中国个体证券投资者交易行为的实证研究

对证券投资者的投资行为进行研究 ,是探究证券市场有效性的重要途径之一。本文运用行为金融学理论 ,根据某证券营业部 7894位个体投资者在 1 998年 7月至2 0 0 1年 1 1月期间的交易数据 ,分别对我国个体投资者的“政策依赖性心理”、“过度自信心理”及投资者的“过度交易”是否损害个人财富等方面进行了实证检验 ,结果表明 ,我国的个体投资者确实存在上述认知偏差。针对这些偏差本文提出了相关的政策建议。

Investigations on the Transaction Behaviors of Chinese Individual Securities Investors

The research on the transaction behaviors of securities investor is one of the important academic approaches of the efficiency of securities market. On the basis of the transaction data of 7894 individual investors from a securities transaction department, demonstrations were separately made on the “policy-dependent bias”, “over-confident bias” and “the hazard of over-trading to investors' wealth”. The outcomes show that these biases really lie in the transaction behaviors of individual investors. Some suggestions are put forward to eliminate these biases.