中文摘要：

行为金融学从异质交易者的角度为资产定价＂异常现象＂和难解之谜提供了新思路.将异质交易者引入新古典金融学框架下的次级债产品定价模型,获得了市场出清条件下的均衡价格,分析了异质交易者的存在对次级债产品价格的影响.研究发现异质交易者的存在会引发价格偏高,且偏差的程度随异质投资者比例的增大而增大,随信息精度的提高而降低.并针对金融危机,探讨了市场面临不能及时出清风险时,非均衡价格的变化规律.

英文摘要：

Behavior finance,by using heterogeneity investors,provides a new idea to solve abnormal phenomena and puzzle of the asset pricing.In this research,we introduce the heterogeneity investors into the pricing of credit derivatives under the classical economic framework.After that,we gain the equilibrium price under marketing clearing and find that the existence of heterogeneous investors results in premium.The more the percentage of heterogeneous investors is,the larger the premium is.There is negative relationship between the precision of information and the premium.In addition,for the financial crisis,we discuss the rules of non-equilibrium price changes under non-clearing market.