Market Participants Disagreement And Corporate Financial Behavior

Investors view the basic characteristics of the stock market, investors, Investor's Disagreement is the same as different investors holding shares on the same distribution of proceeds under a different judge. Investors may also be referred to Divergence of Opinion, or Heterogeneous Investor Beliefs.This article related research from home and abroad, combined with the current capital markets and corporate finance in China's development status, differences of opinion from the investors and market-driven company under the financial point of view, the use of behavioral corporate finance theory and empirical research to standardize as Main method of differences of opinion of the larger investors, and the existence of short selling restrictions in-depth analysis of capital markets, thinking of the emerging capital market characteristics of immature and irrational, will affect the company's financial decision-making, and even distort the company's Investment and financing behavior.This article is divided into 7 chapters. Chapter 1 is an introduction, raised the issue to be discussed in this article, and research articles, research methods, significance and overall structure are described.Chapter 2 is the main source of disagreement for investors, investors divided on the impact of asset prices, investors divided on the impact of a series of corporate financial decision-making research results related to review and comment.Chapter 3 will be different analysts listed companies on the same bias as the analyst earnings forecast disagreement reference variables to the theory of asymmetric information as an explanation, found in the analysis of local the local stock analyst earnings forecast error when the smaller The existence of the phenomenon of local advantages, article, information asymmetry causes leading to local advantages, and thus affect the disagreement among analysts. The article also found in the same time, analysts of different ages, and experience in the industry is different is disagreement among analysts of the most important factor. Article and to further explore the phenomenon of local advantages and features of the relationship between listed companies.Chapter 4 addresses the major differences of opinion based on "differences of opinion of market participants and market valuation deviation" problem. This section through the establishment of general equilibrium and dynamic models for market participants to make comments and thinking off the market valuation, the first in a general equilibrium framework, the divergent views of what market participants would result in deviation from the market valuation; followed Discussed the differences will have to further promote the market rises and falls, leading to excessive deviation from the valuation; Finally, the establishment of a dynamic model to illustrate the way through the learning differences of opinion can reduce the impact on the valuation of deviations.Chapter 5 discusses the theory of re-sale options on the basis of "differences of opinion with the IPO market investors." GEM IPO shares over the past year, showing the "three high" scene-the high price-earnings ratio, high issue price, as well as ultra-high raised funds, high-frequency price-earnings ratio:in October 2009 issued the first batch of 28 new stock price-earnings ratio of 82.2 times the maximum The average price-earnings ratio of 56.6 times the issue; immediately after the GEM 2010 average circulation of up to 88.6 times earnings, set a record. IPO underpricing prior research based on China's distribution system, from a market point of view of Underpricing. This chapter analyzes the current IPO market, especially in the current high valuation of the GEM IPO issues, discusses the differences of opinion led to the IPO investors, the problem of high premiums, and use different explanatory variables to illustrate the differences of opinion investors Then, in the context of different systems, using the theory of investor disagreement reveals that all of our IPO since listing premium problem.Chapter 6 is with the theoretical analysis and empirical analysis of the "differences of opinion between investors and managers act on the refinancing of the company. "This chapter is based on differences of opinion between investors and managers view, reveals the company when managers make decisions, such as refinancing the company's decision will take into account the views of market participants or emotional, especially when investors and managers Have differences of opinion, the direct impact on the company to refinance when the market reaction, and future returns.This study analysis of corporate finance theory and behavioral finance theory of development, to improve capital market efficiency, and promote market stability has important theoretical and practical significance.