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展望理论是2002年诺贝尔经济学奖的授奖成果之一,但在对展望理论的检验中,除了证实的证据之外,我们也听到了拒绝的声音。本文批判地借鉴已有的研究成果,综合运用单位根检验、协整检验、误差修正模型、自回归分布滞后模型等计量经济学方法以及描述性统计分析、单因素方差分析等统计学方法,试图用中国证券投资者的决策行为来检验展望理论,用展望理论来解释中国证券投资者面对不同的收益或损失时的决策行为。本文认为,我们可以启用大势投资策略、愚公投资策略和异常投资策略,来对行为金融投资策略作出新的解说。
Prospect theory is one of the award-winning outcomes of the 2002 Nobel Prize for Economics. However, in the test of the theory of prospect, in addition to proven evidence, we also heard the voice of rejection. This dissertation draws critically on the existing research results and applies statistical methods such as unit root test, cointegration test, error correction model and autoregressive distribution lag model as well as descriptive statistics and one-way ANOVA We use the Chinese securities investors ’decision-making behavior to test the prospective theory and use the prospective theory to explain the Chinese securities investors’ decision-making behavior in the face of different returns or losses. This article argues that we can enable the general trend of investment strategy, foolish investment strategy and abnormal investment strategy to make a new explanation of behavioral financial investment strategy.