Based On The Assets Under Asymmetric Information Chain Of Asset Pricing Research

Asset pricing is the core issue of modern finance, The proposed ofCAPM model, which creating a milestone in the capital asset pricing.Then around relaxed assumptions, economist obtained a number ofimproved asset pricing model, such as ICAPM,CCAPM. However, thesepricing model are all belong to equilibrium pricing theory which startingfrom investors’ optimization problem. The other point of view of theasset pricing is around the no-arbitrage analysis method. The typicalpricing model is the APT and the B-S model. But the Early two assetpricing theory are both based on the rational consumers and efficientmarket. Based on these two assumptions,There can not be areasonable explanation for the financial vision experienced in financialmarket. Therefore, capital asset pricing method based on asset chain isdevelopment. But all the above theory is based on the hypothesis ofefficient market, which is not consistent with the real world. Particularly,There exists cost for accessing to information and the asymmetricinformation is an objective reality.Therefore, under the asymmetric information condition,this paperstudies the asset pricing model based on the theory of asset chain. Atfirst, we review the theory of asset chain. Then,we discuss the assetchain-based asset pricing under heterogeneous beliefs. Finally, westudy the asset chain-based asset pricing under asymmetric information,obtain insider’s and uninformed optimal risk asset holdings andeventually get the equilibrium price distribution. This article hasimportant theoretical and practical value on explaining financial vision,improving and developing modern asset pricing theory.