"行为财务":两种理论范式的比较和辨析

起步于1980年代的行为财务学被誉为财务学领域里的"显学",经过20多年的发展虽成就斐然但却深陷窘境.理论上的缺陷再加上实验环境与现实生活的较大差异,使得行为财务学在体系上缺乏一致性的同时.也为它的反对者预留了广阔的空间.走出窘境的可能路径乃是关注并加强行为财务理论范式的研究.本文比较行为财务研究的两种理论范式而提出的奥地利范式,对未来行为财务理论的演进无疑具有一定的启示作用.

Behavioral Finance:Comparison and Differentiation of Two Theoretical Models

The subject of behavioral finance rose in the 1980s,and has been praised as "a distinctive study" in the domain of financial science.However,the subject which has undergone a successful development in history has now fallen into an awkward situation.Theoretical limitation,together with the great distance its experiment environment deviates from the practice has resulted in a lack of systematic consistency,and also provided wide space for voices of its objectors.The solution may be to center on and enhance the research on the models of behavioral finance theory.An Austrian model which the paper puts forwards on the basis of the two behavioral finance models may bring in some enlightenment for the development of the behavioral finance theory in the future.