文档介绍：我国证券投资者的非理性行为研究
——基于行为金融学视角
The Study on Individual Investors’ Irrational Behavior in China Based on Behavioral Finance
摘要
行为金融学融合了经济学和心理学,研究在不确定环境下,金融市场的投资者决策过程中的心理因素及其偏差行为对市场价格的影响。行为金融学的崛起,不仅动摇了有效市场假说(EMH)的主流的地位,而且为金融经济学提供了一种新的理论、一套新的对实证检验规律的解释和新的预测方法。作为新兴的证券市场,我国股票市场参与者中,个人投资者占了很大比重。因此,对个人投资者投资行为进行研究,对于国内股票市场的研究具有重要的参考意义。
本文基于行为金融学角度,为了更好的解释证券市场中存在的各类异象,深入研究了我国股票市场个人投资者的心理与行为偏差。论文首先阐述了行为金融关于投资者决策与行为偏差的理论基础,包括不确定环境下的风险决策:前景理论和不确定条件下的认知与行为偏差。然后,采用心理问卷的方式对现阶段中国个体投资者的认知与行为进行了调查。通过五地实地调查与研究,作者发现,我国中小证券投资者确实存在认知与决策偏差,具体包括存在框定效应、自我归因、心理账户、处置效应、反射效应等,而以上心理基础将导致非理性投资行为,继而导致股市异象,造成效率低下。最后,笔者依据当前中国证券市场中小投资者众多且抵御风险能力弱的特点提出分别对投资者、政府及证券监管部门,以及券商和上市公司提出了建议。
关键字:行为金融学个人投资者非理性行为
Abstract
Behavioral finance focuses on the investors’ psychology and their biases in the process of decision making under uncertainty. The rising of behavioral finance, which assumes the investors to be irrational and psychologically biased, challenges the domination of EMH, and starts a methodological revolution in the field of finance. Although behavioral finance is still in its infancy, it has presented financial economics with a new body of theory, a new set of explanations for empirical regulatrities, as well as a new way to predict. As an emerging stock market, in China the individual investors accounted for a large proportion. Therefore, it is meaningful for researching domestic securities market to study individual investors’ behavior while they buy and sell stocks.
This study focuses on the irrational behavior of the securities investors and aims to explain the abnormal phenomena in stock markets based on behavioral finance. In chapter 2, The author introduces the Prospect theory and some behavior biases in decision making under uncertainty which are foundation theory in behavioral 3 is a cognitive and behavioral investigation es from psychological questionnaires to domestic individual investors. The auther found that medium and small investors have the irrational psycho