我国股票市场中小投资者过度交易研究

发布时间：2018-05-11 08:35

本文选题：中小投资者 + 过度交易　；参考：《宁波大学》2013年硕士论文

【摘要】：行为金融学研究金融问题是从人的心理角度，它认为人并非是完全理性的，人的许多心理因素都会对金融市场造成不小的影响。行为金融学认为，人在金融市场的表现不是完全理性的，而是表现为有限理性。所以行为金融学它能够更合理和准确地，来研究和解释金融市场上出现的各类现象。我国股票市场因为发展时间不够长，各种相关政策、制度等的不够完善，而我国股票市场的中小投资者，积极投身并参与股市多年的发展，，但他们因为自身的主观原因和股市大环境的客观原因，一直没有分享到股市成长所应有的既得利益。本文就是以中小投资者过度交易的行为作为研究目的，首先描述了我国股票市场的基本信息和投资者行为特征，其次通过文献研究、调查问卷等方式，得出我国股票市场中小投资者普遍具有非理性、高度投机、过度交易的特征。本文的研究结果能初步表明，我国股票市场中小投资者具有过度交易的心理特征，既有过度自信、投机心理、互联网交易方式等等的主观原因，也有股市黑幕多，信息披露不透明等客观原因。中小投资者只有端正心态，培育理性的投资理念，改变非理性的投资行为，才能在股市中获取相对的利润。本文还建议我国股票市场监管部门，应着手在政策制定、信息披露等方面，切实尊重并真正保护好中小投资者的合法权益，从而促进我国股票市场的健康、稳定发展。
[Abstract]:Behavioral finance studies financial problems from the point of view of human psychology, which holds that human beings are not completely rational, and that many psychological factors of human beings will have a great impact on financial markets. Behavioral finance believes that human performance in the financial market is not completely rational, but limited rationality. So behavioral finance can study and explain all kinds of phenomena in financial markets more reasonably and accurately. The stock market of our country is not developed long enough, all kinds of related policies and systems are not perfect enough, and the small and medium-sized investors in our stock market actively devote themselves to and participate in the development of the stock market for many years. However, for their subjective reasons and the objective reasons of the stock market environment, they have never shared the vested interests due to the growth of the stock market. This paper aims at overtrading behavior of small and medium investors. Firstly, it describes the basic information and investor behavior characteristics of Chinese stock market, and then through literature research, questionnaire, and so on. The characteristics of irrational, highly speculative and excessive trading of small and medium investors in China's stock market are obtained. The results of this paper can preliminarily show that the small and medium-sized investors in our stock market have the psychological characteristics of over-trading, including subjective reasons of overconfidence, speculative psychology, Internet trading methods, and so on, and there are also many black spots in the stock market. Information disclosure is not transparent and other objective reasons. Only by correct attitude, cultivating rational investment idea and changing irrational investment behavior, can small and medium-sized investors gain relative profits in stock market. This paper also suggests that the supervision department of the stock market in our country should start to respect and protect the legitimate rights and interests of small and medium-sized investors in the aspects of policy making and information disclosure so as to promote the healthy and stable development of China's stock market.
【学位授予单位】：宁波大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】