Residents' Investment Behavior Deviation Of The Sem Model-based Empirical Research

With the development of the economy and the improving of the people's living standards, the rational allocation of household assets and the right financial management become the increasingly concerned issues in the investment of the people. However, people often do not based on "irrational" behaviors of the traditional finance theories in their investment behaviors, because of their own or external factors, they usually show a certain behavioral deviation in the investment process.This thesis, which is based on the behavioral finance theory, discusses the behavioral bias which people performed in the investment, then discusses the factors which is influenced the bias, on these base, we further discusses whether these behavioral biases affect the single investment mode or not. Through reading and reaching articles, we determines the behavioral biases the people performed on the special environment, such as Conservatism bias, Public conformity bias, Dependent bias and so on. On these analyses, we assumed that internal and external factors both affect the behavioral bias and investment mode, and behavioral bias affects the investment mode. We get 203 samples through the way of questionnaire, and then we demonstrate by the model of SEM.After date processing and descriptive statistic, we come to a decision by revised SEM model, in the internal factors, education and income have negative correlation to behaviors bids and investment mode, age has positive correlation to behavioral bias and investment mode; external factors has positive correlation to behavioral bias; behavioral bias has positive correlation to investment mode.According to the theory and SEM demonstration conclusion, this paper presents the corresponding policy recommendations. First of all, we should improve the social security system to reduce people's precautionary savings motive, so that more money is diverted from the savings in a reasonable investment. From factors of investors' own, to actively promote the correct finance and investment mode, enhance investor education and establish a correct concept of fiscal management is the fundamental solution to the problem. Furthermore, actively build a sound financial market, and full protect the legitimate interests of investors, so that to build a good investment environment for investors.