本文選題：行為金融學(xué) + 認(rèn)知偏差　； 參考：《暨南大學(xué)》2012年碩士論文

【摘要】：本文以行為金融學(xué)理論為基礎(chǔ)，，通過發(fā)放調(diào)查問卷獲取一手?jǐn)?shù)據(jù)，以分析我國(guó)居民投資者具有哪些認(rèn)知偏差及其嚴(yán)重程度，并建立回歸模型分析投資者個(gè)人特質(zhì)和各項(xiàng)認(rèn)知偏差如何影響投資行為。具體來說，本文按照由首因到結(jié)果、由個(gè)體行為到群體行為的邏輯順序自行總結(jié)了行為金融學(xué)理論中11種常見的認(rèn)知偏差，并將其與期望理論的曲線形狀相結(jié)合，最后將行為金融學(xué)理論與標(biāo)準(zhǔn)金融理論的假設(shè)條件等進(jìn)行了對(duì)比分析，認(rèn)為行為金融學(xué)的“有限理性人”假設(shè)更加貼近現(xiàn)實(shí)。在做好理論準(zhǔn)備的基礎(chǔ)上，通過發(fā)放230份調(diào)查問卷建立數(shù)據(jù)庫，對(duì)樣本居民的特征進(jìn)行了描述性分析，發(fā)現(xiàn)樣本居民多以年輕、未婚、教育程度較高、中低收入和男性為主，且明顯具有確定性偏差等七種認(rèn)知偏差。在此基礎(chǔ)上，針對(duì)參與股票投資的可能性、股票投資的參與程度以及股票投資的收益率三方面分別設(shè)定了Logistic模型、多元非線性回歸模型和多元線性回歸模型，考察了居民個(gè)人特征和心理因素對(duì)我國(guó)居民投資行為的影響。結(jié)果發(fā)現(xiàn)，年齡、性別等個(gè)人特征對(duì)股票投資行為產(chǎn)生顯著影響；確定性偏差等四種認(rèn)知偏差對(duì)投資者行為的影響較大。最后，本文在對(duì)前文進(jìn)行結(jié)論性總結(jié)的基礎(chǔ)上，在宏觀和微觀兩個(gè)層面對(duì)宏觀政策的制定、金融市場(chǎng)的改革和投資者個(gè)人提出了相應(yīng)的改進(jìn)建議。
[Abstract]:Based on behavioral finance theory, this paper obtains primary data by issuing questionnaires to analyze the cognitive bias and severity of resident investors in China. A regression model is established to analyze how investors' personal traits and cognitive bias affect their investment behavior. Specifically, according to the logical order from individual behavior to group behavior, this paper sums up 11 common cognitive deviations in behavioral finance theory, and combines them with the curve shape of expectation theory. Finally, the hypothesis of behavioral finance theory and standard financial theory is compared and analyzed, and it is concluded that the hypothesis of "limited rational person" in behavioral finance is closer to reality. On the basis of theoretical preparation, a database was established by issuing 230 questionnaires, and descriptive analysis of the characteristics of the sample residents was carried out. It was found that most of the sample residents were young, unmarried, highly educated, low-middle income and male dominated. And there are seven cognitive deviations, such as deterministic deviations. On this basis, the Logistic model, the multivariate nonlinear regression model and the multivariate linear regression model are set up in view of the possibility of participating in stock investment, the degree of participation of stock investment and the return rate of stock investment. The effects of individual characteristics and psychological factors on the investment behavior of Chinese residents were investigated. The results show that age, gender and other personal characteristics have a significant impact on stock investment behavior, and deterministic bias has a greater impact on investor behavior. Finally, on the basis of the conclusion of the previous paper, this paper puts forward corresponding suggestions on macro policy formulation, financial market reform and investors' individual improvement at the macro and micro levels.
【學(xué)位授予單位】：暨南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

【引證文獻(xiàn)】

相關(guān)期刊論文 前1條

1 張長(zhǎng)奇;張宏;;試談股票投資失敗的原因及對(duì)策[J];時(shí)代金融;2013年24期

本文編號(hào)：2015419