金融危机下行为金融学研究的历史使命：一个综述

摘要/Abstract

摘要： 金融危机是一个宏观概念，对金融危机的研究通常是从宏观角度展开，然而金融市场的宏观整体波动往往依托于微观主体的系统性行为偏差。为探讨宏观金融危机背后的微观行为机理，本文从行为金融学视角，对个人微观行为对金融市场系统性偏差和危机产生的作用机制进行系统的文献整理。基于金融危机的微观行为机理，以羊群行为为核心，从认知偏差、金融代理投资和社会互动因素三个角度，综述了导致羊群行为发生并致使资产泡沫的形成和破裂，最终发生金融危机的过程的微观诱因。最后，本文展望了行为金融学对应对金融危机和重构金融体系研究的历史使命以及学科自身的发展方向。

关键词: 金融危机, 行为金融, 羊群行为

Abstract: Financial crisis is often recognized as a macro concept. We usually study this topic from the perspective of macro economics. However, the aggregate fluctuations in the financial market are often triggered by the systematic behavioral bias of individuals. In this paper, we review the literature about the behavioral cause and the micro mechanism of the crisis in a systematic way. On the basis of micro behavioral mechanism, we build our review on the core of herd behavior which leads the forming and cracking of financial bubbles and even financial crisis from three dimensions: cognitive bias, financial principal-agent investment and social factors. At last, we demonstrate the perspective of behavioral finance by reconstructing the financial system and point out the trends of behavioral finance studies in the future.

Key words: financial crisis, behavioral finance, herd behavior

饶育蕾,彭叠峰,王建新. 金融危机下行为金融学研究的历史使命：一个综述[J]. , 2012, 24(1): 3-10.

Rao Yulei, Peng Diefeng and Wang Jianxin. The Mission of Behavioral Finance Researches under Financial Crisis: A Review[J]. , 2012, 24(1): 3-10.

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