现代金融学理论的缺陷与解决路径

发布时间：2018-08-25 18:40

【摘要】：标准金融学与行为金融学的根本分歧是市场是否具有有效性。作为标准金融学基石的有效市场假说的致命缺陷是检验时点有效,即在任何一个时点上证券价格都即时、准确地反映所有信息,这一理想化的约束条件不仅使该理论的应用价值大打折扣,也使其存在着巨大的理论缺陷。行为金融学正是抓住这一点对其提出了质疑和挑战。在推翻标准金融学的理论假设后的行为金融学也没有建立一个比标准金融学更有实际应用性的学说体系,其应用性甚至远远落后于被其否定的以CAPM、APT、OPT等为代表的标准金融学理论。市场有效周期理论认为,市场有效是一个时期而不是一个时点,通过实证研究可以对该理论进行检验。市场有效周期理论的重要价值主要是在解决标准金融学和行为金融学的分歧上实现了重大突破。
[Abstract]:The fundamental difference between standard finance and behavioral finance is whether the market is effective. The fatal flaw in the efficient markets hypothesis, which is the cornerstone of standard finance, is to test the validity of the time point, that is, the price of the securities at any point in time is immediately and accurately reflects all the information. This idealized constraint not only greatly reduces the application value of the theory, but also makes it have huge theoretical defects. Behavioral finance grasps this point and challenges it. After the theoretical hypothesis of standard finance was overturned, behavioral finance did not establish a more practical application system than standard finance, and its application even lagged far behind the theory of standard finance, which was negated by CAPM,APT,OPT and so on. The theory of market efficient cycle holds that market efficiency is a period rather than a point, and this theory can be tested by empirical research. The important value of market efficient cycle theory is to make a breakthrough in resolving the differences between standard finance and behavioral finance.
【作者单位】：吉林大学数量经济研究中心暨商学院;
【基金】：2011年教育部人文社会科学规划项目“发现价格功能的缺失:中国创业板上市公司高管辞职兑现行为分析”(项目编号:11YJA790131) 2011年吉林省社会科学基金项目“吉林省民营科技企业创业板市场上市路径研究”(项目编号:2011B030) 2009年教育部人文社会科学重点研究基地重大项目“金融危机对我国经济金融安全的动态计量与国家金融安全预警研究”(项目编号:2009JJD790015)的阶段性成果
【分类号】：F830

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