金融中介影响资产定价的初步探讨

Financial Institutions and Asset Pricing

经济学家在研究资产定价时往往假设投资者直接投资于金融市场 ,这一假设符合资产定价理论发展初期的金融市场。随着金融市场上投资主体的机构化趋势 ,金融中介实际上已经成为影响资产定价的投资主体。本文在对资产定价理论的发展历程进行简要介绍后 ,分析金融中介所存在的风险偏好不一致和羊群效应 ,并尝试着将其纳入资产定价的分析框架。在此基础上 。

In standard asset pricing theory,investors are assumed to invest directly in financial market.The role of financial institutions is ignored.If we want to understand the operation of asset pricing,we should move away from the old view that asset pricing is all about risk sharing and investor psychology.We need to take financial institution into account because they create an agency problem.