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研究投资行为主要是研究投资者的决策过程,投资者在之前的研究中认为是理性的,才开始的研究,因此结论与现实有很大的差距。但是经研究,决策者的决策行为不全是建立在理性的基础上的,很多的认知误差存在于现实生活中,所以人们的金融投资行为不免要受到影响。行为金融学分支于经济学,主要是研究投资者决策过程的心理特征主要包括投资者对证券市场的认知、情绪、态度,以及这些作用于市场的效应。中国的证券市场比较独特,而且还处在初级阶段,行为因素和非理性的心理必将广泛影响这样的一个市场。行为金融学从投资者的心理和行为出发,以证券投资行为理性程度有限,投资者存在许多认知偏差为基础。本文研究投资者的行为是用行为金融学的理论来展开的,具有深远的现实意义。
Research investment behavior is mainly to study the decision-making process of investors, investors in the previous study that is rational, only the beginning of the study, so the conclusion is far from reality. However, after research, decision makers’ decision-making behavior is based on rationality. Many cognitive errors exist in real life, so people’s financial investment can not help but be affected. Behavioral finance branch in economics, mainly to study the psychological characteristics of investors decision-making process, including investors’ perceptions of the stock market, emotions, attitudes, and these effects on the market. China’s securities market is unique and still in its infancy. Behavioral factors and irrational psychology are bound to affect such a market extensively. Behavioral finance, starting from the psychology and behavior of investors, is based on the limited rationality of securities investment and the existence of many cognitive biases of investors. This paper studies the behavior of investors with the theory of behavioral finance to expand, with far-reaching practical significance.