投资者心理对市场估值影响的研究.pdfVIP

Abstract Abstract The stock market bubble is a economic phenomenon in the process of financial openness and liberalization, it is the root of generating economic crisis. From “South Sea Bubble” to American’s subprime mortgage crisis to global financial crisis , the stock market bubble makes serious damage to the world economy. Our stock market is a emerging market,the study of the stock market bubble , investor psychology behavior and stock market valuation is worth to preventing the economic crisis and maintaining good development of the stock market and the national economy. This paper is divided into five chapters. Chapter one is introduction of the paper. Chapter two is the theories of investor ’s psychological characteristics. Chapter three is the empirical analysis of psychology behavioral characteristics’ impact on stock market valuation in our country . Construct the investor psychology composite index and analysis the correlation to the stock market price movement . Chapter four is using AHP to analysis psychological factors’ influence on stock market ,calculating the weight of each psychological factor’s influence on market valuation. Chapter five is making policy recommendations on the basis of empirical analysis. In order to guide the sound development of Chinas securities market, we must take methods to educate the investors and strengthen government regulation. Key words investor psychology market valuation stock price II 第 1 章 导 论 第1 章 导 论 1.1选题的背景及意义 本文的选题背景基于在证券市场的发展过程中，世界各国的金融市场存在着难以解