Cognitive Biases Impact On Bank Lending Behavior Research

This paper based on behavioral finance theories, discussed whether cognitive bias which was created by external and internal factors had an influence on the credit behavior. Based on the literature reading and research, considered the specific circumstances of our country, this paper got the conclusion that people were exhibiting some cognitive bias as conservative bias, dependence bias, herd mentality, availability bias, ambiguity aversion. This paper gave the hypothesis that the internal and external factors had relationship with cognitive biases separately. And cognitive bias was related to the bank credit behavior. Through the questionnaire, this paper obtained 107 samples. After using software of SPSS 17.0 to do descriptive statistical analysis, reliability analysis, factor analysis of the questionnaire data, all putout manifest that the questionnaire was fit to the research. Then carried out the SEM examination of the model using the LISREL8.70 to test the hypothesis this paper gave, internal factors and cognitive bias, external factors and cognitive bias showed a positive correlation. Internal factors, external factors, cognitive bias are positively related to credit behavior. And the relationship between internal factors and credit behavior was less significant than the others, the other paths were highly significantly related. After the theoretical analysis and empirical test results, this paper presented some suggestions based on cognitive bias and macroeconomics.