不确定条件下投资决策分析:对不同价值视角下风险的思考  

Analysis on Investment Decisions under Uncertainty:Reflections On Risk from Different Perspectives

作　　者：王桂强[1] 魏晓平[1] 王凌翔[2] 

机构地区：[1]中国矿业大学管理学院,江苏徐州221116 [2]安徽省外经建设(集团)有限公司,安徽合肥230051

出　　处：《兰州大学学报（社会科学版）》2014年第3期102-110,共9页Journal of Lanzhou University（Social Sciences）

基　　金：国家社会科学基金重大项目(11&ZD163)

摘　　要：从风险互抵性和阶段性的不同视角,对投资领域中的风险进行了两种分类。第一种分类甄别出有别于中性风险的单向风险,第二种分类明确了多阶段风险演化的部分马尔科夫性质。文章对几组与风险相关的概念进行了价值层面的辨析,提出了非中性风险条件下"以投资低限为目标的决策分析"和"单向风险补偿定价模型"的构想。Due to the netting and phasic nature of risks, risks in the investment field can be roughly divided into two categories. The first category is distinctive from unidirectional, subject to a risk-neutral condition; the second category demonstrates the nature of semi-Markov resulting from the evolution of multi-phasic risks. This paper makes cross-sectional analysis of risk-related sets of values and comes up with the conceptions of ＂strategy analysis based on minimum attractive rate of return on investment＂ and ＂pricing model for unidirectional risk compensation＂ under non-risk neutral condition.

关 键 词：不确定性 决策模型 中性风险 单向风险 投资低限 

分 类 号：F832.48[经济管理—金融学]