A股投资者认知偏差的调查问卷分析

发布时间：2018-01-19 14:00

  本文关键词： 认知偏差 调查问卷 A股 行为金融　出处：《对外经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：A股市场自1990年创立至今已有20余年的历史,目前拥有上市公司3000余家,总市值突破50万亿元人民币,A股市场是投资者重要的投资领域之一。尽管人们对A股的投资热情很高,但大多数的投资者并没有从股市中获得他们预期的回报,甚至亏损成为了股票投资者的常态。在周而复始的牛熊市场切换中,众多投资者被吸引至A股市场,并最终在漫长的熊市中默默的忍受着亏损的煎熬。类似的事情在不断发生,综合来判断,是由于投资者的不理性造成的,这引起了投资者的认知偏差,并最终导致了投资者作出了错误的选择,进而发生亏损。本文是笔者在充分体会了A股市场中投资者的心理变化、行为方式后,结合国内外行为金融学等理论的一些研究成果,尝试对当今的A股投资者认知偏差进行统计分析。本研究将通过调查问卷和专人访谈等形式开展,整理问卷,分析数据,再结合国内外相关的理论知识,总结出数据背后的逻辑关系。本文在最后得出结论,当前A股投资者存在较多的认知偏差问题,如厌恶损失,厌恶后悔,锚定等,这与投资者的经历与习惯有着一定的联系,笔者还根据成熟投资者的投资经验,对当前A股投资者的投资行为给出了建议。
[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.
【学位授予单位】：对外经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51
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本文编号：1444458