analysis on the assumption of financial risk management net（金融风险管理分析的假设）.docVIP

Analysis on the assumption of financial risk management net Write papers Network: Financial risk management has several important assumptions, information asymmetry, no-arbitrage equilibrium, the capital of diminishing marginal utility and risk aversion assumptions, these assumptions have an effect is not isolated, but intertwined, and some seemingly contradictory, below several assumptions about this role and interrelationships of Analysis. No-arbitrage assumption in line with the assumption of economic man, if rational economic man can know exactly what an asset is undervalued, he had no reason not to arbitrage, driven by the interests, assets, investors will be trading to make the difference. At first glance, no-arbitrage equilibrium is built on the premise of perfect information, only information is completely symmetrical, investors can expect keen to the intrinsic value of each asset, and compared with current prices, which make buying or selling decision-making, however, financial risk management assumptions and recognizing the presence of asymmetric information, this way, the two assumptions gave rise to conflicts. In fact, financial risk management is only a hypothesis if the information is symmetric, then the market is arbitrage-free equilibrium, which is Assuming no arbitrage only the existence of such an act, not that the premise of no-arbitrage equilibrium must be established that the information symmetry, because the premise of no-arbitrage equilibrium, if the market information is symmetric, then the arbitrage makes the market rapid equilibrium, so to invest in an asset can not have any excess returns generated, but also risk management does not exist, therefore, assume financial risk management is to recognize the existence of asymmetric information, it expresses the means that, because of the asymmetry of information, so the financial risk management objective is to minimize the extent of this asymmetry, the use of all available technologie