行为金融视角下中国证券市场投资策略研究

Study on Investment Strategies in Chinese Stock Market Based on Behavioral Finance Model

本文根据我国证券投资基金发展的实际情况,运用代理关系下的有限套利模型和行为资产组合理论,建立面板数据模型,对影响我国基金投资收益的因素进行了实证研究。得出以下结论:代理关系和心理账户对证券投资基金的收益影响显著;对于基金的代理人——基金经理而言,建立有效的基金经理人信用评级制度有利于培养优秀的机构投资者,同时可促进我国证券市场的健康发展。

Based on the development of securities investment fund in China,this paper uses the agency-based limited arbitrage model and the behavioral portfolio theory to establish a panel data model,and empirically analyzes the factors influencing the investment income of fund in China. It draws the following conclusions： the agency relationship and the psychological accounts have significant effects on the income of securities investment fund;for an agent of the fund that is a fund manager, establishing an effective credit rating system helps to cultivate outstanding institutional investors and to promote the healthy development of China＇s stock market.