一个海归博士写的《中国金融学面临的挑战和发展前景》

:2003-06-12:(1967.12-),,,,,20038(278)JournalofFinancialResearchNo.8,2003GeneralNo.278(,100032):,:;,;:,,:;;,;,:;;;:F830:A:1002-7246(2003)08-0036-09:2001:,20,,20032,10,2002;1232,50%,,,,,63,,,:1.,(Finance),WebsterToFinance(ToRaiseOrProvideFundsOrCapitalFor)(CorporateFi2nance)()(BusinessOfFinancingBusinesses),(TheNewPalgraveDictionaryOfMoneyAndFi2nance)FinanceA(StephenA.Ross)Finance,Finance:,Finance,Finance50,Finance,,,,(,1995),,(Finance),(MoneyAndBanking)(InternationalFinance):,,2080,(InternationalFinance),(),FinanceFinance,:CorporateFinance,(AssetPricing)Investments,,Cor2porateFinance,,,,Finance,2.73,,:,,(),,,,,,,,,,(Ph.D.Program),,,,Finance,,Fi2nance3.,,,,,,,,,,,,,,,(Finance):,,1.(Finance)Finance,(SecuritiesMarketMicrostructure),832.(MacroFinance)(MacroFi2nance),MacroFinance:,(InternationalAssetPricingAndCor2porateFinance)(FinancialMarketAndIntermediations),,,,......,,(CAPM),(1972)CAPM:;;;;,;,,,;,,,,3.,,,:(FinancialEngineering);(Lawandfi2nance),,,,,,,,,2011,,,,,?(Art)(Science),,,,,,93(GoBeyondMathematics),,:,??,?,,(LawAndFinance)2070(LawAndEconomics),Rowley(1989),::,,,,,,,,,,,:1.(CostOfCapital),,,,,;,,,();();(),Modigliani&Miller(1958)()MM,,04,,,,(AssetPricing,),,(),,,,,(2003),2.(StochasticDiscountFactor),,,,Arrow-De2breu,CAPM,,,;,,,,,,CAPM,,,,(),,,,?ABH,?,?3.,,,,,,,,,,14,(OnePeriod),,,(AGoodStory),,,,4.,,,,,,,,,,,:,,,,,Shiller(1984),DeLongetal.(1990),Cutler,Poterba&Summers(1991)Kahneman&Tversky(1979),,5.,,,,,,,,,;,,,,,,Easterbrook&Fischel(TheEconomicStructureOfCorporateLaw)(Corporate)(Fi2nance)(Zingales2000)(Corporate),Finance?:,24,,()(),(Corporation)(Corporatefinance),(EnterprisefinanceFirmfinance),,,Alchian&Demsetz(1972)Jensen&Meckling(1976),,(BakerGibbons&Murphy(1999)),,,,?Grossman&Hart(1986)Hart&Moore(1990),,,Myers(1977),,,,,,,,(),,,(),,,,,,,,,1Alchian,Armen,andHaroldDemsetz,1972,Production,informationcostsandeconomicorganization,AmericanEconomicRe2view,62,777-705.2Baker,George,RobertGibbons,andKevinJ.Murphy,1999,Implicitcontractsandthetheoryofthefirm,Workingpaper,Har2vardBusinessSchool.3Cutler,David,JamesPoterba,andLawrenceSummers,1991,Speculativedynamics,ReviewofEconomicsStudies58,529-546.4DeLong,J.Bradford,AndreiShleifer,LawrenceSummers,andMichaelWaldmann,1990,Noisetraderiskinfinancialmarkets,JournalofPoliticalEconomy98,703-738.5Grossman,Sanford,andHart,Oliver1986,Thecostsandthebenefitsofownership:Atheoryofverticalandlateralintegration,JournalofPoliticalEconomy94,691-719.6Hart,Oliver,andJohnMoore,1990,Propertyrightsandthenatureofthefirm,JournalofPoliticalEconomy98,1119-1158.7Jensen,M.C.,CapitalMarkets:TheoryandEvidence,BellJournalofEconomicsandManagementScience,1972,pp.357-398.348Jensen,MichaelC.,andWilliamMeckling.1976,Theoryofthefirm:managerialbehavior,agencycostsandcapitalstructure,JournalofFinancialEconomics3,305-360.9Kahneman,Daniel,andAmosTversky,1979,Prospecttheory:Ananalysisofdecisionunderrisk,Econometrica47,263-291.10Myers,Stewart,1977,Determinantsofcorporateborrowing,JournalofFinancialEconomics5,147-175.11Modigliani,F.&Miller,M.H.,TheCostofCapital,CorporationFinance,andtheTheoryofInvestment,AmericanEconomicReview,Vol.48,No.3,1958,pp.261-297.12TheNewPalgraveDictionaryofMoneyandFinance,EditedbyPeterNewman,MurrayMilgateandJohnEatwell1992.13Rowley,CharlesK.(1989),PubilicChoiceandtheEconomicAnalysisoflaw,inNicholasMercuro(ed.),LawandEconomics,Boston,KluwerAcademicPublishers,123-173.14Shiller,RobertJ.,1984,Stockpriceandsocialdynamics,BrookingsPapersonEconomicActivity2,457-498.15Zingales,Luigi,2000,InSearchofNewFoundations,JournalofFinanceAugust2000.16,,,,19954117,,,:microfinance,macrofinanceandthejointareawithotherfields.Italsoproposesthefollowingsubjectsforfutureresearch:costofcapital,assetpricing,behavioralfinanceandlawandfinance.Keywords:finance,lawandeconomic,macrofinance,behavioralfinance(:)(:HA)44