公司财务学

管理者过度自信与非理性财务决策行为是当前公司财务学研究中的重要话题。

Managerial overconfidence and non-rational financial decisions are an important research topic in the field of behavioral corporate finance .

究其原因有二：第一，财务管理学相对于公司财务学发展得更为完善，相对而言受经济学等基础学科理论的进展的影响较小。

Two reasons are given about such a phenomenon . One is that the science of financial management is comparatively more perfect than that of corporate finance and less influenced by the underlying economic theory .

本文基于产业经济学和公司财务学原理，首先分析了融资决策因素对实现公司产品竞争战略目标的影响。

Based on the theory of industry economics and corporation finance , this paper first analyzes the influences of financing decision-making factors on products competition objective .

正是基于此本质内涵，本文得以从基本概念及基本理论上突破主流公司财务学由于受资源配置论分析范式影响而形成的静态均衡定价分析框架。

Precisely based on that essence , the article breaks through the Static Equilibrium Pricing analyze framework of Finance , which is derived from resources deployment theory .

继公司财务学的有效市场假说和资本资产定价模型产生以来，国外会计学界围绕上述问题进行了卓有成效的研究。

Ever since the emergence of effective market hypothesis ( EMH ) and capital asset pricing model ( CAPM ), lots of fruitful studies have been made by overseas accounting scholars .

随着行为公司财务学的兴起，管理者非理性尤其是管理者过度自信与公司财务决策关系的研究逐渐成为一个新的研究热点。

With the emerging of corporate finance , the relationship between managers ' irrational behavior and corporate financial decision , especially the relationship between managers ' overconfidence and corporate financial decision has become a hot issue .

然而，30多年来，行为公司财务学文献大多集中在讨论投资者的非理性决策行为，对管理者非理性决策的行为公司财务研究则相对较少。

However , after more than 30 years , most of the literatures in the field of behavioral corporate finance focus on the non-rational financial decisions of investors , the literatures on the non-rational financial decisions of corporate managers are relatively rare .

公司财务是财务学的核心部分，该部分的主要内容是在不确定情况下进行有限资源的跨时间配置，具体工作是组织财务活动，处理财务关系，实现价值创造最大化。

Corporate finance is the key part of financial studies concerning the time-transcending allocation of limited resources .

现代公司治理理论是财务学的重要组成部分。

Modern corporate governance theory is one of the most important parts of finance research .

上市公司再融资是公司财务学的一个重要研究课题。

Refinancing of listed companies is an important research topic in corporate finance .

产品市场竞争程度和公司资本结构之间的关系，分别涉及了产业组织学和公司财务学两个不同的领域。

The relationship between product market competition and corporate capital structure , involved two different fields respectively : Industrial organization theory and company finance theory .

资本结构是各种不同来源的资金占公司总资本的比例，自20世纪50年代以来，资本结构研究一直是公司财务学研究的重要内容之一，并取得了很多显著成果。

The capital structure is different kinds of funds account for total capital of the company . Since 20th century 50 's , the capital structure research always is one of important contents of corporate finance researching , which has yielded a lot of remarkable results .