股票市场中风险与收益的关系:来自传统金融理论和行为金融理论的观点

发布时间：2018-01-11 07:28

本文关键词：股票市场中风险与收益的关系:来自传统金融理论和行为金融理论的观点　出处：《国外理论动态》2017年04期 　论文类型：期刊论文

【摘要】：股票市场风险与收益之间的权衡关系一直是金融学研究的核心问题,当前,国外学者就这一问题提出了正相关、负相关和关系不确定等三种观点。本文首先梳理了传统金融理论框架下国外学者的研究文献,然后介绍了行为金融理论框架下效用函数修正、投资者异质和市场反应对收益率和风险的影响,最后在评述前人研究的基础上展望了未来的研究方向,以期为国内行为金融学领域中关于风险与收益关系的研究提供理论依据和实证支持。
[Abstract]:The trade-off relationship between stock market risk and return has been the financial core issue of current study, foreign scholars on this issue presents positive correlation, negative correlation and the relationship between the uncertainty of the three point of view. This paper reviews the research literature of traditional financial theory under the framework of foreign scholars, and then introduces the theoretical framework of financial efficiency with correction function, affect the investor heterogeneity and the market response to the rate of return and risk, and finally prospect the future research directions based on the previous studies, the research for the domestic field of behavioral finance in the relationship between risk and return in order to provide theoretical basis and empirical support.

【作者单位】：青岛大学经济学院;青岛大学商学院;
【分类号】：F830.91
【正文快照】： 股票市场中风险与收益之间的关系一直是金融理论研究的核心问题。在有效市场假设(EMH)下,马科维茨(HarryMarkowitz)提出的均值方差理论为现代金融学研究奠定了基础。随后夏普(WilliamF.Sharpe)提出了资本资产定价模型(CAPM),将股票市场的风险与收益描述为简单的线性关系,默顿(

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