国际金融市场研究方法的逻辑演变——有效市场假说面临的挑战

有效市场假说作为金融经济学的理论基石,无疑是我们研究国际金融市场的重要方法和依据。许多其他得到广泛 应用的金融投资理论皆以此为基础。历经30年的发展,有效市场理论在不断得到支持的同时,也面临了许多新的市场理论的挑 战。混沌理论和分形市场理论,特别是对于市场异象做出新解释的行为金融学,都从不同角度对传统有效市场理论进行了突破。这 不仅为研究国际金融市场提供了新的思路和方法,也对金融市场的决策者和生产者有着巨大的现实意义。

Logical evolution of the international financial market research method --Challenges to effective market hypotheses

Effective market hypothesis are the fundamental method and basis of the study of international financial market as the Foundation stone of the financial economics.A lot of widely used financial investment theories are based on this. EMH has been supported by other theories as well as facing the challenges of many new market theory in the past thirty years. Theory of chaos theory , fractal market theory and especially behavior finance have broken through some phenomenon from different angle that EMH cannot explain. It has not merely proposed the new train of thought and method for the study of the international financial market, which also has the enormous realistic meaning for the producers to the policymaker of the financial market .