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传统的资产定价理论通常假设投资者是同质的,但这一理论无法有效解释股票市场泡沫。现实中,投资者在主观和客观上都存在着明显的差异,这些差异使得投资者对市场预期具有异质性信念,在异质性的影响下表现出不同的投资行为,从而对资产定价产生重要的影响。近期的研究逐渐摆脱了同质性假设的框架,引入投资者异质性来解释股票市场过度波动和泡沫等现象,这些研究给未来的证券市场监管提供了新的视角。
Traditional asset pricing theory usually assumes that investors are homogeneous, but this theory can not effectively explain the stock market bubble. In reality, investors have obvious subjective and objective differences, these differences make investors have a heterogeneous belief in market expectations, under the influence of heterogeneity show different investment behavior, resulting in asset pricing important influence. Recent researches gradually get rid of the framework of homogeneity assumptions and introduce the heterogeneity of investors to explain the excessive volatility and bubbles in the stock market. These researches provide a new perspective for the future supervision of the securities market.