行为金融学视阈下证券市场非理性波动研究

An Analysis of Irrational Fluctuation in China's Security Market from the Perspective of Behavioral Finance

基于行为金融学理论,对我国证券市场投资者行为进行实证分析,得出投资者情绪与我国证券市场非理性波动的相关性结论,建立了上证指数非理性波动轨道模型,在此基础上针对普通投资者有效规避市场非理性波动风险提出了对策;针对监管层有效干预市场的时间与空间选择提出相关建议。

Based on the theory of behavioral finance,this paper makes an empirical analysis of the behavior of investors in China’s security market,and draws the conclusion that the investors’ mood is related to the irrational fluctuation of security market,thus establishes the orbit model of irrational fluctuation of Shanghai Composites Index. On this basis,this paper puts forward some countermeasures to avoid the irrational risk of the market. In the end,this paper gives some suggestions on the timing and spatial election of the effective intervention of the regulators.