个体证券投资者心理与行为:评析与展望  

Individual Securities Investors' Psychology and Behavior Review and Prospect

作　　者：朱华桂[1] 王笑宸 庄晨[1] 

机构地区：[1]南京大学工程管理学院,江苏南京210093

出　　处：《经济问题》2014年第11期11-15,共5页On Economic Problems

基　　金：教育部人文社会科学研究规划基金项目(11YJA630222)

摘　　要：前景理论提出以来,心理学的研究成果越来越多地应用到金融学的研究中,经典金融理论无法解释的部分现象也结合心理学找到新思路。回顾了近年来关于个体投资者心理偏差的文献,按照选股、买入、卖出三个阶段总结五种常见的心理:有限关注、模糊厌恶、过度自信、心理账户和损失厌恶,并讨论心理偏差所引起的交易行为异象,包括本土偏见、过度交易和处置效应等。最后在综述现有国内外研究的基础上,对未来进一步的研究提出展望。Since the prospect theory has been proposed, the results of psychological research have been applied to the field of finance. The phenomenon which could not be explained by classical theory got ideas from psychologi- cal point of views. This paper reviews the literature on individual investors＇ psychological biases. According to the phases of stock selection, buying and selling summarizing five most common psychological biases： Limited Atten- tion, Ambiguity Aversion, Overconfidence, Mental Accounting and Loss Aversion, and then discussing correspond- ing behavior anomaly, such as Local Bias, Overtrading and Disposition Effect. In the end, based on existing a- broad research results we propose the deeper discussion in the future.

关 键 词：个体投资者 心理偏差 行为异象 

分 类 号：F830[经济管理—金融学]