证券投资理论的演变与述评  

The Evolution of the Theory of Security Investment:A Critical Review

作　　者：张恩众[1] 

机构地区：[1]南开大学虚拟经济与管理研究中心

出　　处：《山东大学学报（哲学社会科学版）》2008年第2期98-103,共6页Journal of Shandong University(Philosophy and Social Sciences)

基　　金：国家社科基金"虚拟经济与实体经济关系研究"(批准号03BJ2016)

摘　　要：证券投资理论大体分为四大学派。从推崇图表分析的技术分析理论到追求安全边际的价值投资理论,从理性人假设下的理性金融理论,到行为人假设下的行为金融理论,四种理论都在不同程度上反映了市场的一些规律和特征,都有自己的追随者。通过梳理证券投资理论的发展历程,从各学派的研究假设及研究对象两个方面对各学派进行了对比分析,最后对证券投资各学派的研究结论与证券市场的相适应情况进行了评判。The theory of security investment falls into four schools： technical analysis canonizing graphs and charts, the value investment pursuing margin of safety relative to prices, the rational finance with the supposition of the rational person, and the behavioral finance with the supposition of the behavioral person. Each of these shcools reflects some rules and characteristic of the market, and each has its believers. This paper is a review of the history of security investment theory, and an analysis of the characteristic of each from research hypothesis to research object. Finally, we evaluate the consistency between theory and reality of four schools.

关 键 词：技术分析 价值分析 理性金融 行为金融 

分 类 号：F830.91[经济管理—金融学]