基于知识的投资者一致性行为理论研究  

Research on the Theory of Consistent Behavior of Investors Based on Knowledge

作　　者：宋陆军[1,2] SONG Lu-jun(Taiyuan University,Institute of Technology and Finance Application,Taiyuan 030032,China;Taiyuan University,Department of Finance,Taiyuan 030032,China)

机构地区：[1]太原学院科技金融应用研究所,山西太原030032 [2]太原学院财经系,山西太原030032

出　　处：《太原学院学报（社会科学版）》2021年第6期34-45,共12页Journal of Taiyuan University(Social Science Edition)

摘　　要：知识可定义为投资者对数据、信息、经验进行系统分析的结果,基于此,可以构建基于知识的投资者一致性行为模型。该模型首次提出四个基本假设:(1)金融市场中的知识会形成投资者的一致性行为,即对买入或卖出金融资产的一致性认同;(2)金融市场上因知识产生的一致性行为,会受到上市公司特征的显著影响;(3)金融市场上因知识产生的一致性行为,会受到投资者结构特征的显著影响;(4)金融市场上因知识产生的一致性行为,会受到“庄家”、做市商等机构投资者的引导。由假设得出金融市场本质是一种规则,是投资者利用知识形成的一致性行为规则,并且这种规则受“庄家”和做市商的引导或维护的基本观点。基于Python和深度学习,一致性行为模型在解释我国金融市场运行情况、策略研发、风险管理和金融监管等方面具有广阔的应用前景。Knowledge can be defined as the result of systematic analysis of data,information,and experience by investors.Based on this,a knowledge-based investor consensus behavior model can be constructed.The model puts forward four basic assumptions for the first time:(1)Knowledge in the financial market will form the consistent behavior of investors,that is,the consistent identification of buying or selling financial assets;(2)Knowledge-based investor consensus behavior will be significantly affected by the characteristics of listed companies;(3)Consistent behavior in the financial market will be significantly affected by the structural characteristics of investors;(4)Consistent behavior in the financial market,Will be guided by institutional investors such as"bookmakers"and market makers.It is concluded from the hypothesis that the essence of the financial market is a kind of rule,a consistent behavioral rule formed by investors using knowledge,and this rule is guided or maintained by the basic viewpoint of"bookmakers"and market makers.Based on Python and deep learning,the consistent behavior model has broad application prospects in explaining the operation of China financial market,strategy research and development,risk management and financial supervision.

关 键 词：知识 投资者行为 一致性行为 金融市场本质 深度学习 科技金融 

分 类 号：F832.51[经济管理—金融学]