股票投资决策中的处置效应及其应对策略

The Disposition Effect in Stock Investment Decisions and its Coping Strategies

采用行为经济学取向的情景实验方法,分别以253名成人、263名经济学专业的大学生和349名中国A股市场上的个体投资者为被试,对股票投资决策中的处置效应及其相关因素进行了系列实证研究。结果发现:总体上讲三种被试都存在明显的处置效应。相对于替他人做股票投资决策,成人被试在为自己做股票投资决策时表现出更强的处置效应。股票投资年限在3年及以上的个体投资者被试在其股票投资决策中所表现出的处置效应程度要弱于股票投资年限在3年以下的个体投资者。建议使用角色置换他人化和投资盈利目的化等策略减弱处置效应。

By using the scenario experimental approach of behavioral economics to study the disposition effect in stock investment decisions, the experiment was conducted by 253 adults, 263 college students who major in economics, and 349 individual investors of the Chinese A Stock Market. The results showed that adult, college students and individual investors who have been exhibited had disposition effects in their stock investment decisions. Adult showed stronger tendency of disposition effects when they made decision for themselves than for others. In addition, our findings showed that the duration of participation in stock investment affected individual investors＇ disposition effects. The individual investors whose duration of stock investment are above three years tends to have weaker disposition effect compared with those less than three years. It is recommended that we should use the role of replacement and investment strategies with profit purpose to reduced disposition effect.