Small And Medium Investors In The Economic Analysis Of Nonrational Behavior

Traditional finance theory, the efficient market hypothesis as the representative theory, follow a hypothesis to empirical research from the idea.It acts in the research stock market investor, and investors assume that the market is perfectly rational; On this basis, investors should investigate how the behavior.Research shows that some investors because of the inherent psychological bias and information asymmetry, cognitive ability and ability to judge and determine the accuracy of the often biased, far below the traditional financial theory of rational investor requirements, the actual decision-making processand decision-making results with traditional finance theory model of optimal investment decisions differ materially from those described, showing a typical non-rational state.Behavioral finance theory is the forefront of Western theory of financial research.It is the integration of financial economists, finance, psychology, anthropology and decision science and research within the research paradigm, to investigate anomalies in financial markets developed in the course of the theoretical system, it is the traditional financecan not explain the phenomenon of capital markets has made a more realistic interpretation of our financial markets to better provide a new perspectiveThe earliest studies of behavioral finance can be traced back to the 19th century until the 20th century, the behavior of 80 economists was formed to vigorously promote a more comprehensive discipline system, the current behavior of the financial system has become a modem financial theory has the vitality ofa branch.Awarded the 2002 Nobel Prize in Economics in psychology and experimental economics to make outstanding contributions of Daniel Kahneman and Vernon·Smith, behavioral finance theory identifies the important role in economics, and modern financial theorypresented a strong challenge.Chinese stock market after ten years of development, has made remarkable achievements.But because China's stock market is not mature, in many ways still not perfect, imperfect, most investors do not have the professional investment knowledge, their limited ability to forecast and analysis, and keen to inquire about the "gossip", the investment decision-makinglargely typical of the non-rational investment behavior.In this paper, behavioral finance theory as the main analytical framework for small and medium investors to commence the study of irrational behavior (hereinafter referred to as "investors").Selected for the study of 1000 investors, and using the basic theory of behavioral finance and the related mathematical statistics, the sample investors by 1000 (using the random survey) 2000 and 2008 in the secondary market transaction data, from the "disposaleffect"," herd behavior "both empirical test reveals the existence of small and medium investors irrational investment behavior.In addition, we also guide the work of the investment behavior of a detailed analysis of the work of securities regulators pointed out the weak links; empirical analysis of the sample data based on the results and methodology from two aspects of organizational system of how to strengthen the investment behaviorguide and rights protection issues.Guiding organizational behavior in the investment, through investment in building a multi-level behavior guidance system to meet the needs of different investors; in the investment behavior of the methodological guide, guide means in investment behavior, investment behavior and investment behavior to guide the contents of the bootimprovements in areas such as the form for the needs of different investors prefer to enrich the content of investment behavior guidance, and actively explore the use of lively and easy to understand the investment behavior in the form of conduct to guide activities in order to better improve the investment behavior guidance system.