Individual Investors Investment Decision-making Behavior Research In The Face Of Clarification Announcement

From the perspective of the psychology of decision-making, this paper tries to use psychology research methods to study the psychological characteristics as well as in-vestment decision-making behavior of a specific group of individual investors of the stock market, when they are in the face of the clarification announcement published by the listed company to clarify market rumors. Especially, it is combined with the personal psychological characteristics with the introduction of the concept of self-efficacy and the risk preference index to find the link between the cognitive processes and investment decision-making process of individual investors in the face of the clarification announcement. At the same time, it is expected to investigate that, under the effects of a variety of situational factors, whether the investor’s investment decision-making has any change which affects to the effect of the clarification an-nouncement, and reveal the investment behavior patterns of different types of indi-vidual investors.Firstly, as a starting point, this paper reviews the characteristics of information dis-closure and the importance of risk decision-making and makes a conceptual and theo-retical summarization of the market rumors, clarification announcement, self-efficacy, risk preferences, etc. to form the theoretical basis and research directions of the study.Secondly, this paper obtains the individual investor’s investment decision-making data with questionnaire of scenario simulation and collects self-efficacy and the risk appetite index of the respondents through the standard scale. With empirical research methods, it is aimed to find the investment decision-making choices and the related influencing factors when individual investors are in the face of clarification an-nouncement. In the cluster analysis and log-linear model, it is confirmed that most respondents’investment decisions have the main effects and interaction effects among the market conditions, the nature and type of the market rumors. Furthermore, the pa-per finds clarification announcement generally does not play the expected role.Thirdly, the investigated individual investors are divided into two groups based on the level of self-efficacy, in order to explore the differences in investment deci-sion-making mode of the individual investor’s self-efficacy level. The results show that though the decision-making of both groups are subject to market conditions and the nature and type of market rumors, the degree of influence of all the main effects and interaction effects are significantly different. Compared to low self-efficacy group, related parameters of high self-efficacy group are estimated more significantly, and thus their behavior patterns are more based on evidence.