证券投资者的理性、非理性及其心理情结

发布时间：2018-10-15 13:18

【摘要】：证券市场的价格波动会引发投资者决策行为的不确定性。这种不确定性部分来源于市场运行的内在机制,部分发端于政府调控市场的法规、政策等制度安排。面对市场机制和政府调控,证券投资者的决策存在着行为属性的界定问题。探讨投资者的理性和非理性并分析其心理情结,需要对证券投资者的决策行为有一个分析框架,这个框架包括行为决策的属性界定和过程揭示两大方面。在理论上建构这样的分析框架很重要,它可以让投资者明了自己的投资行为是理性还是非理性以及与此相关的心理情结,可以提醒政府关注政策和法规的制定和执行对投资者决策行为所产生的影响。基于投资者理性、非理性及其心理情结贯穿于证券市场运行的始终,我们有必要围绕市场价格波动分别对投资者理性和非理性的心理情结及其行为效用等展开探讨。
[Abstract]:The price fluctuation of the stock market will lead to the uncertainty of investors' decision-making behavior. This uncertainty comes partly from the internal mechanism of market operation, and partly from the regulations, policies and other institutional arrangements of government regulation and control of the market. In the face of market mechanism and government regulation, the decision of securities investors has the problem of defining behavior attributes. In order to explore the rationality and irrationality of investors and analyze their psychological complex, it is necessary to have an analytical framework for the decision-making behavior of securities investors, which includes two aspects: defining the attributes of behavior decisions and revealing the process. It is important in theory to construct such an analytical framework that allows investors to understand whether their investment behavior is rational or irrational and the psychological complex associated with it. Governments can be reminded of the impact of policy and regulation formulation and enforcement on investors' decision-making behavior. Based on investor rationality, irrationality and its psychological complex run through the operation of the securities market, it is necessary to discuss the rational and irrational psychological complex of investors and their behavioral utility around the fluctuation of market price.
【作者单位】：浙江工商大学经济学院;教育部重点研究基地浙江工商大学现代商贸研究中心;
【基金】：浙江省高校人文社科重点研究基地(金融学)课题“政府规制的有限理性行为与行为理性对金融风险的影响机理”研究成果
【分类号】：F830.91

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