股市泡沫研究文献综述及展望  

Literature review and prospect of research on stock market bubbles

作　　者：黄佐钘[1] 孙绍荣[1] 

机构地区：[1]上海理工大学管理学院

出　　处：《财经科学》2008年第9期50-57,共8页Finance & Economics

基　　金：国家自然科学基金项目(70471066);上海市重点学科项目(T0502);上海市优青项目(571048)

摘　　要：对股市泡沫的早期研究主要是基于理性预期假设来展开的,但由于其局限性而逐步过渡到非理性预期假设,研究者将噪声理论与投资者心理和投资者行为理论相结合,形成了一些新的研究成果。随着行为金融理论发展,不对称理论、信息栅、信息扩散理论、反馈理论等被运用于股市泡沫研究。近年来,异质信念理论为该问题的研究提供了一个新的思路;同时,股市泡沫积累的规律和股市崩溃机理的研究也受到越来越多学者的关注。The former study on the stock market bubbles started and developed from the rational expectation assumption. Since many anomalies within the stock market cannot be explained through the rational expectation assumption, the study on the stock market bubbles gradually transited to the irrational expectations assumption. Under the irrational expectations assumption, the combination of the noise theory and the investor psychology and behavior theory has developed to some new research achievements. With the development of the theory and method of the behavioral finance, some theories, such as asymmetric theory, information cascades, information diffuses theory and feedback theory, have been applied in the study of stock market bubbles. In recent years, heterogeneous beliefs as a new thinking are applied in the study of the stock market bubbles. The study on the regulation of the accumulation of the stock market bubbles and the mechanism of the crashes of the stock market has received growing attention and made some progress as well.

关 键 词：股市泡沫 投资者心理 投资者行为 异质信念 股市崩溃 

分 类 号：F830.91[经济管理—金融学]