摘要
经典金融经济学假定投资者是同质的,无法对证券市场的产生、市场价格的随机性和波动性作出满意的解释。证券市场投资主体分为个人投资者和机构投资者,个人投资者追求效用最大化,效用取决于风险和收益;机构投资者追求利润最大化。投资主体行为差异是证券市场产生和发展的原因。
Under hypothesis of homogenous investors, classical financial economics cannot explain why security markets come into being and the reasons of market prices randomness and fluctuation. In security market, investors comprised with individual and institution. Individual investors pursue utility maximization and institutional investors pursue profit maximization. The behavior differences between individual and institutional investors is the root reason of security market＇s occurrence and development.
出处
《经济问题》
CSSCI
北大核心
2009年第4期6-8,共3页
On Economic Problems
关键词
个人投资者
机构投资者
利润最大化
博弈
individual investors
institutional investors
profit maximization
game
