标准金融和行为金融在证券组合中的关系

在证券组合分析中,标准金融理论认为风险与收益具有正相关关系,而行为金融理论认为认知风险与认知期望收益具有负相关关系.将标准金融和行为金融都作为设计和管理投资组合的工具,建立了基于"自信度"的认知风险和认知期望收益模型;研究了影响认知风险和认知期望收益的主要因素;得出了标准金融和行为金融在证券组合中的关系:只有在"自信度"大于某一值的情况下,收益与风险才具有正相关关系,否则具有负相关关系;讨论了标准金融和行为金融相互转换的边临界条件.为标准金融和行为金融对证券组合中风险和收益之间的矛盾关系给予了一种有效的理论解释.

The Relation between Standard Finance and Behavior Finance in Portfolio

In Portfolio,standard finance thought that risk and profit are the same changing direction and behavior finance thought risk and profit are the different changing direction.In fact,they are both important tools in helping us design and manage successful investment portfolios.The paper used the degree of confidence to weigh the utilizing of information which is got by investor,and developed the modeling of perceived risk and expected profit.And detailed discussed the mainly factors effecting the perceived risk and expected profit.Then got the boundary condition between MPT and BFT.The harvest of this paper provided a foundation of theory and practice in financial market,exampled for criterion study and demonstration study and has some value.