影响证券投资者情绪的因素分析  

Analysis on factors affecting the sentiment of securities investors

作　　者：方勇[1] 孙绍荣[1] 

机构地区：[1]上海理工大学管理学院,上海200093

出　　处：《上海理工大学学报》2008年第2期157-161,共5页Journal of University of Shanghai For Science and Technology

基　　金：国家自然科学基金(70271005;70471066);上海市重点学科建设资助项目(T0502);上海市基础研究重点资助项目(03JC14054)

摘　　要：将证券投资者对后市的预期作为情绪的代理变量,全面分析了影响中国证券投资者情绪的各种因素.实证分析结果表明,我国证券投资者受到市场历史表现的锚定,存在系统的启发式偏差,从而不能根据新信息作出理性的预期.Taking the expectation of securities investors for future market as the proxy variable of their sentiment, the paper comprehensively analyzes various factors affecting the sentiment of Chinese securities investors. Empirical results indicate that Chinese securities investors are anchored by the historical performance of the market, and they have systematical heuristic biases, so they can＇t make rational expectation according to new information.

关 键 词：证券投资者 情绪指数 期望理论 启发法 框架依赖 行为金融 

分 类 号：F830.91[经济管理—金融学]