中文摘要：

借鉴行为金融理论的研究成果，构造了符合一般心理活动的两类投资者，并在这个假设基础上推导出了基于异质期望的股票收益率均衡解析模型．该模型关注认知偏差间的内在联系，认为以预期方式为载体的不同认知偏差的互动作用是影响风险资产定价的深层原因．最后，据此统一解释．了股票收益率运动中的若干典型现象．

英文摘要：

According to some theoretical work in behavioral finance, two kinds of investors are specified with general characteristics on psychological actions. Then, based heterogeneous expectation methods, an analytical equilibrium model of stock return is proposed. This model concerns about the implicit relations among the cognitive biases and attributes the interactive effect from different cognitive biases via investors＇ expectation as the important influential factors over asset pricing. Finally, the model is applied to explain some classical phenomena about stock return.