我国证券市场中中小投者投资行为研究.docVIP

PAGE PAGE 18 我国证券市场中中小投者投资行为研究 摘要：随着市场经济在中国的发展，金融市场改革的不断深入，人们的经济状况与证券市场的联系更加的紧密。作为我国国民经济中的一个重要行业，证券业对国民经济的发展具有重要意义。作为证券市场重要组成部分，中小投资者一方面成为了我国证券市场发展的推动力量，另一方面也存在着种种非理性行为，为自身利益和证券市场的发展带来损失。中小投资者是证券市场中的一个特殊的群体：从投资者的数量和资金拥有量上来说，他们是证券市场中最大的利益集团，然而，他们对市场的各方面的影响力又十分微弱。对我国证券市场中中小投资者投资行为研究有着重要的理论意义和现实意义。本文以行为金融学为基础，通过规范分析和案例分析对我国证券市场中中小投资者投资行为进行研究。 关键词：中小投资者羊群效应处置效应 The research on the behavior of small and medium investors in the chinese securities market With the development of market economy in China and the advance of market reform, the relations between peoples financial circumstance and stock market is closer. The development of stock market stems from the reform and demand of open policy. Since the beginning of 1990s, our country passes through twenty years to catch up with western countries in which stock market already have more than one hundred years history. As one of the important industries, the securities industry plays an important role in the development of national economy. As an important part of the securities market, on the one hand, the small and medium-sized investors become the driving force of Chinas securities market development, on the other hand , there are also all kinds of irrational behavior which damages their own interests and brings stock market losses. Small investors are a special group in the stock market, occupying the largest value of population quantity and capital scale . However , their influence on the market is very weak. It has important theoretical and practical significance to study the investment behavior of medium and small investors in Chinese stock market. Based on the behavioral finance theory, using the standard analysis and the case analysis , this paper studies the investment behavior of small and medium investors in Chinese stock market. Keywords: Small and medium investors Sheep-Flock Effect Disposition effect 一、 引言 （一）研究背景 随着市场经济在中国的发展，金融市场改革的不断深入，人们的经济状况与证券市场的联系更加的紧密。我国的证券市场应改革开放的需求而产生、发展。从20世纪九十年代初开始，我国证券市场经过短短二十