基于行为金融的中国证券投资者行为分析
Analysis of Behaviors of Security Investment in China Based on Behavioral Finance
Abstract
传统金融理论假定证券投资者是理性的,以此为基础对证券投资行为分析,形成了有效市场假说、证券组合理论、资本资产定价模型以及套利定价理论等。然而证券市场的各种异象,诸如红利之谜、股价的过度波动等实证研究对其形成了极大的挑战,并且,其理论基础也存在诸多的缺陷。行为金融理论从投资者的心理和行为关系出发,认为投资者存在诸多的认知偏差,证券投资行为是有限理性的,以此为基础对投资行为进行分析,形成了期望理论、行为组合理论与行为资产定价模型等,对证券投资行为的分析更加贴近现实。本文运用行为金融理论对中国投资者的证券投资行为进行分析。指出中国证券投资行为同样存在有限理性及羊群效应、处置效应、过度自信、反应过度和... Traditional finance theory analyzes the behaviors of security investment based on the hypothesis that investors are rational and thus forms such theories as Efficient Market Hypothesis,Modern Portfolio Theory, Capital Asset Pricing Model and The Arbitrage Pricing Theory etc.. However,Anomalies of securities business such as the riddle of bonus, the acute fluctuation of stock price bring great chal...