标准金融与行为金融的资产定价理论比较研究

A Comparative Study of Asset Pricing Theories Between Standard Finance and Behavioral Finance

该文对标准金融的资产定价理论和行为金融的资产定价理论进行了比较研究:标准金融的资产定价理论无法解释金融异象的原因在于其远离现实的基本假设,但也正因为如此,标准金融的资产定价理论形成了一个统一的理论框架;而行为金融的资产定价理论从人的心理特点出发建立了更加符合现实的基本假设,对金融市场异象做出了合理的解释,但由于人的心理的复杂性,行为金融的资产定价理论建立一个统一理论框架的难度很大,但却是其未来的重要发展方向。

This paper makes a comparative study of asset pricing theories between Standard Finance and Behavioral Finance. The reason for poor explanation of finance anomalies is the simple basic assumptions of asset pricing theories of Standard Finance, which are too far away from the reality. And it is the exact reason for Standard Finance to form a uniform analysis framework. The basic assumptions of Behavioral Finance are based on the human psychology, so the asset pricing theories of Behavioral Finance could better explain the anomalies. Because of the complexity of the human psychology, it is very hard for Behavioral Finance to form a uniform analysis framework, yet it is the direction of development.