管理学国际博士（DBA）答辩系列 | 祝贺侯文彪同学顺利通过博士论文答辩|dba|侯文彪|博士|学位|答辩|管理学|论文

2024年6月11日，SJTU-SMU DBA 2020级侯文彪同学迎来了他论文答辩的时刻。SJTU导师傅仁辉教授，SMU导师Sterling HUANG教授、Liandong ZHANG教授、Hao LIANG教授，一起参加并见证了侯文彪同学的毕业答辩。

论文题目

投资决策中的非财务因素研究

作者简介

侯文彪

Hou Wenbiao

SJTU-SMU DBA 2020级

麟盛投资（海南）有限公司总经理

侯文彪先生拥有复旦大学硕士学位和中欧国际工商学院EMBA学位。从事财务工作23年后，自2021年起，他开始从事投资相关工作，他拥有丰富的财务理论和投资知识和实践经验。他发现，实际运用的投资方法与理论上的投资方法不一致，尤其是对于中小投资公司和机构而言。由于好的投资机会很难获得，所以很多投资机会都是通过自己的社会关系获得，这些投资者中的许多人并不使用理论的公司估值方法来进行投资决策。除了审核财务报表，投资者更关注投资合同的条款、管理团队、投资赛道、社会关系、投资的协同效应等。投资者在实践中的投资行为与课本上学到的理论知识的差异引发了他的研究问题：除了财务因素外，还有其他非财务因素影响投资决策吗？

感谢在本研究过程中给与他大力支持的导师、项目组各位老师、同学、朋友，以及其直接主管。

论文摘要

在全球化和科技创新的推动下，投资决策的复杂性不断增加。传统的财务分析方法在投资决策中仍然发挥着至关重要的作用，但越来越多的案例表明，投资者在进行投资决策时更加依赖非财务因素，本文旨在系统分析这些非财务因素对投资决策的影响，为投资者提供更加全面的决策框架。

本文采用定性分析与定量分析相结合的研究方法，保证了研究的深度和广度。首先，通过文献综述，本文概述了非财务因素在投资决策中的理论基础和发展。其次，采用访谈、问卷调查和文本分析方法，收集了大量关于投资者行为和投资决策过程的数据。主要结论如下：1）投资合同中的保护性条款和对赌条款可以降低投资风险，增强投资者信心；2）优秀的管理团队和高质量的投资赛道是投资者更关注的因素，这些提高了投资回报，降低了投资风险；3）社会关系和投资协同效应对投资决策至关重要，这有助于减少信息不对称和交易成本。这些发现突出了非财务因素在投资决策中的核心作用，为投资者提供了新的决策维度。

本文不仅对投资决策领域的理论研究进行了补充，而且提出了将非财务因素纳入投资决策的新的理论框架。通过整合契约理论、管理团队、行业赛道分析、社会关系和投资协同效应，本文为投资者在复杂的投资环境中做出更明智的决策提供了多维度的分析工具。通过识别和量化非财务因素，投资者可以更有效地管理投资风险，优化投资组合，提高投资回报。总之，本文关于非财务因素在投资决策中的重要性的研究结果具有重要的理论和实践价值。

导师信息

Sterling HUANG

Dissertation Committee Chair

（shuang@smu.edu.sg）

Full-time Faculty

Associate Professor of Accounting School of Accountancy，Singapore Management University

Ren hui FU

Co-Supervisor

（renhuifu@sjtu.edu.cn）

Full-time Faculty

Associate Professor of Accounting ACEM, SJTU

Liandong ZHANG

Committee Member(s)

（ldzhang@smu.edu.sg）

Full-time Faculty

Lee Kong Chian Professor of Accounting; Deputy Dean School of Accountancy，Singapore Management University

Hao LIANG

Committee Chair

（hliang@smu.edu.sg）

Full-time Faculty

Assistant Professor of FinanceLee Kong Chian School of Business, Singapore Management University

英文摘要：

Driven by globalization and technological innovation, the complexity of investment decisions is continuously increasing. Since traditional financial analysis methods still play a crucial role in investment decisions, more and more cases indicate that investors rely more on non-financial factors to make investment decisions. This paper aims to systematically analyze the impact of these non-financial factors on investment decisions and to provide investors with a more comprehensive framework on decision-making.

This paper adopts a mixed research method, the qualitative and quantitative analyses, to ensure the depth and breadth of the research. First, through a literature review, this paper outlines the theoretical basis and development of non-financial factors in investment decisions. Secondly, using interviews, questionnaire surveys and text analysis methods, a large amount of data on investor behavior and investment decision-making processes are collected. The main findings are concluded as follows, 1) protective clauses and betting clauses in investment contracts can reduce investment risks and enhance investor confidence; 2) an excellent management team and a high-quality industry track are factors that investors pay closer attention to, which improve investment returns and reduce investment risks; 3) social relationships and investment synergy effects are crucial for investment decisions, which help reduce information asymmetry and transaction costs. These findings highlight the central role of non-financial factors in investment decisions and provide investors with a new dimension on decision-making.

This paper not only supplements the theoretical research in the field of investment decision-making, but also proposes a new theoretical framework for incorporating non-financial factors into investment decisions. By integrating behavioral finance, contract theory, management team, industry track analysis, social relationship, and investment synergy effect, this paper provides investors with a multi-dimensional analytical tool to assist them in making more informed decisions in a complex investment environment. By identifying and quantifying non-financial factors, investors can more effectively manage investment risks, optimize investment portfolios, and enhance investment returns. In summary, the findings of this paper on the importance of non-financial factors in investment decisions have significant theoretical and practical value.

SJTU – SMU DBA

项目简介

SJTU – SMU DBA项目是上海交通大学安泰经济与管理学院与新加坡管理大学李光前商学院联合举办的一个高等学位教育项目，结合了中西方顶尖学术力量，立足中国、放眼全球、旨在培养集应用、管理、研究大成于一体的企业家和管理者。本项目充满了创新与挑战精神，在课程设置上侧重研究理论与方法的传授，在应用研究上追求商业实践与学术的结合。学员从不同的视角来探索全球商业社会，在系统学习和论文答辩后，获得新加坡管理大学工商管理博士学位。