国际投资组合选择理论研究进展

Progress in research on the theory of international portfolio choice

国际投资组合选择理论研究的是在一定的假设条件下,当经济实现均衡时,投资者所应持有的本国与外国金融资产的比例。它的发展有5个特征:从追求金融市场的局部均衡到追求经济的一般均衡;从不考虑投资者的存在到考虑投资者个人效用的最大化;从单纯的理论模型构建到结合现实数据进行实证检验;从假设金融市场完全到考虑金融市场不完全的情况;从假设金融市场一体化到考虑金融市场存在分割的情况。

The international portfolio selection theory is based on certain assumptions,as to achieve a balanced economy,should hold their domestic and foreign financial assets ratio. There are 5 characteristics of its development：from partial equilibrium to pursue fi-nancial market to general equilibrium economic pursuit;never consider investors to consider maximizing individual utility;combined with the real data from the theoretical model of simple construction to empirically test the hypothesis;from financial markets to consid-er the financial market is not exactly the case;from the assumption that the integration of financial markets to consider the existence of the segmentation of the financial market.