中国个人投资者处置效应的实证分析

An Empirical Analysis on Disposition Effect of Chinese Individual Investor

处置效应是一种比较典型的投资者认知偏差,表现为投资者对投资盈利的“确定性心理”和对亏损的“损失厌恶心理”。以贵州省某证券公司大型营业部个人投资者交易数据库,来研究中国证券市场的个人投资者是否具有“处置效应”——这种非理性的投资行为。结果发现:从卖盈卖亏股票次数上来考察,中国个人投资者在整体上和交易频率上都表现出显著的处置效应,但是,从月份特征来看,处置效应并不具有显著性;从持有卖盈卖亏股票的时间上来考察,中国个人投资者无论是在整体上、月份特征上,还是交易频率上都表现出显著的处置效应。

The multiple levels of Chinese social security system result from the complexity of China＇s social economy. At present, there are three kinds of security patterns in the world, i.e. ＂insurance mode＂, ＂welfare mode＂ and ＂nation mode＂. However, they can＇t meet the need of Chinese social security reform. The disparity of productivity development, coexistences of the multiple ownerships and the unbalanced development of the economy in China determine that China should carry on one kind of social security mode to fit its practical situation, which is the ＂multi - level mode＂.