行为金融理论的应用:重要异象探讨

The application of behavioral finance:The discussion about the important anomalies

为了对充斥于现实金融市场的标准金融学无法解释的大量异象给出更加合理的解释,并且对实践起到指导作用,尝试从实证的角度研究解释行为金融学所谓的市场异象,并且得出了有实证支持,角度新颖且与标准金融学理论相左的结论。相对于传统的标准金融学,行为金融学对投资者理性的设定和市场现象的研究更加符合实际,所以具有更加重要的理论和实践意义。

For interpreting a great deal of anomalies which could not be explained by the traditional theory with more reason, the investing process was regarded as a psychologic process and these named anomalies were tried to be explained from the view of the demonstration by behavioral finance. The conclusions with the demonstration support and original view, were deduced. Relativing to the traditional theory, the investor rationality supposition and the market phenomena research of behavioral finance are more realistic. So, the theory has more important academic and practical significance.