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中文摘要：
首先，对存在老鼠仓情况下市场各方投资、消费策略进行建模．做仓机构投资者偏好向老鼠仓消费的转移将导致其增加投资并减少消费；同时老鼠仓引发的资产价格变动将影响投资者对于资产未来收益的预期，导致投资者之间对于资产收益率的信念产生不一致．这两个方面的共同作用将提高均衡时市场的风险溢价．最后，利用我国证券市场相关数据对模型进行实证分析，结果较好地规避了“股权溢价之迷”．
英文摘要：
Firstly, this article constructs a model about the investors＇ strategy on consumption and investment under rat trade condition. As a result of diverting its preference to the rat＇ s consumption, the institutional investor will increases the investment and reduces the consumption. Furthermore, the price volatility caused by rat trade produces different beliefs on asset return among the investors. These two factors jointly heighten the market risk premium. Finally, the author uses the data from Chinese security market to make an empirical study, and resolves the equity premium puzzle.
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