【摘要】 在国际金融市场上，投资商参与风险资产投资，国际投资商的投资行为不仅受风险资产价格变动的影响，而且受外汇市场汇率波动风险的影响，在投资者效用最大化的标准下，本文研究了国际金融市场的投资者投资决策模型．在确定性系数下，提供了反馈形式的消费投资公式，并就股价或汇率变动对投资者行为的影响进行了理论分析．分析表明，我们的模型从理论上可以解释１９９７ 年以东南亚为起点的金融危机对国际资本流动的影响更多还原

【Abstract】 On the international finance market,the investor makes investments in risky assets.The international investors behavior of portfolio investment is affected by not only the changes of security prices also the fluctuations of exchange rates.Under the standard of investors utility maximization,this paper studies the portfolio investment decision model.On condition of deterministic coefficients,a formula of optimal consumption/investment in feedback form is given.At last,the investors behavior of investment is theoretically analyzed when the stock prices and/or exchange rates fluctuations.The analysis shows that our model can theoretically explain the influence on international capital moving of the finance crisis starting from the Southeast Asia in 1997.更多还原