摘要
随着金融市场上各种异象的累积,有效市场假说(EMH)和资本资产定价模型(CAPM)的权威地位已开始动摇。投资者并不是以理性的态度做出决策,其行为不仅受到自身固有的认知偏差影响,同时还受到外界环境的干扰。文章论述了中国证券市场上的一些异象,并从行为金融学的角度给出了解释。
Along with various accumulations of anomalies in financial market, the correctness of Efficient Market Hypothesis （EMH） and the Capital Asset Pricing Model （CAPM） has been doubted. The investor does not do a decision with the rational attitude, whose behavior not only be influenced by his cognitive deviation but also be disturbed to the outside world. This article discussed some anomalies of the stock market in China and put forward some interpretation with the method of behavioral finance.
出处
《郑州航空工业管理学院学报（社会科学版）》
2006年第4期188-190,共3页
Journal of Zhengzhou University of Aeronautics(Social Science Edition)
基金
江苏省高校哲学社会科学基金资助项目(05SJD630021)
中国矿业大学基金资助项目(OJ4511)
关键词
证券市场
异象
行为金融
stock market
anomalies
behavioral finance
