我国居民股票投资行为的实证分析

发布时间：2018-06-13 21:15

本文选题：行为金融学 + 认知偏差　；参考：《暨南大学》2012年硕士论文

【摘要】：本文以行为金融学理论为基础，，通过发放调查问卷获取一手数据，以分析我国居民投资者具有哪些认知偏差及其严重程度，并建立回归模型分析投资者个人特质和各项认知偏差如何影响投资行为。具体来说，本文按照由首因到结果、由个体行为到群体行为的逻辑顺序自行总结了行为金融学理论中11种常见的认知偏差，并将其与期望理论的曲线形状相结合，最后将行为金融学理论与标准金融理论的假设条件等进行了对比分析，认为行为金融学的“有限理性人”假设更加贴近现实。在做好理论准备的基础上，通过发放230份调查问卷建立数据库，对样本居民的特征进行了描述性分析，发现样本居民多以年轻、未婚、教育程度较高、中低收入和男性为主，且明显具有确定性偏差等七种认知偏差。在此基础上，针对参与股票投资的可能性、股票投资的参与程度以及股票投资的收益率三方面分别设定了Logistic模型、多元非线性回归模型和多元线性回归模型，考察了居民个人特征和心理因素对我国居民投资行为的影响。结果发现，年龄、性别等个人特征对股票投资行为产生显著影响；确定性偏差等四种认知偏差对投资者行为的影响较大。最后，本文在对前文进行结论性总结的基础上，在宏观和微观两个层面对宏观政策的制定、金融市场的改革和投资者个人提出了相应的改进建议。
[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.
【学位授予单位】：暨南大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

【引证文献】