【摘要】 不断出现的资产收益可预测性现象逐渐动摇了研究者对投资者完全理性假设的信心,通过将心理研究成果引入资产定价领域,假设投资者有限理性和存在实际决策偏差,基于投资者心理偏差的资产定价模型从不同角度将资本市场中出现的异常现象与投资者的行为联系起来。回顾近几年资产定价理论研究的转变,对资产定价理论的最新研究成果及其理论基础进行总结和评述,以期进一步明晰研究发展方向和促进资产定价理论发展。更多还原

【Abstract】 More and more phenomena of revenue predictability have shaken the researchers confidence in holding the hypothesis that investors are totally rational. By introducing the related psychological research achievements into assets pricing field,it’s assumed that investors are finitely rational,that there is a real decision-making deviation,and that it’s in the assets pricing model based on investor’s psychological deviation that abnormal phenomena in capital market are combined with investor’s behavior from different angles. This paper,by reviewing the shift of assets pricing theories in recent years,summarizes and comments the latest research achievements in assets pricing theory and their theoretic bases in order to make the research direction clear and to promote the development of assets pricing theory.更多还原