对个体投资者行为偏差研究的回顾与展望

对投资者行为偏差的研究一直是市场争论的热点。国外的行为偏差研究主要着眼于对西方的股市投资者行为进行研究,而国内的研究则仅停留在用国外理论对中国股市的实证检验及对行为金融理论进行推介的层面上,这种研究方式是缺乏系统性和完整性的。鉴于此,当前有必要针对我国股市新兴转轨的具体特点,力图将行为金融理论、博弈论、信息经济学有机地结合起来,从不同的视角对股票市场上个体投资者的行为偏差形成机理进行研究。

A Review and Anticipation of Individual Investors' Behaviral Deviation

Research into the behaviral deviation of individual investors has been the focus of market debates.That in foreign countries has concentrated on stock market investors in the West while that in China is limited to pragmatic inspection of Chinese stock markets by means of foreign theories and the introduction of behaviral financial theories into China.This method of research is not systematic and thorough.Therefore,it is necessary to organically combine behaviral financial theories,game theory,information economics to study the behaviral deviation of individual investors on the stock market from different aspects.