三种资本市场假说介评

西方金融投资学的主流观点是以有效市场假说为基础 ,以均衡、线性思维、标准计量模型优化求解为主要特征的。它们受到广泛的实证检验,是现代资本市场理论的基石。协同市场假说尤其是分形市场假说等新的更为广义的非线性理论的出现 ,为资本市场研究和投资策略设计开创了一种新视角和新方法 ,并可能重新构造资本市场理论框架

Three distinct Capital Market Hypotheses

The mainstream pattern of investment finance is based on EMH, and its main characteristic consists of equilibrium、linear thought and optimal solution of standard metrologic model, which experience all sorts of trials and are regarded as the basis of modern capital market theory. Nevertheless some famous examinations query the validity of them and draw a conclusion against the prediction of the fundamental theory. CMH、especially FMH which research more broadly on non-linear model have created a new thought and visual angle. Having an intimate knowledge of this trend we can rapidly promote researching and practicing capital market theory in China.