损益情景下心理距离对小额理财决策中跨期选择的影响

发布时间：2018-04-10 17:32

本文选题：心理距离 + 损益情景　；参考：《华东师范大学》2014年硕士论文

【摘要】：随着“余额宝”的出现,国内掀起了一股小额理财热,而购买理财产品也是一种跨期选择问题——是直接获得现有购买力还是通过购买理财产品延迟购买行为而获得更多的购买力?另外,在金融理财领域,不仅存在为自己进行理财决策的情况,更多的是为别人做决策,如理财经理为客户提供投资方案。但从目前研究来看,心理距离对跨期选择的影响与如何解释这种影响,还存在比较大的争议,而且以往的研究多以跨期选择中的获益情景为任务,没有考查损失情景下的情况,而理财中不免会遇到损失的情况,因此,很有必要分两种情景对跨期选择进行研究,以弥补现有研究的不足。本研究实验一与实验二采用两种不同的方式改变心理距离,前者通过改变建构水平,后者则引入心理距离IOS量表法操纵自我和他人之间的心理距离,同时借鉴经济学领域中跨期选择的研究范式,采用自编的损益情景下的理财决策问卷,以考查决策者在不同条件下的时间偏好变化及其认知机制。结果发现：(1)无论如何改变心理距离,个体在损失情景下的时间折扣率显著高于收益情景下的时间折扣率,即个体面对损失情景的跨期选择时,更加偏向立即选项,而面对收益情景的时候,则更加偏向延迟选项;(2)在收益情景中,心理距离对决策者的跨期偏好有显著影响。当延迟与立即选项的心理距离差异减小时,时间折扣率被弱化；(3)在损失情景中,心理距离对决策者的跨期偏好影响不大,存在不同心理距离下跨期偏好在损益情景中的分离现象。本研究在收益情景中的结果与Kim, Schnall和White (2013)发现的结果一致,并且利用“心理距离交换模型”来进行解释相近心理距离为何会弱化时间折扣率。而在损失情景中并未发现这一现象,说明近年来在风险决策研究中发现的不同心理距离条件下得失情景的不对称性的现象,在跨期选择中同样存在。最后从价值函数理论,建构水平理论,跨期选择的神经机制等角度对上述发现进行了分析和讨论,并提出了实际生活中理财决策的应用建议。
[Abstract]:With the emergence of "Yu'e Bao", there has been a fever of small financial management in China.The purchase of wealth management products is also an intertemporal choice question-whether to obtain the existing purchasing power directly or by buying wealth management products to delay the purchase behavior to gain more purchasing power?In addition, in the field of financial management, there are not only financial decisions for themselves, but also for others, such as financial managers to provide investment plans for clients.However, from the current studies, there is still considerable controversy over the impact of psychological distance on intertemporal selection and how to explain it. Moreover, previous studies have mostly focused on the benefit scenarios in the intertemporal selection, and have not examined the situation under the loss scenario.Therefore, it is necessary to study the intertemporal selection in two scenarios in order to make up for the deficiency of the existing research.The first and second experiments used two different ways to change the psychological distance. The former changed the level of construction, the latter introduced the psychological distance IOS to manipulate the psychological distance between oneself and others.At the same time, referring to the research paradigm of intertemporal choice in the field of economics, this paper uses a self-designed financial decision questionnaire under profit and loss scenarios to examine the time preference and its cognitive mechanism of decision makers under different conditions.The results showed that no matter how the psychological distance was changed, the time discount rate of the individual under the loss scenario was significantly higher than the time discount rate under the income scenario, that is, when the individual faced the intertemporal choice of the loss scenario, he was more inclined to the immediate option.In the income scenario, the psychological distance has a significant influence on the intertemporal preference of decision makers.When the psychological distance difference between delayed and immediate options is reduced by an hour, the time discount rate is weakened. (3) in loss scenarios, psychological distance has little effect on the intertemporal preference of decision makers.There is the separation phenomenon of intertemporal preference in the profit and loss situation under different psychological distance.The results of this study are consistent with those found by Kim, Schnall and White / 2013, and the "psychological distance exchange model" is used to explain why similar psychological distance weakens the discount rate of time.However, this phenomenon is not found in loss scenarios, which indicates that the asymmetry phenomenon of gain and loss scenarios found in recent years in the study of risk decision making under different psychological distance conditions also exists in intertemporal selection.Finally, the above findings are analyzed and discussed from the perspective of value function theory, construction level theory and the neural mechanism of intertemporal selection, and some suggestions on the application of financial management decision in real life are put forward.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：B842;F832.5

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