摘要
有效资本市场理论揭示了股票价格运行的基本规律,但不能解释资本市场的"异象"。这种股票价格远远偏离基本价值面的"异象",主流的有效资本市场理论(EMH)已不能用"股票价格是有用信息的反映"的线性理论进行解释,而运用噪声交易理论、行为金融理论、适应性市场假说、分形市场假说等非线性理论,从人的行为以及引起人的决策行为的背后原因进行深入分析,则有助于诠释众多资本市场的"异象"。
Efficient capital market can reveals the basic rules of stock price performance, but is not able to ex- plain the anomaly of capital market. This phenomenon, stock price is far deviated from the basic face value of share, is called anomaly. Linear theory, that is, stock price is a reflection of useful information, can not inter- pret the efficient capital market theory. Some non-linear theories, such as noise deal theory, behavioral finance theory, adaptive market hypothesis, fractal market hypothesis are applied to analyze the reason of people~ behav- ior and decision-making behavior, which would help to interpret anomalies in many capital markets.
出处
《税务与经济》
CSSCI
北大核心
2014年第1期13-17,共5页
Taxation and Economy
基金
国家社科基金项目(项目编号:1213JY015)
安徽省自然科学基金项目(项目编号:1308085MG112)研究成果之一
关键词
有效资本市场
噪声交易
行为金融
适应性理论
分层市场理论
efficient capital market
noise deal
behavioral finance
adaptive theory
hierarchical market theory
