现代金融学

IPO首日收益异常，是现代金融学研究的十大谜团之一，一直广受理论实务部门的关注。

IPO abnormal initial return is one of the top ten mysteries of the study of modern finance , which has been well attracting academia and industry attention .

EFSF不是一家主权投资银行，而是一家相当复杂、又不那么透明的机构，完全不是现代金融学教科本中的典型。

The EFSF is not a sovereign investment bank , but a rather complicated and not very transparent structure , right out of the textbook of modern finance .

现代金融学大厦是建立在有效市场假说（EMH）基础之上的，主流的金融工具及衍生产品定价均是以EMH为前提假设，指数型基金的发展更是直接得益于有效市场假说的广泛推广。

The modern finance theory is based on the Efficient Market Theory , which is also the precondition of the mainstream financial instruments and derivates pricing models , and the development of index funds is benefited from the EMH directly .

而鞅论与停时更是现代金融学、破产理论、风险投资、保险学的理论基础。

Martingales and stopping times are the basis of Finance theory .

本论文根据现代金融学的理论把商业银行信贷风险严格定义为商业银行信贷活动预期收益率概率分布的标准差。

The Credit rate of return has its own probability distribution .

现代金融学与行为金融学的比较研究&不同研究范式和体系框架下的融合

Comparative Analysis Between Modern Finance and Behavioral Finance

金融市场的风险和波动性一直是现代金融学研究的主题。

Financial market risk and volatility is a main issue for modern finance research .

现代金融学理论的疏漏与分歧

Omission and Divergence in Modern Finance Theories

现代金融学理论中对金融资产收益的波动率估计方法是经济金融多个领域研究的核心内容之一。

In the modern financial market theory , financial assets volatility describes is one of the most important elements .

有效市场理论是现代金融学的基础，在这个基础上诞生了很多重要的金融模型。

Efficient Market Hypothesis is the base of modern finance theory . Many financial models are proposed based on EMH .

在研究的基础上，论文把现代金融学和行为金融学所暗含的动力机制模式归类为静态机制，把引入复杂适应系统后建立的智能体模型所揭示的新机制归为动态机制。

We classify the old mechanism as static mechanism and the new mechanism based on complex adaptive system as dynamic mechanism .

金融学的研究范围中金融产品的供给是现代金融学的核心问题之一。

The scope of financial products in the supply of modern finance is one of the core issues when study finance .

基于现代金融学理论和计算机技术的现代信用风险量化模型，是信用风险量化方法的最新发展。

Quantitative models of credit risk management which is based on modern finance theory and modern computer technology is the latest development .

证券组合投资理论是现代金融学的重要部分，也是当今科学研究的难点和热点之一。

Portfolio theory has been an important part of modern financial theory and one of difficult and hot issues in scientific research nowadays .

它是对传统金融学如有效市场理论、套利定价理论等的创新，也反映了现代金融学研究的最新发展。

As an innovation to traditional finance theories , such as effective market theory , it reflects the forefront development of contemporary finance .

随着全球老龄化危机的到来，社会保障以及社会保障基金的研究成为现代金融学研究的热点和难点之一。

With the global population aging , social security and social security fund now become one of the difficult and hot issues in scientific research .

证券市场上投资者行为研究是现代金融学和行为学所关注的重点问题之一。

The Research on the behavior of investors in the Security Market is an keystone problem focused by the Modern Finance and the study of Behavior .

经典资产定价理论以理性人假说和有效市场假说为理论基础对资产进行定价，是现代金融学理论的核心。

Traditional asset pricing theories price the assets based on the hypothesis that investors are rational and market is efficient , which are the core of modern financial theory .

作为现代金融学理论的基础，它们将选择风险资产的复杂过程大大简化，给出了简洁优美的定价公式，从而使投资者能够方便地、广泛地应用它们解决投资决策中的一般性问题。

They have concise and pretty formations , and they can be easily , widely employed by investors to dissolve general questions existed in the actions of investment decision .

波动率是金融风险管理、衍生品定价、以及投资组合构建等领域的关键变量，对波动率的准确预测一直是现代金融学研究的热点问题。

As the critical variables of financial risk management , derivatives pricing , portfolio construction and so on , how to forecast volatility accurately has been a hot issues in modern finance research field .

另外还有一些目前难以量化的长期转变，例如对现代金融学诸多方面理论基础的反思这种反思将影响现代金融的方方面面，从评估银行资本到给抵押贷款定价。

There are also as yet unquantifiable longer-term changes such as the rethinking of the theoretical foundations of much of modern finance which would have ramifications for everything from assessing bank capital to pricing mortgages .

按照现代金融学的观点，石油金融的内涵可界定为：（利用金融市场和金融工具）在不确定性条件下跨期、跨地域配置稀缺石油资源。

In accordance with the view of implications of modern finance , oil financial can be defined as : using financial markets and financial instruments allocate scarce oil resources under uncertain conditions ( cross-period , cross-regional ) .

有效市场理论在现代金融学中占据着统治地位，金融学的绝大多数研究领域，尤其是证券分析理论，都是在这一学说及其应用的基础上建立起来的。

Efficient market theory occupies a dominant position in modern finance , the vast majority of the finance research in the field , especially in securities analysis , has been established in this theory and its basic application .

市场效率是现代金融学分析与思维的主线，是股票市场发展的核心问题，衡量股票市场优劣程度的首要标准就是市场效率的高低。

Market efficiency is the main line of modern financial analysis and thinking , and the core question of stock market development , the primary criterion of measuring the extent of the stock market is also the market efficiency .

经典理论有效市场理论是现代金融学的基石，然而随着金融市场不断的发展及其研究的深入，基于线性思维的有效市场理论受到了很大的挑战。

Effective market theory which is one of the classical theories is the cornerstone of modern finance , but the efficient market theory based on linear thinking has been a great challenge with the financial market development and research in depth .

现代金融学的许多经典问题，如套利定价原理以及风险中性定价等都可以用随机折现因子模型理解，随机折现因子模型是资产定价模型的统一框架。

Through the stochastic discount factor model , it is easy to understand some classical problems of modern finance , such as arbitrage pricing theory and risk neutral pricing , etc. Asset pricing models are unified under the stochastic discount factor frame .

资本市场有效理论是许多资产定价模型、投资决策与资源配置的基础，有着广泛的应用，是现代金融学研究的核心问题之一，国内外学者都展开了大量的实证研究。

The efficient market hypothesis is one of the core issues of modern finance which has extensive applications . It is the foundation of many pricing models and investment decisions . Domestic and foreign scholars have carried out extensive researches on this issue .

金融计量学以其独有的研究对象和研究方法已成为现代金融学最为活跃的分支之一，其综述了市场有效性、市场波动与风险度量三个领域中的经典模型和方法；

Financial econometrics has become one of the most active fields in modern finance due to its unique study object and method . This paper first reviews the classical models and methods in the field of efficient market hypothesis volatility and risk measurement .

现代金融学的理性投资者假设自身存在的局限性，在很多的领域已赶不上金融研究的脚步，于是随之而来的行为金融学越来越受到现代金融经济学家的偏爱。

In modern finance , the assume " rational investor " has their own limitations , and there have been behind the pace of financial research in many areas . Therefore the attendant behavioral finance get preference of modern financial economist more and more .

随着全球逐渐步入老龄化时代，社会保障研究成为现代金融学研究的一个热点和难点，其核心问题是如何实现社保基金有效的保值增值。

As the whole world steps into the age of aging , the research into social security development has become a hot-discussed and difficult issue in modern financial researches . Its key problem is how to realize the inflation-proofing and appreciation of social security fund .