摘要
行为金融学研究的最终目的,在于把心理学和金融学问题结合起来,实现对人的行为的预测和改造,解决当今金融市场面临的许多难以用标准金融理论知识加以解决的投资决策问题。行为金融学对提升金融投资管理效率的启发在于三个方面:第一,如果基本分析、技术分析是建立在心理分析的基础之上,金融投资理论就会更加实用;第二,行为金融学指出了一些可以预见的投资心理误区,这些心理误区有规律可循,经由认识这些行为误区,投资者可以引以为鉴,改善心智模式;第三,如果能对群体的过度反应和反应不足做出正确的判断,就能够获取超额的利润,因此,行为金融学提出了逆向投资策略和顺势投资策略。
By combining psychology and finance, behavioral finance study intends to realize the prediction and improvement of human being's behavior to solve the investment decision problems which cannot be sorted out by orthodox finance theories. Behavioral finance makes three contributions to enhance the portfolio management efficiency: firstly, the financial portfolio theory will be more practical if the fundamental analysis and chart analysis can be conducted on the basis of psychological analysis; secondly, some investment mistakes can also be avoided if investors can adjust their mental models on the basis of behavioral finance; finally, given the precise prediction to the over-reaction and under-reaction, excess profits can be obtained taking advantage of contrarian strategy and momentum strategy.
出处
《财经研究》
CSSCI
北大核心
2005年第1期123-132,共10页
Journal of Finance and Economics
关键词
行为金融
投资管理
心理分析
心智模式
逆向投资策略
顺势投资策略
behavioral finance
investment management
psychological analysis
mental model
contrarian strategy
momentum strategy
