证券投资的非理性认知风险与市场认知风险

Irrational Perceived Risk and Market Perceived Risk of Securities Investment

基于投资者的过度自信心理偏差构建了证券投资的理性认知风险度量模型、非理性认知风险度量模型,并利用理性投资者和非理性投资者的相互作用,构建了证券投资的市场认知风险度量模型,研究了非理性投资者的非理性认知风险对理性认知风险和市场认知风险的偏离问题。研究结论表明:非理性投资者的非理性认知风险偏离市场认知风险的程度依赖于非理性投资者的市场价值权重。

A rational perceived risk model and an irrational perceived risk model were established. A model of market perceived risk through the interaction an between the of rational investors and the irrational investors was constructed. The bias problem of the irrational investors＇ perceived risk relative to the rational investors＇ perceived risk and the market perceived risk was studied. The degree of the bias of the irrational perceived risk relative to the market perceived risk depends on the value weighting of the irrational investors is proved.