经济逆周期下投资者行为偏差分析及建议——基于前景理论研究  

Analysis and Suggestions on Investors’Behavior Deviations in the Counter-Cyclical Economy——Based on Prospect Theory

作　　者：王娇娇 WANG Jiao-jiao(Graduate School,Chinese Academy of Social Sciences,102488,Beijing,China)

机构地区：[1]中国社会科学院研究生院,北京102488

出　　处：《特区经济》2020年第12期48-52,共5页Special Zone Economy

摘　　要：传统金融学是现代金融市场发展的基础,但因其假设条件过于理想化,传统金融模型很难解释现实金融活动中的非理性现象,故而前景理论应运而生。作为结合经济学与心理学的新型理论,前景理论通过实证研究,总结出投资者行为偏差的特点及原因,这些论断更适合剖析经济逆周期情形下的金融非常规现象及投资者非理性行为。以前景理论为基础,将投资者行为偏差划分为认知性偏差与情绪偏差,并提出相应的解决方案,有助于投资者选择正确的投资决策,更有助于金融市场的稳定与发展。Traditional finance is the foundation of the development of modern financial market.Because of its ideal assumptions,it is difficult for traditional financial model to explain the irrational phenomenon in the real financial activities.Prospect theory as a new theory combining economics and psychology,it sums up the characteristics and reasons of investors’behavior deviation through empirical research.These conclusions are more suitable for analyzing the financial unconventional phenomenon and investors’irrational behavior under the adverse economic cycle.Based on the prospect theory,this paper divides investor behavior bias into cognitive bias and emotional bias,and puts forward corresponding solutions,which will help investors to choose the right investment decisions,and help the stability and development of the financial market.

关 键 词：前景理论 行为偏差 损失厌恶 经济逆周期 个人投资者 认知 

分 类 号：F832.48[经济管理—金融学]