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20世纪80年代以后,西方资产定价理论的发展进入了一个新的阶段。在新古典主义资产定价理论形成了相对完整的理论体系之后,如何解释现实市场中的种种“定价异常”现象就成为资产定价问题的研究重点。沿着新古典主义的基本分析思路,西方学者分别对市场参与者的个体偏好特征、资本市场的结构以及资产收益率分布特征进行了全新的设定,提出一系列新的定价模型。通过探讨这一发展过程,我们可以从中找到西方资产定价理论的一个主要发展脉络,由此引申出我们对经济理论发展方向的思考。
After the 1980s, the development of Western asset pricing theory has entered a new stage. After the formation of a relatively complete theoretical system of the neoclassical asset pricing theory, how to explain all kinds of “abnormal pricing” in the real market becomes the research focus of asset pricing. Along with the neoclassical basic analysis ideas, western scholars have respectively set forth a new set of individual preference characteristics, the structure of capital markets and the distribution of return on assets of the market participants, and proposed a series of new pricing models. By exploring this process of development, we can find a main development vein of western asset pricing theory, which leads us to reflect our thinking on the development direction of economic theory.