| 基于投资主体行为差异的金融经济学分析 |
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| 引用本文： | 王惠,潘建国. 基于投资主体行为差异的金融经济学分析[J]. 经济问题, 2009, 0(4) |
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| 作者姓名： | 王惠 潘建国 |
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| 作者单位： | 石家庄经济学院,石家庄,050031;天津大学管理学院,天津,300221 |
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| 摘 要： | 经典金融经济学假定投资者是同质的,无法对证券市场的产生、市场价格的随机性和波动性作出满意的解释。证券市场投资主体分为个人投资者和机构投资者,个人投资者追求效用最大化,效用取决于风险和收益;机构投资者追求利润最大化。投资主体行为差异是证券市场产生和发展的原因。
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| 关 键 词： | 个人投资者 机构投资者 利润最大化 博弈 |
Financial Economics Analysis based on Behavior Differences Between Individual and Institutional Investors |
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| WANG Hui,PAN Jian-guo. Financial Economics Analysis based on Behavior Differences Between Individual and Institutional Investors[J]. On Economic Problems, 2009, 0(4) |
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| Authors: | WANG Hui PAN Jian-guo |
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| Affiliation: | 1.Shijiazhuang University of Economics;Shijiazhuang 050031;Chuina;2.School of Management;Tianjin University;Tianjin 300221;China |
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| Abstract: | Under hypothesis of homogenous investors,classical financial economics cannot explain why security markets come into being and the reasons of market prices randomness and fluctuation.In security market,investors comprised with individual and institution.Individual investors pursue utility maximization and institutional investors pursue profit maximization.The behavior differences between individual and institutional investors is the root reason of security market's occurrence and development. |
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| Keywords: | individual investors institutional investors profit maximization game |
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