中国2015年股灾探析——基于奥派经济学的视角

Analysis on China Stock Market Crash in 2015——Based on the Perspective of Austrian Economics

2015年6月中国暴发了自1990年股票市场建立以来最严重的股市危机。本文基于奥地利经济学派的视角,紧扣"人的行为"这条主线,为这场股灾祭祀,以期加深投资者对这场股灾的认识。本文在金融投资领域引入奥派理念,从认识论的高度提出了行为人及行为理性、无知论及企业家精神、市场过程及自发秩序等新的投资理念,从理论上剖析了传统金融理论与行为金融理论在对待投资者投资行为上的种种认知偏差;并以奥派理论为基础,对中国监管部门的监管理念、监管路径和监管方式进行了评判,与此相对应对监管部门提出了保持相对独立性、依法监管和服务于市场的政策建议。

According to the general academic concepts and standards, in June 2015, China broke out the most serious of the stock market crisis since the establishment of the stock market in 1990. This paper is based on the theory of Austrian e- conomics, stick to the main line ＂human behavior＂ for the crash sacrifice, make investor to understanding deeply for the stock crash. In this paper, the introduction of the Austrian concept in the field of financial investment, from the height of the epis- temology which puts forward some new investment philosophy, as personal rational behavior and ignorance when it comes to entrepreneurship, the market process, spontaneous order, etc. It is analyzed the difference of traditional financial theory and behavioral finance theory which investor how to in dealing with investment behavior of cognitive biases; And on the basis of the Austrian theory, This paper criticizes the concept of the Chinese regulatory supervision, supervision path and approach, have some suggest for regulators that the maintain relative independence, in accordance with law, regulation and policy Sug- gestions on service in the market.