| 摘 要： | 2008年全球金融危机后,金融投资理论在重新理解和抽象真实世界的基础上,对主流估值模型、投资者行为和全球宏观对冲等几个重要方面进行了深刻反思。总的来看,微观层面的进展,一是进一步认识到把投资者情绪引入传统基本面估值模型中的意义;二是利用动物精神理论发展了对投资者认知规律、决策过程和群体行为的研究。宏观层面的进展表现为提出了储蓄者和非储蓄者模型以及＂新常态＂和国际货币新体系的观念。Abstract：After global financial crisis in 2008,on the basis of reunderstanding the real world and putting it in abstract terms,financial investment theory has thoroughly rethought its keyaspects including mainstream valuation models,investor behavior and global macro hedging,etc. In summary,one of the developments in the micro perspective is the further realization ofthe significance of integrating investor sentiment into traditional fundamental valuation models,and another development lies in the research on investor perception,decision process and herd behavior based on the theory of animal spirits. Development in the macro perspective resides in the introduction of the model of saves and dissavers,as well as the ideas of new normal and new international monetary system.
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