金融危机下行为金融学研究的历史使命:一个综述

发布时间：2018-06-20 02:31

本文选题：金融危机 + 行为金融　；参考：《管理评论》2012年01期

【摘要】：金融危机是一个宏观概念,对金融危机的研究通常是从宏观角度展开,然而金融市场的宏观整体波动往往依托于微观主体的系统性行为偏差。为探讨宏观金融危机背后的微观行为机理,本文从行为金融学视角,将个人微观行为对金融市场系统性偏差和危机产生的作用机制进行系统的文献整理。基于金融危机的微观行为机理,以羊群行为为核心,从认知偏差、金融代理投资和社会互动因素三个角度,综述了导致羊群行为发生并致使资产泡沫的形成和破裂,最终发生金融危机的过程的微观诱因。最后,本文展望了行为金融学对应对金融危机和重构金融体系研究的历史使命以及学科自身的发展方向。
[Abstract]:Financial crisis is a macro concept, and the study of financial crisis is usually carried out from the macro angle. However, the macro fluctuation of financial market is often based on the systematic behavior deviation of the micro subject. In order to probe into the microcosmic behavior mechanism behind the macro financial crisis, this paper makes a systematic literature review on the systematic deviation of individual micro behavior to the financial market system deviation and the mechanism of the crisis from the perspective of behavioral finance. Based on the microcosmic behavior mechanism of financial crisis, this paper summarizes the formation and bursting of asset bubbles from the three aspects of cognitive bias, financial agency investment and social interaction, taking herding behavior as the core, which leads to the occurrence of herding behavior and the formation and bursting of asset bubbles. The micro-inducement of the process of financial crisis. Finally, this paper looks forward to the historical mission of behavioral finance to deal with the financial crisis and restructure the financial system and the development direction of the discipline itself.
【作者单位】：中南大学商学院;
【基金】：国家自然科学基金项目(7087211171071166);国家自然科学基金创新群体项目(70921001)
【分类号】：F830

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