product-market competition and capital structure decision are separated in two areas of industrial organization theory and corporate finance theory .

20世纪80年代中期以前，对于企业资本结构决策的研究与对于产品市场竞争决策的研究是在公司金融理论和产业组织理论两个领域内分别展开的。

Before 1980s intermediate stages , the researches about the enterprise capital structure decision-making and the product market competition decision-making were separately launched in the two domains of the corporate finance theory and the industrial organization theory .

随着公司金融理论的发展，人们对企业资本结构的研究视界逐渐拓宽，其中资本结构与产品市场竞争的互动关系越来越受到重视。

With the theory development of corporate finance , scholars gradually widen the study scope of capital structure , and have paid more and more attention on the inter action between corporate leverage and product market competition .

本文详细介绍了传统的公司金融理论以及现在的公司金融理论，指出当代公司金融理论对财务结构理论的发展，对理解这一理论有重要的意义。

The paper discusses the distinctions between traditional and modern corporate finance theories . It points out that modern corporate finance theory is helpful to the development of the corporate financial structure , which is significant in understanding the theory .

根据现代公司金融理论，将融资因素引进公司的投资模型，研究不同规模的公司投资与现金流量的关系，并探寻不同规模公司投资决策行为差异的背后动机。

This paper introduced financial factor into corporate investment model according to current corporate financial theory , studied the relation between investment and cash flow of companies with different size , and further tested the inherent motivation behind investment behavioral differences .

本文运用行为公司金融理论，针对中国股票市场特殊的市场环境、制度背景提出可检验假设，验证由投资者情绪导致的股票错误定价对我国上市公司实际投资的影响。

Based on behavioral corporate financial theories , this paper examine the effect of investors sentiment on the real investment of China listed companies . The special market environment and the system background of the china stock market are we concerned .

作为公司金融理论探讨的核心内容，研究如何实现企业资本结构优化不仅是国内外学者关注的热点，也是提高企业资本配置效率，增强企业价值创造能力亟待解决的问题。

As the core of corporate finance theory , it is not only wide concerned by scholars around the world , but also the urgent problem to enhance capital efficiency and value creating abilities to research on how to realize the optimization of corporate capital structure .

公司金融&股利政策理论研究

Study of Corporate Finance & Dividend Policy Theory

资本结构问题一直是公司金融领域和企业理论的主要研究方向之一。

The capital structure problem has been one of the main research directions of the company financial sector and the enterprise theory .

金融理论的核心内容包括公司金融与资产定价理论。其中，投资组合选择、风险管理及资产定价问题的研究具有重要的理论和实际意义。

It is well-known that the key elements of finance theories are corporation finance and assets pricing theory , in which portfolio selection , risk management and asset pricing in incomplete markets are of great significance for the development of theories and practical applications .

将传统公司金融和行为公司金融的理论结合运用到对我国房地产企业投资问题的分析上。

We combined traditional corporation economic theory and behavioral economic theory to the domestic over-investment analysis .

公司资本结构一直是现代公司金融理论中的热点问题。

In modern corporate finance , capital structure has always been a hot issue .

个人的保险需求可以用风险厌恶来解释，而公司的保险需求则一直是经济学和公司金融理论的一大难题。

While risk aversion unquestionably explains the insurance demand arising from individual needs , the incentives motivating companies to buy DO insurance remain one of the most intriguing facets in economic theories and corporate finance theories .

对公司资源的控制权所带来的隐性利益已成为现代公司治理理论与公司金融理论的核心内容。

The idea of private benefits of control over corporate resources has become a centerpiece of the recent literature in corporate finance and corporate governance , both theoretical and empirical .

本文通过数据分析详细刻画了中国上市公司融资行为和资本结构的特征，发现中国上市公司融资行为与G-7国家实践和西方经典公司金融理论的预期截然相反。

This paper describe the financial behavior of China listed companies clearly by data . We find that the financial behavior is totally different with the characteristics of G-7 nations and the explanations of classical corporate financial theories .

金融控股公司是金融公司和控股公司的有机结合，是风险和效益的综合体，规范、保护和促进中国金融控股公司发展是中国金融理论研究和实践的热点问题。

The financial holding company is the integration of financing company and holding company and it is the combination of risk and benefit .