资产定价理论的历史演进与展望

资产定价理论是现代金融学的核心研究领域之一,也是研究成果最为系统、最为丰富的领域之一。从演进过程来看,资产定价理论在20世纪50年代之前尚处于理论的萌芽阶段。进入20世纪50年代之后,标准金融资产定价理论开始形成,并得到迅速发展,产生了一系列理论成果,但由于其远离现实的基本假设,标准金融资产定价理论不能完全解释现实中的资产价格决定。在学者们的进一步探索中,行为金融资产定价理论在20世纪90年代开始出现,并在近些年来得到快速发展。目前来说,资产定价理论已经取得了丰硕的研究成果,但仍然需要进一步发展,以便能够更好地解释现实中的资产定价问题。

On Evolution and Prospect of Asset Pricing Theory

Asset pricing theory is one of the major aspects of modern finance research.It also is one of the aspects which have achived most systematic and most fruitful results.As for its process of evolution,asset pricing theory is in the embryo stage of development before the 1950s.After entering the 1950s,standard finance asset pricing theory began to take shape.From then on,it has made rapid development with a series of theoretical achievements.However,because of its basic assumptions’ being far away from reality,standard finance asset pricing theory can not fully explain how asset price is determined in reality.With scholars’ further exploration,behavioral finance asset pricing theory began to appear in the 1990s,and it has made rapid development in recent years.Although so far researchers have obtained substantial achievements in the research of asset pricing theory,they still need further propel the development of asset pricing theory so as to better explain the phenomenon of asset pricing in reality.