摘要
经典金融理论在解释实际市场所发现的众多异象(anomalies)方面显示出了较大的局限性,而以非线性动力学、复杂系统及统计物理学的研究成果为基础,力争对这些异常现象进行理论解释和建模研究的"金融物理学"(econophysics)却逐渐成为金融学研究中的重要领域.文章在简要介绍经典金融理论演进的基础上,提炼总结了几种已被普遍接受但却无法为经典金融理论所解释的金融异象,由此阐释了金融物理学兴起的原因,并评述了金融物理学的定义、研究内容、最新进展等问题,最后对经典金融理论与金融物理学的关系进行了探讨.
Classic financial theories are far from the explaining lots of anomalies in real markets.Nevertheless the Econophysics,which is based on nonlinear dynamics,complex system and statistical physics and aims at explaining and modeling these anomalies,has been an important area in financial studies.Firstly,this paper briefly introduces the classic financial theory.Secondly,several anomalies which are accepted generally but can not be explained by classic financial theory are summarized and then the reason of the rising of Econophysics is proposed.We comment on several key aspects such as the definition,researching content and new evolution of econophysics.Finally,the relationship between the classic financial theory and econophysics is discussed.
出处
《管理科学学报》
CSSCI
北大核心
2014年第9期40-55,共16页
Journal of Management Sciences in China
基金
国家自然科学基金资助项目(71101119)
四川省教育厅创新团队建设资助项目(JBK130401)
中央高校基本科研业务费专项资金资助项目(JBK140153
JBK131109)
关键词
经典金融理论
金融物理学
金融异象
classic financial theory
econophysics
financial anomalies
