理性与非理性的撞击——现代金融理论的拓展研究

传统主流金融理论在理性框架下,通过对市场金融活动中当事人的行为动机与方式的理想化的假设,配合以缜密的推理与完善的数学表达,将纷繁复杂的经济现象提炼为相对简明的逻辑关系,从而为人们的金融决策提供了理论指导。然而在现实的投资活动中,由于受到信息不对称的影响和自身能力的限制,投资者做出的决策与作为理性人按照效用最优化的理论所做出决策完全不同,因此完全理性的投资决策只是人们追求的一种理想状态,人的实际行为并不具备客观理性的特征,而非理性金融理论的引入必将对传统金融理论产生巨大的冲击,推动金融理论的发展。

Expanded Study on Financial Theory by a Clashes between Rational and Irrational Financial Theory

In the framework of the traditional stream financial theory ,by assuming investors ＇behavior motive and manner idealized in financial market,adapted careful ratiocination and perfect mathematics expression ,which refines numerous and complicated economic phenomenon to relative concise logical relations,provide guide for the people＇s financial decision on theories. But in reality investment activity,investors＇decisions are totally differ from the rational decision according to utility maximum theory because of being affect by the information dissymmetry and limitation of human ability. So we think that the complete rational investment decision is just a kind of ideal state,and human＇s actual behaviors don＇t have the characteristic of the objective rational. However,irrational financial theory is leaded to the financial research,which must impact enormously the traditional financial theory,and must provide huge benefit for expanding the modern financial theory.