股票价格行为及理论  

Stock Price Behavior and Its Theory

作　　者：韩俊华[1,2] 干胜道[2] 

机构地区：[1]安徽财经大学会计学院,安徽蚌埠233030 [2]四川大学商学院,四川成都610064

出　　处：《税务与经济》2014年第1期13-17,共5页Taxation and Economy

基　　金：国家社科基金项目(项目编号:1213JY015);安徽省自然科学基金项目(项目编号:1308085MG112)研究成果之一

摘　　要：有效资本市场理论揭示了股票价格运行的基本规律,但不能解释资本市场的"异象"。这种股票价格远远偏离基本价值面的"异象",主流的有效资本市场理论(EMH)已不能用"股票价格是有用信息的反映"的线性理论进行解释,而运用噪声交易理论、行为金融理论、适应性市场假说、分形市场假说等非线性理论,从人的行为以及引起人的决策行为的背后原因进行深入分析,则有助于诠释众多资本市场的"异象"。Efficient capital market can reveals the basic rules of stock price performance, but is not able to ex- plain the anomaly of capital market. This phenomenon, stock price is far deviated from the basic face value of share, is called anomaly. Linear theory, that is, stock price is a reflection of useful information, can not inter- pret the efficient capital market theory. Some non-linear theories, such as noise deal theory, behavioral finance theory, adaptive market hypothesis, fractal market hypothesis are applied to analyze the reason of people~ behav- ior and decision-making behavior, which would help to interpret anomalies in many capital markets.

关 键 词：有效资本市场 噪声交易 行为金融 适应性理论 分层市场理论 

分 类 号：F830.91[经济管理—金融学]