The Research On The Security Investor's Behavior Evolution

The Research on the behavior of investors in the Security Market is an keystone problem focused by the Modern Finance and the study of Behavior. To its essence, the appearance of the Security Market is a result of the market actors'game between reducing their exchange costs and seeking to the satisfactions with their economic returns. In this kind of market, the actors are the most core factors of the inscapes of the market, they make great process for the development of the market, their behavioral characters of decision-making, their degree of rationality and psychology factor have important influence to the development, grandness and prosperity degrees of the market, and the healthy degree of their behavior will directly affect on the development route choices of the security market. Hence, It's has not only quite vital theorical meaning but also practical meaning that to develop the entirely researches on the security investor's behavior.From the entire develop courses of the study on investor's behavior, we conclude that this research comes through a gradually theory-perfecting process, which from a fully-rationality pattern theory to a bounded-rationality pattern theory. However, because the truly security market is a complex adaptive system and its investors' behavior has the essence of learning and adaptive, and the present theory about stillness and linear pattern can't full describe the actual behavior of the investors, these require a more challenge theory to further explain the investors'behavioral mechanism and its behavioral essence. At the same time, the recently arisen theory-Evolutionary Finance-possess some definite feasibility for its complex adaptive pattern and dynamic decision-making mechanism. Hence, our paper try to construct an analysis frame under the evolutionary Finance, from the research angle of individual behavior and crowd behavior of investors, integrate with the investor behavior evolution's microcosmic mechanism and macrocosmic route, and exhibit the entire process of the security investors'behavior evolution. Under this idea, our paper mainly includes four parts, and they are at follows:The first part is the theory part. Our paper starts from analyzing the essence of the real security market (the Complex Adaptability) and the new research pattern requirement, entirely introduces the theory basis of evolutionary finance, and deeply discusses the feasibility of import the evolutionary finance theory to the study of investor's behavior to relevantly describe the real investor's decision-making behavior and process.The second part is the study of microcosmic mechanism of the investors'behavior. Our paper compares the rationality hypothesis of anciently theory, and puts forward a brand-new and more inosculated one of investors'behavioral characters——learning man. Under this hypothesis, our paper analyses the behavioral mode and behavioral representation of the real investor in the security market, and brings forward the right remedy method of the investors'behavioral warp——the individual learning method. After that, our paper focuses on the explanation on the microcosmic mechanism of investors'behavior evolution, that is, how of the investors group come into being by the drive of the knowledge pervasion, individual learning and route dependence.The third part is the study of decision-making method of individual investors' behavior, and it includes two researchs, the model research and the empirical one. In one hand, our paper modifies the decision-making condition and adds a learning cost variable of the Brennnan(1998)'s dynamic invest decision model, builds a new model to describe the optimal investor decision process of the security investors, and give the algorithmic provement. In the other hand, our paper takes two kinds of empirical research. The first one is to picture the entire characters of investors'behavior in the Chinese Security Market, and the second is to prove the existence of the learning adaptive behavior in the Chinese Security Market. All the results all testify our learning rationality hypothesis of our evolutionary finance theory.The fourth part is the study of evolutionary game behavior of investor group behavior. Our paper regards all the investor in one security market as one group, it uses the Evolutionary Stable Strategy to build the Replicator Dynamics function of the decision-making behavior of investor group. Through this function, we can describe the investor group's behavioral evolutionary route and its dynamic equilibrium structure. Furthermore, using this function, our paper gives an empirical research on the Chinese Security Market and opens out the truly evolutionary route of this investor group.