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传统财务理论建立在资本资产定价模型(CAPM)和有效市场假说(EMH)两大理论基石之上,这些经典理论继承了古典经济学的分析方法和技术,但忽略了对理财行为人实际决策行为的分析。二十世纪八十年代行为财务理论研究悄然兴起,CAPM和EMH的权威地位受到威胁。本文在阅读大量文献的基础上,对行为财务学的理论假设做了比较深入的分析。
Traditional financial theories are based on two theoretical cornerstones of Capital Asset Pricing Model (CAPM) and Efficient Market Hypothesis (EMH). These classical theories inherit the analysis methods and techniques of classical economics, but neglect the actual decision-making behaviors of financial managers Analysis. The theory of behavioral finance in the 1980s quietly rose, and the authority of CAPM and EMH was threatened. On the basis of reading a large number of literatures, this article analyzes the theoretical assumptions of behavioral finance.