行为金融述评:渊源、定位与在中国的研究  

Review of Behavioral Finance:Origin,Orientation and Research in China

作　　者：龙静[1] 李延喜[1] 

机构地区：[1]大连理工大学管理与经济学部,辽宁大连116024

出　　处：《当代经济管理》2011年第8期8-12,共5页Contemporary Economic Management

基　　金：国家自然科学基金资助项目(70772087);教育部新世纪人才支持计划资助(NCET-10-0281);中央高校基本科研业务费专项资金资助(DUT10ZD107)(DC10040208)

摘　　要：由于标准金融学的理性人假设和有效市场假说的缺陷,行为金融以心理学和行为学为基础,提出有限理性和非有效市场,来解释金融市场的异象,这是对标准金融学的强有力挑战。标准金融学和行为金融学之间的差异是研究目标不同。标准金融学描述经济个体的最优决策行为,而行为金融描述的是真实决策行为。文章综合了国内外的研究文献,对行为金融的渊源和定位作出综述,并提出目前行为金融的研究框架内容和在中国的研究展望。As for the defects of rational hypothesis and efficient market hypothesis for the modern finance, the behavioral finance presents bounded rationality and the ineffective market based on psychology and ethology in order to explain the anomalies in financial market. It is the powerful challenge to the modern finance. The biggest difference between them is their different research purpose. Modern finance is a description of the individual economy of optimal decision-making behavior, and behavioral finance describes the economic individual＇s real decision-making behavior in real life. On the basis of the literatures at home and abroad, this paper summarizes the origin, orientation of the financial behavior, and puts forward the current financial behavior framework and its prospect of research in China.

关 键 词：行为金融学 标准金融学 有限理性 认知偏差 非有效市场 

分 类 号：F830.9[经济管理—金融学]