基于前景理论的企业投资行为研究

在前景理论所构建的决策框架下,大多数投资者在获益阶段是风险规避的,而在面临损失时是风险偏好的,且对损失比获益更加敏感.本文根据前景理论构建实证模型,研究企业投资行为是否存在上述现象.结果显示,在不考虑融资限制和公司治理机制的情况下,企业投资行为与前景理论所描述的一致.在获益阶段,融资限制和公司治理机制的存在并不影响企业投资的风险厌恶态度,但在面临损失的情况下,公司治理机制的存在使企业不再显示非理性的风险偏好特征,而融资限制对其风险偏好没有影响.

Corporate Capital Investment in the Light of Prospect Theory

Under decision-making mindset constructed in the perspective of the prospect theory, most investors tend to be risk averse in the gains domain and risk seeking in the losses domain, in addition, they are more sensitive to losses than to gains. This article in- vestigates whether the effects of prospect theory exist in the decision making of corporate capital investment. The result shows that with no account to financial constraints and corporate governance mechanism, the investment behavior of enterprises is consistent with what has been described by the prospect theory. In the profit gaining stage, the existing financial constraints and corporate gov- ernance mechanism do not affect the risk aversion of enterprise investment. However, while in the situation of losses, the presence of financial constraints causes the enterprise no longer to display the features of irrational risk preference, while financial constraints ex- erting no influence upon risk preference of the enterprises.