An Analysis Of The Cognitive Bias Of The Irrational Investment Behavior Of Stock Investment Group

Along with our country economy to the more high-end "China made" transformation,the capital market has become more and more important role for the supply of funds in the real economy,social capital is also needed by investing in the stock market to open up investment channels and asset value,so to develop the stock market and other capital markets is the inevitable requirement of economic development in china.However,the development of China’s stock market is not mature,the market system and the relevant laws and regulations also have many irregularities,in 2015 China’s stock market experienced a roller coaster spike,which led to China’s most investors suffered heavy losses,according to the relevant news reports from the 2015-2016 stock disaster since China’s A share investors per capita loss of 466 thousand and 500 yuan,which led to China’s public assets shrink,at the same time for the Chinese people’s consumption ability also had a negative impact.The important reasons for the crash which lies in the non rational investment behavior and investment groups in China,the irrational behavior not only leads to herding retail,but not blindly chasing losses and positive stop,disastrousresults.Under this background,select the investment group of our country non rational cognitive factors influence research on this topic to conduct the research,analysis of performance and the influencing factors of the cognitive psychology of investment groups in China’s non rational investment,cognitive deviation combined with structural equation model of stock market investment group irrational investment behavior analysis,and on this basis put forward countermeasures to solve the investment group of our country non rational behavior.This study has not only further standardize the development of China’s capital market,improve the information disclosure system of the listed company macroeconomic significance,but also improve China’s small and medium-sized investors investment ability,standardize the concept of practical significance.Based on related behavioral finance and enterprise management theory,through the analysis of the investment community in our country stock market constitute thestatus and characteristics of the stock market,discusses the investment community in our country stock market irrational investment behavior,but through the investment of irrational group influence factor analysis,pointed out that the stock market investors cognitive bias is one of the main factors,and psychological characteristic the deviation of investors in China’s stock market is caused by the irrational behavior is significant,and the stock market of our country’s external environment also has important influence on the non rational investment behavior.After combining with the method of questionnaire investigation,using structural equation model,non cognitive factors in the rational investment behavior of investment group to carry on the empirical analysis,the analysis shows that the stock market investors group cognitive bias and behavior deviation of both positively correlated,and cognitive factors is one of the most important factors that lead to cognitive biases,which are important factors leading to overconfidence cognitive bias.Finally,according to the writing summaries,and proposed to strengthen the education of investors that policy recommendations,in order to standardize the investment behavior of China’s stock market,the stock market to improve the efficiency of capital allocation and achieve effective value-added benefit of wealth.