现代资产定价理论的比较和发展  

On the Comparison and Development of the Asset Pricing Theory

作　　者：戴金平[1] 李治[1] 

机构地区：[1]南开大学国际经济研究所,300071

出　　处：《世界经济》2003年第8期68-74,共7页The Journal of World Economy

摘　　要：资产定价理论是现代金融经济学的核心内容。本文将资产定价理论分为归纳法和演绎法两类进行比较。在现实中的资本市场上 ,代表性理性人假设并不完全成立 ,使得以技术分析为代表的归纳法得到了广泛应用。演绎法以精确的数理模型为基础 ,随着自身的不断发展 ,正在逐步趋于完善。行为金融学和成交量驱动的股价序列模型是资产定价理论的两个重要的新发展。归纳法和演绎法相互融合 。Two kinds of asset pricing theories, i.e. inductive and deductive methods, are compared in this paper. The hypothesis of rational economic man is not entirely tenable, which leads to the wide application of the technical analysis method in the capital market. Though deductive method, which based on the precise mathematical models, cannot solve practical problems successfully at present, it has been always progressing. Behavioral finance and volume-based stock price series are the two important developments of the financial asset pricing theory.

关 键 词：现代资产定价理论 比较研究 发展 归纳法 演绎法 行为金融学 

分 类 号：F830.9[经济管理—金融学]