【作者】 王勇；

【导师】 汪建坤；

【作者基本信息】 浙江大学 ， 政治经济学， 2004， 硕士

【摘要】 中国股票市场历经10多年的发展,取得了令人瞩目的成就,但随着市场不断发展,一些新问题也不断暴露出来,其中一个突出的问题,就是我国股票市场表现出明显的非理性特征。这已经成为影响和制约我国股票市场进一步健康、稳定发展的一个非常重要的问题。 本文在对行为金融学的主要理论、模型的回顾与评述的基础上,以行为金融学的视角,对中国股票市场的非理性展开了深入的分析和研究。本文的研究对象是中国股票市场上的主要行为主体——政府、个人投资者和机构投资者,通过对政府行为、个人投资者行为、机构投资者行为的分析,揭示出各主体行为非理性的特征,并由此探讨各主体非理性行为的相互影响和作用,其结果直接表现为股票市场的波动加剧,市场上的噪声交易和非理性泡沫严重、投机行为盛行,极大的削弱了股票市场资源配置的效率。各主体非理性行为的合力导致了我国股票市场整体的非理性,籍此更进一步研究了我国股票市场非理性的生成机理。 最后,本文基于以上研究,对我国市场制度的建设和市场主体发出了针对性的建议。即:调整政府在我国股票市场上的角色,弱化政府的作用;加强个人投资者教育,完善投资者保护机制;借鉴行为金融的理论成果,调整机构投资者投资策略。更多还原

【Abstract】 After 10 years development, Chinese stock market has got obvious achievement, but new problems emerged. An outstanding problem of them is that there’s obvious irrational characteristic demonstrated in Chinese stock market, which has been one important restricting factor of the development of China’s stock market.In the thesis, the principle theories and models of the behavioral finance were reviewed. Based on the theory of behavioral finance, the dissertation study has been done on the irrational characteristic in Chinese stock market. The study of the thesis focuses on the three subjects in Chinese stock market. They are the government, individual investors and institution investors. They could be known as irrational object after the analysis on the behavior of government, individual investors and institution investors. The further study of this thesis focuses on realizing the infection and the effect process of three subjects inside. Their irrational behavior result in that the fluctuation of the stock market is aggravated, there’s too much noise trader and irrational bubble in Chinese stock market. And the investment of speculation prevails in the stock market. These make the stock market great weakening in the efficiency of distribution. The irrational of the government, individual investors and institution investors lead to the irrational of the whole stock market.Then it’s ready for studying on the mechanism of the stock market of China. Based on the study before of the thesis, some suggestion is got: Adjust the role of the government on the stock market; Get more education to individual investors and perfect individual investors ’s protecting mechanism; learn and practice the strategy from behavioral finance.更多还原