行为财务学述评及其发展趋向

Comments on Behavioral Finance and Its Development Trend

传统财务理论支持效率市场假设,假设人们的行为符合主观预期效用理论和理性。20世纪80年代后期,行为财务学以期望理论为基础,加上其他心理学与行为学对于投资者行为模式的发现,来取代现代财务模型中的理性行为假设,进一步解释了传统财务理论所无法解释的实证发现,从而对市场效率性进行了与过去截然不同的诠释,丰富了财务理论的内涵。

The traditional financial theory supports efficient market hypothesis（EMH）, and supposes that people＇ s behavior will accord with the utility theory and reason of subjective expectancy. Based on the prospect theory, psychology and behaviouristics, the behavioral finance replaces the hypothesis about rational behavior in the modern financial model since 1980 to explain the empirical findings that traditional financial theories doesn＇t work. Behavioral finance offers totally different annotation on the efficiency of financial market, and enriches the intension of the financial theories.