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资产定价思想不仅是会计思想的核心内容,而且也是金融思想的重要方面,从20世纪50年代开始,经典金融学使用均衡定价和无套利定价这两种方法构建了一系列资产定价理论,促进了金融学不断向前发展。然而,经典的资产定价理论(如CAPM,APT等)的假设条件与资本市场的实际情况存在着一定的差距并在一定程度上影响了其解释能力,基于这一现实,研究者们扩展了理性投资者的假设从而创立了基于行为金融学的资产定价理论,行为金融资产定价理论通过应用心理学研究成果来修正行为人的信念和偏好形成方式,使资产定价理论的假设更符合行为人的实际决策过程。
Asset pricing idea is not only the core of accounting thought, but also an important aspect of financial thought. Since the 1950s, classical finance has built a series of asset pricing theories using equilibrium pricing and no-arbitrage pricing, Finance continues to move forward. However, there is a certain gap between the assumptions of classical asset pricing theory (such as CAPM, APT, etc.) and the actual situation of capital market and to a certain extent, their ability to interpret is affected. Based on this reality, researchers have expanded their rationality Investor’s hypothesis, which establishes the asset pricing theory based on behavioral finance. The behavioral financial asset pricing theory amends the beliefs and preferences of the perpetrator through the application of psychology research results so that the hypothesis of asset pricing theory is more in line with the reality of the perpetrator Decision-making process.