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在证券组合分析中,标准金融理论认为风险与收益具有正相关关系,而行为金融理论认为认知风险与认知期望收益具有负相关关系.将标准金融和行为金融都作为设计和管理投资组合的工具,建立了基于“自信度”的认知风险和认知期望收益模型;研究了影响认知风险和认知期望收益的主要因素;得出了标准金融和行为金融在证券组合中的关系:只有在“自信度”大于某一值的情况下,收益与风险才具有正相关关系,否则具有负相关关系;讨论了标准金融和行为金融相互转换的边临界条件.为标准金融和行为金融对证券组合中风险和收益之间的矛盾关系给予了一种有效的理论解释.
In the securities portfolio analysis, standard finance theory holds that risk and return have a positive correlation, while behavioral finance theory considers that the cognitive risk has a negative correlation with the expected return of cognitive expectancy.With both standard finance and behavioral finance as the design and management investment portfolio Tools to establish the model of perceived risk and perceived expected return based on “confidence ”; studied the main factors affecting cognitive risk and perceived expected return; obtained the standard financial and behavioral finance in the securities portfolio Relationship: There is a positive correlation between returns and risks only if “confidence ” is greater than a certain value, otherwise it is negatively correlated; the critical conditions for the conversion between standard finance and behavioral finance are discussed. And behavioral finance give an effective theoretical explanation for the contradiction between risk and return in securities portfolio.