本文關(guān)鍵詞： 認知偏差 調(diào)查問卷 A股 行為金融　出處：《對外經(jīng)濟貿(mào)易大學》2017年碩士論文　論文類型：學位論文

【摘要】：A股市場自1990年創(chuàng)立至今已有20余年的歷史,目前擁有上市公司3000余家,總市值突破50萬億元人民幣,A股市場是投資者重要的投資領(lǐng)域之一。盡管人們對A股的投資熱情很高,但大多數(shù)的投資者并沒有從股市中獲得他們預期的回報,甚至虧損成為了股票投資者的常態(tài)。在周而復始的牛熊市場切換中,眾多投資者被吸引至A股市場,并最終在漫長的熊市中默默的忍受著虧損的煎熬。類似的事情在不斷發(fā)生,綜合來判斷,是由于投資者的不理性造成的,這引起了投資者的認知偏差,并最終導致了投資者作出了錯誤的選擇,進而發(fā)生虧損。本文是筆者在充分體會了A股市場中投資者的心理變化、行為方式后,結(jié)合國內(nèi)外行為金融學等理論的一些研究成果,嘗試對當今的A股投資者認知偏差進行統(tǒng)計分析。本研究將通過調(diào)查問卷和專人訪談等形式開展,整理問卷,分析數(shù)據(jù),再結(jié)合國內(nèi)外相關(guān)的理論知識,總結(jié)出數(shù)據(jù)背后的邏輯關(guān)系。本文在最后得出結(jié)論,當前A股投資者存在較多的認知偏差問題,如厭惡損失,厭惡后悔,錨定等,這與投資者的經(jīng)歷與習慣有著一定的聯(lián)系,筆者還根據(jù)成熟投資者的投資經(jīng)驗,對當前A股投資者的投資行為給出了建議。
[Abstract]:Since 1990, the A-share market has been established for more than 20 years. At present, there are more than 3, 000 listed companies, with total market value exceeding 50 tillion RMB. The A-share market is one of the most important areas for investors to invest in. Despite the enthusiasm for A-shares, most investors do not get the expected return from the stock market. Even losses have become the norm for equity investors, many of whom have been attracted to A-share markets in the cycle of market switching. And finally in the long bear market silently endure the suffering of the loss. Similar things continue to happen, to judge synthetically, is caused by the irrational investors, which caused the cognitive bias of investors. And ultimately led to the investors to make a wrong choice, and then losses. This is the author in the A-share market in the full understanding of the psychological changes, behavior. Combined with some research results of behavioral finance at home and abroad, this paper attempts to make a statistical analysis of the cognitive bias of A-share investors. This study will be conducted through questionnaires and personal interviews. Analysis of the data, combined with the relevant theoretical knowledge at home and abroad, summed up the logical relationship behind the data. Finally, this paper concludes that there are more cognitive bias problems, such as loss aversion. Repentance, anchoring, etc., which are related to the experience and habits of the investors. According to the investment experience of the mature investors, the author gives some suggestions on the current investment behavior of the A-share investors.
【學位授予單位】：對外經(jīng)濟貿(mào)易大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.51
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本文編號：1444458