当代西方金融理论的演变与发展

本文通过对现代资产定价基础和期权定价理论的概括性回顾,描述了最近二十五年来当代西方金融理论演变与发展的轨迹.指出研究和发展跨时期模型,把静态的单一时期资产定价模型推广到动态环境下进行研究,是金融理论研究领域中的一大进步.期权定价模型对金融服务领域的实践具有极大的指导意义和推动作用,同时,金融实践反过来也为金融研究提供了实验场地,从而促进了金融理论的进一步发展.

The Evolution and Development of Western Contemporary Financial Theory

s:This thesis described the epitome of evolution and development of the contemporary Western financial theory in the past 25 years through a brief retrospection of asset pricing and option pricing theories and suggested that research and development of cross-period model with static single-period asset pricing model extended to the research under dynamic environment is a remarkable progress of financial theory. Option pricing model has implication for practice of financial service while financial practice provides financial research in turn with the experimental fields in the way to facilitate the further development of financial theory.