行为金融理论对有效市场假说的反思  

Review of Behavioral Finance Theory on Efficient Markets Hypothesis

作　　者：宿玉海[1] 

机构地区：[1]山东财政学院,山东济南250014

出　　处：《山东财政学院学报》2004年第5期19-22,共4页Journal of Shandong Finance Institute

摘　　要：有效市场假说是传统金融理论的基石 ,它有三个逐渐放松的基本假定 :一是投资者是理性的 ;二是如果投资者并非完全理性 ,证券市场仍然是有效的 ;三是即使一些非理性投资者具有相同的行为方式 ,证券市场依然是有效的。 2 0世纪 90年代在西方国家兴起的行为金融理论 ,从心理学角度对投资者行为做了深入研究 ,并对有效市场假说进行了全面反思 ,认为投资者行为并非是理性的 ,证券市场也并非是有效的。The efficient markets hypothesis is the cornerstone of the traditional finance theory, including three gradually relaxing basic hypotheses. 1.Investors are rational. 2.If investors aren't rational, securities market is still efficient. 3.Even if irrational investors' behavior shows no difference, securities market is still efficient. Behavioral finance theory appearing in western countries has studied investor behavior from the angle of psychology in 90s, and reviews the efficient markets hypothesis, and concludes that investors aren't rational and securities market isn't efficient either. The article gives a deep analysis on the latest opinions of the behavioral finance theory and challenges facing efficient markets hypothesis.

关 键 词：行为金融理论 有效市场假说 理性套利 

分 类 号：F830[经济管理—金融学]