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本文在前人研究的基础上,从投资者追求效用最大化的角度来推导风险资产的短期价格模型,又假设短期资本市场是可以无限拆借的,对模型进行简化,用简化后的模型对市场前景预期与金融资产短期价格之间的关系进行分析,得出投资者对市场前景的预期对金融资产的短期价格有较大的影响。
Based on the previous studies, this paper deduces the short-term price model of risk assets from the perspective of maximizing the utility of investors, and assumes that the short-term capital market can borrow unlimitedly. The model is simplified and the simplified model is used to analyze the market The prospective expectation and the short-term price of financial assets are analyzed, and it is concluded that the expectation of the market prospect of investors has a greater impact on the short-term price of financial assets.