自我归因偏差、学习与股民的过度自信  

FEEDBACK EFFECT,LEARNING AND OVERCONFIDENCE BEHAVIOR OF INDIVIDUAL INVESTORS IN CHINA

作　　者：谭松涛[1] 

机构地区：[1]中国人民大学财政金融政策研究中心,北京100872

出　　处：《经济理论与经济管理》2013年第11期71-79,共9页Economic Theory and Business Management

基　　金：国家自然科学基金项目(71102109);国家自然科学基金项目(70973003);教育部社科研究青年基金项目(10YJC790233)

摘　　要：本文利用中国股民交易记录数据考察了自我归因偏差带来的反馈效应和投资经验带来的学习效应对股民的过度自信的影响。研究发现,股民的历史投资收益对其过度交易存在正向影响,即股民历史投资收益越高,则过度交易程度就越大。这表明良好的历史投资收益会通过自我归因偏差心理加剧投资者过度自信程度。而在控制了历史投资表现之后,笔者发现股民的投资经验对其过度交易的影响并不显著。过度交易或者过度自信并没有随着股民投资经验的积累而得到减弱。Using a panel data of individual investors＇ trading record, this paper investigates the influ- ence of investors＇ self-attribution and trading experience on their behavior of overconfidence. This paper finds that investors＇ previous trading performance has a negative influence on their excessive trading behav- ior. It indicates that the previous return will enhance investors＇ overconfidence through the mechanism of self-attribution bias. Furthermore, this paper finds that the investors＇ trading experience has no significant influence on their overconfidence.

关 键 词：反馈效应 学习效应 过度自信 

分 类 号：F224[经济管理—国民经济] F832.51