行为金融学的科学性辨析

Discrimination and analysis of behavioral finance as science

行为金融学没有绝对范式,缺乏统一、坚实的理论基础;其研究始终呈现分散、不成体系的状况,并还仅仅停留在对市场异常现象和投资者心理偏差的定性描述和假设检验上,其应用也仅限于微观层面。但这些都不足以成为否定行为金融学的科学性的理由。行为金融学正处于任何正统科学都必须经历的早期阶段。它具有科学的核心品质,正处于建立自己的理论范式、由非规范理论向规范理论的演变过程中。行为金融学广泛借鉴了其它学科的研究成果,将存续短暂、难以计量、临时出现的现象作为其研究对象,这与科学的精神并行不悖。

Behavioral finance does not have a dominant paradigm, it lacks of coherence and steadiness in the theoretical base and it is only focused on qualitative description and hypothesis testing of ephemeral and emergent phenomena and psychological deviation of investors. But all of these are not the cause to think that behavioral finance is not scientific. Behavioral Finance is currently in an early, but still scientific stage that has been common to all new sciences. It has the core properties of sciences. It is on the road to developing a paradigm of its own. Behavioral finance borrowed extensively from other disciplines. Its consideration of ephemeral, difficult to measure and emergent phenomena is not contradictory to the spirit of science.