中文摘要：

在卖空限制下,将信息异质和先验信念异质纳入统一的分析框架,利用贝叶斯法则推导出两类异质性共同影响下的均衡资产价格模型,进一步分析表明,两类异质性均对资产价格产生影响,但对价格波动的影响不同,异质信息投资者的增多或者先验信念异质性程度的增强会加快资产价格的涨或跌,甚至会导致暴涨或暴跌,这与Miller等仅对单异质性影响进行研究不同,研究揭示了市场中多类异质性的具体影响机制.

英文摘要：

Under the short-selling constraint, we put heterogeneous information and hetero- geneous prior beliefs into one analytical framework, and deduce the equilibrium asset pricing model. Our analyses show that two types of heterogeneity affect the asset prices, but have dif- ferent impacts on price volatility. More heterogeneous information investors or enhancement of heterogenous degree of prior beliefs will accelerate ups or downs of asset prices, even lead to hubble or crash, which are different with Miller＇s and others results.