资产定价思想的发展  

作　　者：韩东京[1,2] 

机构地区：[1]财政部财政科学研究所 [2]商丘师范学院,河南商丘476000

出　　处：《特区经济》2010年第6期75-76,共2页Special Zone Economy

摘　　要：资产定价思想不仅是会计思想的核心内容,而且也是金融思想的重要方面,从20世纪50年代开始,经典金融学使用均衡定价和无套利定价这两种方法构建了一系列资产定价理论,促进了金融学不断向前发展。然而,经典的资产定价理论(如CAPM,APT等)的假设条件与资本市场的实际情况存在着一定的差距并在一定程度上影响了其解释能力,基于这一现实,研究者们扩展了理性投资者的假设从而创立了基于行为金融学的资产定价理论,行为金融资产定价理论通过应用心理学研究成果来修正行为人的信念和偏好形成方式,使资产定价理论的假设更符合行为人的实际决策过程。Asset pricing is a core question of accou nting and finance.Classical finance have constructed a series of asset pricing theories through using the methods of equilibrium pricing and no arbitrage pricing from fifties of twentieth century.And this has promoted finance to develop continuously.However,there are certain distances between the hypotheses of classical asset pricing theories（such as CAPM,APT,etc.） and the actual conditions of capital market and this affects the explaining abilities of these theories.Based on this fact,researchers have constructed some behavioral asset pricing theories through extending the hypothesis of rational investors.Behavioral asset pricing theories amend forming methods of human belief and preference through using the fruits of psychological research.This makes the hypotheses of asset pricing theories more accordant with the decisionmaking process of human.

关 键 词：资本资产定价模型 行为金融 股权溢价 

分 类 号：F230[经济管理—会计学]