投资股价敏感性问题研究述评

A Review of the Studies of Investment-Price Sensitivity

金融危机之后,股价大幅下挫,投资水平也大幅缩减,投资和股价之间的敏感性问题重新引起人们的关注。股票市场是否以及如何影响实体经济的问题成为一个现实话题。事实上,投资和股价之间的敏感性问题既是一个规范问题,又是一个实证问题。系统梳理新古典金融学和行为金融学框架下的投资股价敏感性问题研究,有利于澄清现阶段的一些争论。

After the financial crisis, the stock price declines sharply, and the investment has been re- duced seriously. This phenomenon leads people to pay more attention to the investment -price sensitivity problem. If and how does the stock market affect the real economy？ Actually, the investment -price sensitiv- ity problem is a normal problem and also an empirical problem. The paper reviews the study of the invest- ment-price sensitivity that is based on the framework of neoclassical finance and behavioral f＇mance. This pa- per will help to clarify some debates about this problem.