基于心理偏差的金融资产定价模式

Financial Asset Pricing Model Based on Psychological Deviation

金融资产定价一直以来都是金融学的焦点问题,传统的资产定价模型主要基于基本经济层面的影响因素分析,而没有考虑投资者的心理因素。近些年来,行为金融学越来越受到大家的关注,越来越多的研究者将注意力放到投资者的投资心理上,鉴于此,从投资者心理角度出发,研究了投资者在投资过程中认知、情绪、意志过程的偏差对资产定价的影响,并构建了基于心理偏差的金融资产定价理论模式。

The pricing of financial assets has always been the focus of finance.The traditional asset pricing model is based on the analysis of the influence factors of the basic economic level,without considering the psychological factors of the investors.In recent years,more and more attention has been paid to behavioral finance,more and more researchers will pay attention to the investor＇s psychological investment.In view of this,this article from the investor psychology point of view,The influence of the deviation of cognitive,emotional and volitional process on asset pricing in the process of investment,and constructs the theoretical model of financial asset pricing based on psychological deviation.