基于资产链的资产定价问题的思考

资产定价是现代金融学研究的核心内容之一,围绕这个问题更深入的探讨,促使现代金融学提出并解决许多新的具体问题,由此也构成了不同的新研究分支.指出金融市场在金融创新的推动下不断发展和深化,资产的表现形态随着金融创新过程也发生了变化,产生出一个个新的金融产品,构成了一条条资产变化链,伴随着形成了一条条价值变化链.任何单个金融产品事实上都是资产变化链条上的一个环节,所谓资产定价问题的研究,就是研究这条资产变化链上不同产品之间的价值关系.它看上去是对某种单一金融产品的研究,其实并不然,因此割裂资产变化链上各环节的相互关系,而仅仅研究一个环节本身必然会产生理论所无法解释的各种异常现象.通过总结已有的研究成果,提出了从金融创新—(导致)资产形态变化—(伴随)资产价值变化—资产定价的视角出发,系统地梳理和组织了现代资产定价理论,并对资产定价理论未来的研究提出了一些观点和思路.

Asset pring based on asset chains

Asset pricing is at the core of modern finance.Many new problems have come up and been solved in researches on asset pricing,and then more and more new research branches in finance came into being.Financial markets develop continuously with the driving of financial innovations.The form of assets also changes along with the financial innovation.More and more new financial products were created.These new financial products consist of asset chains,corresponding to value chains.Any financial product is one node in the asset chain.Actually,the research on asset pricing is the research on the value relationship among different nodes in the asset chains.When a study on the pricing of a financial product focuses on the financial product itself,neglecting its relationship with other financial products,abnormalities,which can not be explained by pricing theories,are definitely inevitable.Based on the viewpoint of Financial Innovation-Asset Form-Asset Value-Asset Pricing Nexus,this paper systematically sorts out the theories of asset pricing and also gives several opinions on the future research on asset pricing.