证券市场监管者比其他参与者更理性吗

发布时间：2018-03-01 14:07

  本文关键词： 证券监管者 证实性偏差 模糊厌恶 确定性效应　出处：《财经科学》2017年04期 　论文类型：期刊论文

【摘要】：本文借鉴心理学研究方法,采用具有情景因素的问卷调查方法,选取证券市场的监管主体,以及对证券市场交易有着重大影响的券商、基金公司和上市银行等证券市场的其他参与者作为对照组,通过发放问卷、回收问卷、数据处理,运用应用统计学的方法对证券监管者与其他参与者的非理性行为及特点进行两个维度、三个层次的分析。研究发现,证券监管者决策同其他市场参与者一样同样受到证实性偏差、模糊厌恶、确定性效应的影响;证券监管者存在的三种非理性行为之间不存在高度相关性,其中证实性偏差与模糊厌恶二者具有较低程度的负相关;监管者与其他参与者在不同非理性项目上的分布不存在显著差异,且证实性偏差在区分监管者与其他参与者人群非理性行为特点中处于首要位置。
[Abstract]:This paper adopts the research methods of psychology, using the method of questionnaire investigation with situational factors, selection of securities market supervision, and the securities market transactions have a significant impact of the brokerage, fund companies and other participants listed bank securities market as the control group, through questionnaires, questionnaires, data processing, non rational behavior and characteristics using the method of the application of statistics to the securities regulators and other participants of the two dimensions, three levels of analysis. The study found that securities regulators decision with other market participants by the same confirmatory bias, ambiguity aversion, influence of deterministic effects; there is a high correlation between the three kinds of irrational behavior of securities regulators exist, including that deviation and ambiguity aversion two have a lower degree of negative correlation; regulators and other participants in the different non rational There is no significant difference in the distribution of the project, and the confirmatory deviation is in the first place in distinguishing the non rational behavior of the supervisors and the other participants.

【作者单位】： 对外经济贸易大学国际商学院;中国光大银行北京分行;
【分类号】：F832.51
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本文编号：1552246