中國(guó)股票市場(chǎng)個(gè)體投資者行為研究——行為金融框架下的心理學(xué)試驗(yàn)和實(shí)證檢驗(yàn).pdf

1、華東師范大學(xué)博士學(xué)位論文中國(guó)股票市場(chǎng)個(gè)體投資者行為研究——行為金融框架下的心理學(xué)試驗(yàn)和實(shí)證檢驗(yàn)姓名：楊奇志申請(qǐng)學(xué)位級(jí)別：博士專(zhuān)業(yè)：世界經(jīng)濟(jì)指導(dǎo)教師：馮文偉20050401ABSTRACTThetheoryofbehavioralfinancecomesintobeingwiththechallengesandqueriestothemodernfinancialtheoryBasedonpsychologicalexperiments，

2、behavioralfinanceanalyzeddifferentkindsofinvestorsmentaIcharacteristicsandusetheseresultstostudyinvestor’sdecision—makingprocessaswellasitsimpactontheassetspricingFromthebehavioralanalysisoftheconnectionsbetweeninvestors

3、’behaviorandthefluctuationofstockprice，wecangetacluethatinvestors’behavioristhekeyfactortoinfluencestockpricesThat’sbecausemostofinvestorsareirrationalBecauseofdifferentreasonsIndividualInvestorslacktheabilitiestoanalyze

4、orprocessthealreadyknowninformationwhichhasanegativeimpactontheconnectionbetweeninformationdeliveryandpricefluctuationConsideringChinesestockmarketisstillyoung，itsstructureandsupefvisionsystemarenotquietsound，whichleadto

5、highdegreeofinvestors’unreasonablenessThereforeitisanecessitytostudyChineseinvestors’behaviorthroughthetheoryofBehavioralfinanceThisarticlemadeareviewinthebehavioralresearchofinvestorsinstockmarketFirstlywegivereadersthe

6、clearunderstandingoftheresearchfieldunderthetheoryofBehavioraffinanceThenweadopttheoverseascomparativelysoundresearchmethodspsychologicalexperimentsandempiricalstudyWeanalyzeChineseinvestors’mentalbiasanddecisionmakingbe

7、haviorsanddrawconclusionsThisarticlealsoputsforwardsomeinvestmentstrategiesfortheindividualinvestorsAccordingtothepsychologicalexperimentstargetingontheindividualinvestorsofChinesestockmarketwefoundthatwhenatfaceofriskch

8、oice，thetestedinvestorshavefamiliarcognitionbiaswhichincludeobviousoverconfidence，ambiguityaversion10staversenessaswellasanchoringandadjustInformedbythat，wecandeducethatwhenmakingadecisionChineseinvestorshaveanalogicalme

9、ntalbiasesaswhichhadbeenfoundabroadHowever，becauseofthedifferenceineconomyandcultureenvironment，thedegreeinmentalbiasisdifferentThen，backedupbystatisticsinChinesestockmarket，thisarticletakesmetricteststotheassumptionsofo