行为财务理论在证券市场的应用略探

行为财务理论认为,对经济现象的研究应从经济行为发生、变化的内在心理机制及心理活动规律入手,研究投资者如何在决策时产生系统性偏差,从而探索一种经济现象与其它经济现象之间的必然联系,揭示经济现象的本质。投资者存在"心理账户",投资者在证券市场上的行为受心理账户影响;投资者是"损失厌恶"的,损失带来的痛苦会需要更多收益弥补;投资者具有后悔厌恶和损失厌恶心理,为避免后悔常做出非理性行为。为有效改善证券市场监管,应在强制性信息披露基础上实施实质性信息审查制度。

Discussion on Behavior Financial Theories' Application in the Stock Market

The behavior finance theories thinks that economy phenomenon should take palce and change from the economic behavior of inside and mental mechanism and mental movable regualtion commence,studying investor how to make policy produce system deviation,investigate the inevitable contact of a kind of conomic phenomenon and other economic phenomenon thus,announce to public economy phenomenon of essence.The investor has "mental account",he is influenced by mental account in the behavior on the stock market;he is "the loss disgust",the loss brings of pain and sufferings will need more incomes to make up; he has penitence abhorrence and loss to disgust mental state,avoid penitence, often does to not sexual behavior.In order to improve a stock market to take charge of effectively,should at compulsory sex information publish foundation a top an implement a mater iality information a reviewing system.