文档介绍：山西财经大学
硕士学位论文
基于行为金融学理论的投资者行为及实证分析
姓名:彭岳恒
申请学位级别:硕士
专业:金融学
指导教师:李锁云
2011-03-14
基于行为金融学理论的投资者行为及实证分析
摘要
长期以来,大多数经济学家对于投资者投资行为的研究主要是基于传统的
经济学理论。传统的经济学理论是以理性经济人的假设为前提的。然而,大多
数投资者的投资行为实际上并不是完全理性的。他们在投资过程中的投资决策
往往要受到包括心理因素在内的多方面因素的影响,因此基于传统经济学的分
析方式就有了很多局限性。
本文主要依据行为金融学这一学科,以人是有限理性的为假设前提,通过
运用行为与认知偏差、期望理论、态度效果以及行为金融学对异常现象的解释
来分析投资者的投资行为在股票市场上的变化。以投资者在投资决策过程中,
主要会受到过度自信、框定偏差、启发式偏差、从众心理、后悔厌恶和损失厌
恶等因素的影响,并且这些影响在人们的行为和决策过程中发挥着重要作用为
主要研究内容,进行实证分析与研究。首先,对行为金融学理论在我国股票市
场中的适用性进行了分析;然后运用实证分析来证明本文所涉及的理论;最后
提出针对投资者投资心理变化导致的行为变化中所应改进的部分和投资策略。
随着投资环境以及投资者复杂心理的不断变化,在对其进行研究时,我们
已经不能仅仅满足于来自传统经济学理论中的判断、预期和结论,而是需要更
精准更贴近实际的理论。因此这就更需要从人本身的行为以及导致这一行为的
原因出发,找出更好的办法,解决经济难题。

【关键词】有限理性经济人;行为金融学;投资行为;
基于行为金融学理论的投资者行为及实证分析
Abstract

Over the years, most economists research the investment behavior of consumers is mainly
based on traditional economic theory —— the assumption of rational economic man. However,
the fact that most consumers are not fully rational, in the consumption process is often including
various factors, such as psychological effects, so traditional analysis methods have a lot of
limitations.
This paper mainly based on behavior finance this subject to man is limited rational for
assumptions, through to the investors' investment behavior in the stock market changes the
empirical analysis research. By investors in the investment decision-making process will be affected
by the overconfidence, SSC deviation, heuristic bias, regret aversion and loss aversion and other
factors, and these effects on people's behavior, and decision-making plays an important role as the
main research contents.
As changing investment environment, we cannot just from the traditional economic theory to
get accurate judgments and expectations, which requires from the person's behavior and the reasons
that led to this behavior starting to find a better solution to the economic problems.

【Key Words】limite