论行为财务学的范式创新  

On Behavioral Finance Paradigm Innovation

作　　者：周润书[1] 

机构地区：[1]东莞理工学院工商管理学院,广东东莞523808

出　　处：《学术界》2010年第4期78-84,共7页Academics

基　　金：广东省2007年度会计科研课题"行为财务学理论与实践研究"(批准号07152)的阶段性研究成果

摘　　要：行为财务学范式是对标准财务学范式的革命。标准财务学的范式包括"理性人"、"偏好稳定"、"不考虑财务人的情绪对资本市场资产价格的影响"、"有效套利"和"有效市场"。行为财务学的范式包括"有限理性"、"偏好不稳定"、"财务人的情绪严重影响资本市场的资产价格"、"有限套利"和"市场并不有效"。行为财务学的范式对资本市场的大量异象和财务人偏好非理性心理学实验结果有较合理的理论解释力,并有一定理论的预见力。行为财务学原理已经被大量运用去指导财务人财务管理行为与实践。Behavioral Finance paradigm is the revolution in paradigm of Standard Finance,which contains 'rational man',' preference stability','not concerning the effect of the financial people's emotion to asset prices on the capital market','effective arbitrage' and' efficient market'.Behavioral Finance paradigm includes 'limited rationality','preference instability',' financial people's great influence on asset prices of the capital market and the prediction of the profits from future assets ','limited arbitrage' and 'market's ineffectiveness.' Behavioral Finance paradigm provides a reasonable theoretical explanation for a large number of abnormal phenomena in the capital market and experimental results of financial people's preference to the non-rational psychology.Meanwhile,it offers some theoretical predictions.Behavioral Finance has been increasingly applied to guide financial behavior and practice.

关 键 词：理性人 偏好 财务人情绪 套利 有效市场 

分 类 号：F233[经济管理—会计学]