心理因素是影响投资者的财务决策的过程

发布时间：2016-05-15 19:14

1. Introduction介绍

对于投资者的金融决策过程研究，研究者最关注的是心理因素。心理因素的研究经历了从标准决策到决策的演变过程，，在有限理性资源的基础上，将决策规则发展到决策策略的抽象意义上。
心理因素是投资者财务决策过程中的重要因素。本研究主要介绍了四种心理因素，探讨其对投资者的财务决策过程的影响。这项研究的结果有一致性的认知心理学领域。
心理因素研究形成了四种重要观点。一个问题是，在价值下降后，不愿意进行投资，这意味着不愿意出售投资。一，这也被称为“盈亏平衡”的影响。另一点是投资者的投资风险，投资者更痛心的损失比他们预期所预期收益感知快乐。下一个观点是，在投资选择上，它与股票的购买价格相关联的是心理账户。最后一点是错误使你人陷入赌徒谬误（Shefrin，1999），就像你认为它更可能是一个黑色的数字“打”的一系列红色号码后打。
For researches on financial decision-making process of investors, researchers pay most close attention to the psychological factors. The psychological factors research has experienced from the standard decision to the evolution process of decision making, the abstract meaning of decision rules developing into the decision making strategy on the basis of limited rational resources fitting society. 

Psychological factors are important factors financial decision-making process of investors. This study introduces four psychological factors to investigate their influence on the financial decision-making process of investors. The results of this study have consistency in the area of cognitive psychology.

The psychological factors research has formed four kind of important points of view. One point is disposition effect which means a reluctance to sell investments after they have fallen in value. A, which is also known as the “breakeven” effect. Another point is Investors’ perception of risk which investors are much more distressed by prospective losses than they are happy aboutby prospective gains. The next point is mental accounting on investment choices which Associating associate a stock with its purchase price. The finally point is mispricing which makes you people stuck in the Gambler’s Fallacy (Shefrin,1999), just like you think that it is more likely for a black number to “hit” after a series of red numbers have hit.

2. Four Psychology Factors
2.1 Disposition Effect 
2.2Investors’ Perception of Risk
2.3Impact of mental accounting on investment choices
2.4Mispricing

3. Conclusion总结

From the literature review of previous researches and the experiment carried out in this study, Psychology of economy which relates to attitude data is in complete same as economic situation changeable trend, and more significant thing is that the curve of the attitude in the economic situation data which is always changing may be predicted 3 weeks to 6 months ahead of time. This paper argues that: economy and psychology are still in development, they are at a high level of understanding of human behaviors. Therefore, simply giving any positive conclusion may not scientific, and is likely to mislead further research, and scientific attitude may be true, see which is better able to explain the economic behaviors in the human reality. This article does not just economics influence on psychology to review and comment, on the contrary, the main purpose of this article is to briefly review and comb the psychology found and its influence on economics, so as to research in the field, and it is helpful to the development of economics.

Reference文献

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