我国股票市场行为金融投资策略研究  

Study on Behavioral Financial Investment Strategy of Chinese Stock Market

作　　者：张荆京 

机构地区：[1]中国有色矿业集团有限公司,北京100029

出　　处：《有色矿冶》2011年第2期56-59,共4页Non-Ferrous Mining and Metallurgy

摘　　要：传统金融学的理论基础是理性人假设和有效市场理论,面对证券市场中存在的许多异常现象无法给出合理的解释,引发人们对基于传统金融理论的投资策略有效性的质疑。行为金融学认为人是有限理性的,金融市场并不总是有效的。本文结合我国证券市场的实际情况,从研究证券市场异常现象入手,归纳了行为金融框架下的投资策略,并对其中的逆向投资策略和惯性投资策略进行了实证检验,一定程度上证明了行为金融投资策略在我国证券市场上的有效性。Traditional finance theory is based on the hypothesis of rational investor and the efficient market theory.However,it can not give a reasonable explanation for several unusual phenomenon,which brings many challenges to the investment strategy through the traditional finance theory.People gradually develop some unique investment strategies based on behavior finance,which has been a worldwide focus in current finance academe.This text combines with the actual situations of stock market in our country,summarizes main investment strategies under the frame of behavior finance,and proves the validity of investment strategies in our securities market by the empirical test of regressive investment strategy and sensitive investment strategy.

关 键 词：行为金融 市场异象 认知偏差 行为金融投资策略 

分 类 号：F830.91[经济管理—金融学]