The Study Of Assessing The Value Of Listed Companies Based On Behavioral Asset Pricing Theory

Traditional enterprises evaluation theory was based on the Efficient Market Hypothesis, which included cost-approach, revenue-approach, market comparison-approach, option pricing-approach and so on, and it made use of traditional financial asset pricing theory to assess the value of enterprises. As based on the assumption that investor are rational, traditional financial asset pricing theory believes that the investors in the market were the same rational people, who forecast stock earnings in accordance with the rules of Bayesian and then made investment decisions. As rational investors can lead the market and arbitrage was unrestricted, once certain securities deviated from its core values, rational arbitrager can make the return to their reasonable place through arbitrage. Behavioral finance theory was built on investor mentality and limited arbitrage, and it believed that market is not effective.Deriving from the real world of the true state, behavioral asset pricing theory inherited behavioral finance research results, and summarized that the market will exist two types of investors-Information dealers and Noise traders in the circumstances of arbitrage limited financial markets which filled with non-rational investors. Behavioral Asset Pricing Theory added noise trader risks to asset pricing theory framework to explain the abnormal returns on the market, which enriched the market system risks.This paper synthesizes the theoretical and empirical research results of domestic and foreign scholars, and theoretically and empirically verifies that behavioral asset pricing theory is feasible for assessing the value of listed enterprises. In view of the using new asset pricing theory to assess the value of listed companies is feasible, this paper constructs an asset pricing model to assess the value of listed enterprises under the conditions of non-effective market, and then make empirical analysis in the end.In structural arrangements, firstly this paper briefly introduces the traditional enterprises value assessment methods, and then reveals their financial limitations, which opening the thinking for using asset pricing theory to assess the value of enterprises. Secondly, this paper summarizes the theoretic basis of behavioral asset pricing theory, brings out the behavioral asset pricing model, and then demonstrates the feasibility of behavioral asset pricing theory for assessing the value of the listed enterprises. In next part, this paper develops a behavioral asset pricing model to assess the value of listed enterprises. In the end , this paper uses Excel, MATLAB, and SAS software to process the data of Shanghai stock market and China Yangtze Power Corporation.