证券错盘交易后应对行为动机分析与监管建议——基于行为金融理论

发布时间：2018-04-21 04:03

本文选题：错盘交易 + 行为趋向　；参考：《财会月刊》2014年16期

【摘要】：对错盘交易(俗称"乌龙指")关注的重点应是交易主体应对错盘的方案和行动。本文以错盘交易后交易员应对处理的行为动机为研究重点,通过建立震慑变量、内驱变量、行为趋向及主观认知四大指标体系进行实证研究,通过对样本总体进行相关性分析及描述性统计分析得出结论:与利益诱导及从众心态等因素相比,交易员对于行业信誉与信息披露,尤其是惩戒力度、监控力度等风险成本更为敏感。因此建议改善监管层面的制度性缺陷,如制定严密的监控程序、强化查处及惩戒力度,以及完善信息披露等,从而有效地弱化机构交易员错盘后实施违法交易的行为倾向。
[Abstract]:The focus of right-and-wrong trading (commonly known as "Oulong") should be the scheme and action of dealing with wrong trades. This paper focuses on the behavioral motivation of dealing with traders after the wrong trading, through the establishment of shock and awe variables, internal displacement variables, behavior trends and subjective cognition of four index systems for empirical research. Through the correlation analysis and descriptive statistical analysis of the sample population, it is concluded that, compared with the factors such as interest induction and herd mentality, the traders' reputation and information disclosure, especially the degree of punishment, for the industry, Monitoring and other risk costs are more sensitive. Therefore, it is suggested to improve the institutional defects in the regulatory level, such as establishing strict monitoring procedures, strengthening investigation and punishment, and perfecting information disclosure, so as to effectively weaken the tendency of institutional traders to carry out illegal trading after wrong trading.
【作者单位】：郑州大学管理工程学院;
【分类号】：F832.51;F832.1

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