论文部分内容阅读
本文从行为金融的角度,考察股市政策对风险厌恶的个体证券投资者交易行为的影响。其结论是:若股市政策不明朗不稳定,过度自信投资者将比理性投资者买入或卖出更多的股票;若股市政策明朗稳定,过度自信投资者与理性投资者均要比股市政策不明朗不稳定时买入或卖出更多的股票。长期中,过度自信投资者对股市政策的自信程度能够影响两个投资者群体的规模。具体而言,当过度自信投资者更自信时,过度自信投资者群体规模上升;反之则下降。基于此,我国股市低迷的现状得到了言之有据的理论解释。
In this paper, from the perspective of behavioral finance, this paper investigates the impact of the stock market policy on the risk-averse individual investor behavior. The conclusion is: If the stock market policy is not clear and unstable, overconfidence investors buy or sell more stocks than rational investors; if the stock market policy is clear and stable, overconfident investors and rational investors than the stock market policy Buying or selling more stocks when the uncertainty is not stable. Over the long term, overconfidence Investors’ confidence in stock market policies can affect the size of two investor groups. Specifically, when overconfident investors are more confident, the overconfident investor base increases in size; on the contrary, it falls. Based on this, the downturn in the stock market in our country has been well explained by theoretical explanations.