摘要
金融市场理论的研究由来已久 ,以理性人假设为前提经典金融理论构成了现代金融理论的基础。市场中不断出现的非理性行为使人们对市场理性理论的质疑日益加深 ,促使了以非理性人假设为基础行为金融学 (BF)的崛起。 BF理论从一个新的视角对金融市场进行了分析 ,对传统的理性金融理论产生了强有力的撞击。本文以此为出发点对理性市场理论、非理性市场理论进行了概述、分析、比较 ,并对市场中不同现象进行了理性与非理性的分析。使人们对二者的特点、区别、关系有所了解 ,对当前金融市场的异常现象有了深层次的见解。
The theoretical study of financial markets has been long since established. The basis of modern financial theory is composed of classical ones that are conditioned by the 'rational-being' hypothesis. However, this rational theory is becoming more and more suspicious because of non-rational behaviors arising continuously in the market. Therefore, such a state facilitated the establishment of the Behavior Financial(BF) Theory, which is based on the 'non-rational being' hypothesis. The BF Theory contains financial market analyses from a new view. It made a great impact on the traditional rational financial theory.This essay includes generalizations, analyses and comparisons about rational_nonrational theories, and it also analyses various market phenomena rationally and nonrationally. In this way, an outline on their characters, distinctions and relations can be obtained, and a deeper understading on some variant phenomena existing in the financial market is available.
出处
《财经理论与实践》
北大核心
2002年第6期11-14,共4页
The Theory and Practice of Finance and Economics
