现代资本市场理论:发展、演变及最新发展趋势

The Development and Polarization of Modern Capital Market Theory

以有效市场假说为核心的现代资本市场理论的产生使对金融问题的分析实现了从定性到定量的转变,但该理论是完美假设条件下标准化的理论,不能解释各种市场“异象”,从而使人们对其不断提出质疑,并导致金融理论史上的再次革命与资本市场理论的多极化发展。

The introduction of modern capital market theory whose basis and core is the efficient market hypothesis （EMH） makes financial analysis transfer from qualitative analysis to quantitative analysis. But EMH is the standardized theory with some perfect consumptions, so it cannot explain various anomalies. This has gotten it doubted and made modern capital market theory be polarized. This paper demonstrates the development of modern capital market theory, the cause of its polarization, and the develop- ment of various new capital market theories.