| Assumptions of modern financial theory has its limitations, its research findings tendto deviate from the empirical test, and can’t effectively explain the "small-cap effect,calendar effects, the equity premium puzzle" and other anomalies. Behavioral financetheory conditionally relax the assumptions of "rational man", being able to explain theanomalies and promoting the development of modern financial theory; meanwhile thistheory adds the defects modern financial theory doesn’t have, such as the arbitrary use ofpsychological bias. Both of the theory can’t effectively deal with the current financialcomplexity and nonlinear problems; at the same time, the development of the moderntheory of Systems Science brings the non-linear, non-reductionist and non-deterministicway of thinking, providing conditions for financial theory innovation; also in the ear ofpost-financial crisis, the complex and changeable economic situation requires and calls forthe innovation of financial theory. Therefore, basing on the theory of dissipative structurein the Systems Science with the combination of thermodynamics, ecology, and informationtheory, this thesis builds the basic framework of financial theory of dissipative structure,and initially applies this theory into financial research and obtain useful results, which is animportant element of the innovation of financial theory, not only having a high theoreticalvalue, but also important practical significance.The full text is divided into five chapters. Chapter1is the introduction whichdescribes the research background and significance, the object of study, the main contentand innovation of this article. Chapter2reviews the studies on the financial systemconducted by the scholars using dissipative structure theory. Chapter3describes thetheoretical basis of the financial theory of dissipative structure system. Basing on thetheory of Chapter3, Chapter4constructs the system of dissipative structure financialtheory, and conducts some researches on its core ideas, viewpoints and main content.Chapter5compares the financial theory of dissipative structure constructed in Chapter4with the modern financial theory, and conducts normality test on the return on stock marketassets, proving that the normal distribution assumption of the yield from modern financialtheory deviates from the reality. In the end, apply entropy method from financial theory ofdissipative structure system into the evaluation on the vulnerability of the banking systemand then make recommendations on this basis.In this article the innovation points is as follows: First, the concept of dissipative structural system of financial theory is firstly proposed, and explain the core ideas andviewpoints of this financial theory. Second, build a systematic theoretical framework forthe financial theory of dissipative structure system, and improve the scientific andsystematic nature of applying the dissipative structure system theory into the financialsystem. Third, conduct the application of entropy theory into the quantitative study onfragility of the banking system, and put forward the evaluation system of banking stabilitybased on the financial entropy theory. |
