投资者现状偏见及其影响因素的实验研究

An Experimental Study on the Status Quo Bias of Investors and Its Impact Factors

现状偏见是影响投资者决策的一个重要因素,现有的研究主要利用前景理论对其进行阐释。框架效应、投资者情绪以及信息结构在投资者现状偏见中发挥着重要作用,本文利用实验的方法研究了三者对投资者现状偏见的影响,研究结果表明:差值投资组合框架中投资者被试的现状偏见程度高于比率投资组合框架中投资者被试的现状偏见程度;三种情绪组中均存在投资者现状偏见,积极情绪下被试的偏见水平较低,消极情绪下被试的偏见水平较高;被试选择信息结构确定的选项是选择信息模糊选项的5倍,投资者被试对外在现状赋值的偏见程度小于自我现状赋值。

The status quo bias is an important factor which affects investors＇ decision-making.The existing researches on this issue only consider Prospects Theory.In fact,framing effect,investor sentiment and information structure are also important variables which affect the status quo bias.But the existing literature is less involved to study status quo bias from the three aspects above.This paper researches the influence on the Status Quo Bias of Investors from the three aspects of framing effect,investor sentiment and information structure in the experimental method.The results show that： the investor status quo bias in the margined frame of the investment portfolio is higher than that in the ratio frame of the investable portfolio.There is status quo bias of investors in the three emotions conditions.In the positive emotions the status quo bias of investors is lower and in the negative emotions the status quo bias of investors is higher.Choices of the determined probability are made five times more than those of uncertain probability are.The level of status quo bias in self-status assignment group is higher than that in external status assignment group.