【摘要】：本文從實(shí)驗(yàn)金融學(xué)的視角介紹了資產(chǎn)泡沫最新的定義和分類,闡述了投機(jī)性泡沫、理性泡沫與非理性泡沫之間的區(qū)別和聯(lián)系,著重從信息對(duì)稱、信息不對(duì)稱、有限套利泡沫、異質(zhì)信念和實(shí)驗(yàn)金融五個(gè)方面系統(tǒng)評(píng)述了資產(chǎn)價(jià)格泡沫理論的發(fā)展歷程和新進(jìn)展,指出該領(lǐng)域進(jìn)一步的研究方向和中國(guó)開(kāi)展資產(chǎn)價(jià)格泡沫研究的重要意義。研究表明,隨著現(xiàn)代金融學(xué)的高速發(fā)展,學(xué)界對(duì)資產(chǎn)泡沫的研究日益深入。特別是非理性和實(shí)驗(yàn)金融學(xué)視角的引入,突破了傳統(tǒng)金融框架的束縛,為這一課題研究帶來(lái)了新的認(rèn)知和理解。即便如此,目前仍無(wú)法根除資產(chǎn)泡沫產(chǎn)生的可能性。很多相關(guān)問(wèn)題,如資產(chǎn)泡沫產(chǎn)生的時(shí)間和根本原因,仍然等待著學(xué)者們?nèi)ヌ剿骱脱芯俊?br/>[Abstract]:This paper introduces the latest definition and classification of asset bubbles from the perspective of experimental finance, and expounds the differences and relations among speculative bubbles, rational bubbles and irrational bubbles, focusing on information symmetry, information asymmetry, limited arbitrage bubbles. This paper systematically reviews the development course and new progress of asset price bubble theory from five aspects of heterogeneous belief and experimental finance, and points out the further research direction in this field and the significance of developing asset price bubble research in China. The research shows that with the rapid development of modern finance, the research on asset bubble is getting deeper and deeper. Especially, the introduction of irrational and experimental financial perspective breaks through the shackles of traditional financial framework and brings new cognition and understanding to this subject. Even so, the possibility of an asset bubble cannot yet be eradicated. Many related issues, such as the timing and underlying causes of asset bubbles, are still waiting for scholars to explore and study.
【作者單位】： 廈門大學(xué)王亞南經(jīng)濟(jì)研究院、經(jīng)濟(jì)學(xué)院和"計(jì)量經(jīng)濟(jì)學(xué)"教育部重點(diǎn)實(shí)驗(yàn)室;廈門大學(xué)經(jīng)濟(jì)學(xué)院金融系;
【基金】：國(guó)家自然科學(xué)基金“中國(guó)股市投機(jī)性泡沫識(shí)別和投資者乘騎泡沫行為研究”(71071132) 教育部人文社會(huì)科學(xué)重點(diǎn)研究基地重大項(xiàng)目“我國(guó)宏觀經(jīng)濟(jì)運(yùn)行的微觀基礎(chǔ)研究”(08JJD790134),教育部人文社科規(guī)劃項(xiàng)目“緩沖儲(chǔ)備理論和我國(guó)城鄉(xiāng)居民消費(fèi)結(jié)構(gòu)的演進(jìn)”(09YJA790118),教育部人文社科基金項(xiàng)目“異質(zhì)信念,賣空限制與中國(guó)股票市場(chǎng)暴漲暴跌機(jī)制研究”(08JA790109)的資助
【分類號(hào)】：F830

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