行为金融视角下fz公司的客户投资决策研究——基于投资者情绪的分析-research on fz companys customer investment decision - making from the perspective of behavioral finance —— based on the analysis of investor sentiment.docx

行为金融视角下 FZ 公司的客户投资决策研究——基于投资者情绪的分析摘 要股价的频繁暴涨暴跌，投资者们疯狂的“追涨杀跌”、“卖涨持亏”、 反应过度等非理性行为，市场的非可预测性等现象，说明我国投资者（包 括机构投资者与个人投资者）存在出严重的心理偏差和行为偏差。近几 年，在见识过金融风暴的巨大危害之后，人们清楚地认识到非理性投资 对自身和市场带来的重大影响。投资者情绪作为刻画投资者非理性行为 的指标，受到了行为金融学研究学者的关注。基于投资者情绪的投资研 究，将投资者非理性融入传统的理性分析中，具有更好的现实性和应用 前景。本文在深入认识了传统金融学和行为金融学差距的理论基础上，探 讨了股市投资者的有限理性以及由此引发的投资心理偏差和行为特征； 并以投资者情绪为研究对象，结合我国股市实际，对投资者非理性对股 市收益率波动的影响进行实证研究；更进一步地，在 FZ 公司的传统行 业投资选择方式中加入投资者情绪因素，给出了新的投资行业选择标 准，有效地将行为金融的理论应用到实际操作中；最后对现代的投资者 应当具备的投资理念给出了建议，体现了 FZ 公司“真正为投资者服务” 的金融服务理念。I关键词: 行为金融理论、投资者行为、投资者情绪、投资行业选择、 FZ公司IIRESEARCH ON THE INVESTMENT STRATEGY OF FOUNDER SECURITIES COMPANY FROM THE VIEW OFBAHAVIORAL FINANCE——BASED ON THE ANALYSISOF INVESTOR SENTIMENT ABSTRACTThe facts that stock prices plummeted frequently, the crazy Chasing Shadie, Sell up Holding Losses, over reaction and other irrational behavior, market unpredictable show that the Chinese investors (including institutional investors and individual investors) in the investment process have the serious psychological and behavioral deviation. In recent years, in after seeing the huge harm of financial storm, people clearly recognize the significant influence of non rational investment on their own and market. Investor sentiment as depicting index of investor irrational behavior, gaining attention of behavioral finance research scholars. Research on investment based on investor sentiment, putting the irrational investors into the rational analysis of tradition, has good reality and prospect of application.Based on the thorough understanding of the gap of the traditional finance and behavior finance, discusses the limited rationality of investors in stock market and the investment psychology and behavior characteristics caused by the deviation; and by the investor sentiment as the research object,IIIcombined with the reality of Chinas stock market, makes an empirical study on the influence of fluctuation of non rational investment rate of return of stock market; further, adding investor senti