错误恐惧引起的证券监管者非理性偏差研究

发布时间：2018-01-08 19:06

本文关键词：错误恐惧引起的证券监管者非理性偏差研究　出处：《国际商务(对外经济贸易大学学报)》2017年04期 　论文类型：期刊论文

【摘要】：证券市场监管效果是社会关注的焦点,证券监管者非理性偏差直接影响着证券监管效果。本文通过有情境因素的问卷调查,发现证券监管者普遍存在损失厌恶、后悔厌恶及偏好逆转三种非理性偏差。实证研究表明三种非理性偏差之间存在关联性,其中后悔厌恶和偏好逆转呈现高度正相关,后悔厌恶和损失厌恶、偏好逆转和损失厌恶都呈现中度正相关。通过分析其形成原因和表现形式,发现监管者错误恐惧心理是引起三种非理性偏差的共同原因,错误恐惧经历了错误预期、错误体验和错误承担三个演化阶段。在此基础上,进一步分析了错误恐惧导致决策失误的途径,以助于监管者克服错误恐惧,防范非理性偏差。
[Abstract]:The regulatory effect of the securities market is the focus of the society, securities regulators irrationality directly affects the supervision effect. This article through the questionnaire survey of situational factors, securities regulators generally exist loss aversion, regret aversion and preference reversal three irrational bias. The empirical research shows that there is a correlation between three kinds of irrational deviation. Where there is a high correlation between regret aversion and preference reversal, regret aversion and loss aversion, loss aversion and preference reversal are positively correlated. By analyzing the cause and manifestation of fear of error is caused by three kinds of regulators is a common cause of irrational bias error, fear experienced false expectations, experience and mistakes the wrong bear three evolution stages. On this basis, further analysis of the wrong way of making mistakes lead to fear, to overcome the supervision A false fear is a precaution against irrational deviations.

【作者单位】：对外经济贸易大学国际商学院;金地集团长沙公司;
【基金】：国家社会科学基金重点项目“我国资本市场系统稳定性评估和监测研究”(11AZD010) 对外经济贸易大学中央高校基本科研业务费专项资金资助(15YB01)
【分类号】：F832.51
【正文快照】： 引言我国证券市场经过二十多年的发展,尽管取得了巨大进步,但还存在着很多问题。长期以来,证券市场监管效果差,监管失灵,监管者出台的制度和政策达不到理想效果等情况比较常见。我国股市异常波动,股灾频发,监管效果不佳,证券监管部门被认为应当承担不可推卸的责任。比如,证券

【相似文献】