中文摘要：

在考察投资者信念形成影响因素的基础上，提出了股票市场中投资者异质信念的假设．并据此推导出了一个基于异质信念的风险资产价格均衡模型．这一模型从理论上证明了对股票价格产生影响的不仅包括那些影响公司经营前景的因素，还包括投资者意见分歧的程度．根据这一模型可以对金融市场上许多异象提出一致的解释性假说．

英文摘要：

We analyze the factors that affect the formation of investors＇ beliefs, then put forward the assumption that investors＇ beliefs are subject to the normal distribution. Based on such assumption, a heterogeneous belief-based equilibrium model is presented with short-selling constraints assumption. Our model proves that not only the factors that affect the future cash flows of a company will have influence on the price of the company＇ s stock , but the dispersion of investors＇ opinions on the company＇s stock will also matter. Furthermore our model provides a consistent interpretative frame for some popularly reported anomalies.