中文摘要：

通过构建异质信念下的资产定价模型，分析了异质信念对资产价格以及交易量的影响，并且给出了投资者在市场中的生存条件．研究结果表明投资者对未来资产回报的预期越准确则对资产价格的影响越大，并可能最终占有整个市场而将其他投资者从市场中逐出．但是这个选择过程是漫长的，当考虑短期投资定价问题时，异质信念是影响市场的重要因素，异质信念的存在是市场交易的基础，投资者财富和信念的变化影响着资产价格的变化，而此时如果只考虑预期较准确的投资者的作用，则有可能导致偏颇甚至错误的结论．

英文摘要：

Within the framework of heterogeneity in beliefs, this paper analyses the impact of different beliefs on asset pricing and the trading volume and gives the survival condition of investors. We find that investors with a more accurate expectation of the real return of risky assets can drive other investors out of the market. But the selection process can be very slow. Therefore, when we consider investment and asset pricing in a short period, the interaction of all investors should be considered, rather than only investors with a more accurate expectation. In fact, the existence of heterogeneous beliefs is the necessary condition for the trading volume and the changes of wealth and beliefs of investors play an important role in asset pricing. If we ignore the impact of heterogeneous beliefs, the partial results will be obtained.