【作者】 李倩；

【导师】 唐宁玉；

【作者基本信息】 上海交通大学 ， 应用心理学， 2011， 硕士

【摘要】 近年来,受经济危机的影响,股指持续大幅波动,人们在股市中的投资行为和投资心态也随之变化。为了掌握人们投资行为的规律,了解人们投资心态的变化,研究者对股市投资决策及投资心态的影响因素展开了研究。处置效应是股市投资决策领域广泛关注的焦点,反映出人们售盈持亏的投资倾向和损失厌恶的投资心态。本研究采用心理学实验,研究股票损益对人们决策倾向的影响。并通过模拟炒股实验,检验处置效应是否存在,以及损益对决策幸福感的影响。调节焦点是目前人格和动机领域的研究热点,包括促进焦点和预防焦点两种类型。促进焦点型个体对积极的结果较为敏感,而预防焦点型个体则更加关注消极的结果,因此,调节焦点与前景理论价值函数存在一定的联系。基于此,本研究引入了调节焦点,通过问卷测量的方式对调节焦点类型进行区分,进而考察调节焦点在损益对决策倾向的影响、处置效应以及决策幸福感上的作用。本文选取了189名学生进行心理实验研究,并随机选取其中96名学生参与模拟炒股实验。研究结果表明:(1)损益框架对股市决策倾向有着显著的影响,在损失框架下个体倾向于继续持有股票,在收益框架下个体则倾向于抛售股票;(2)损益框架下,损益程度未对决策倾向产生影响,调节焦点对决策倾向的影响不显著;(3)个体在模拟炒股实验中表现出处置效应,且相对于促进焦点型个体,预防焦点型个体的处置效应更为明显;(4)股市收益并不能预测个体的决策幸福感,促进焦点型个体在决策过程中的幸福感显著高于预防焦点型个体。最后,文章对研究的创新点进行了分析,根据得出的结果,提出了理性决策的建议,让人们认识到预防焦点型个体更容易产生处置效应,在股市决策中这一类型的个体更应该立足现在,着眼未来。并且阐述了研究的局限性,对未来的研究做出了展望。更多还原

【Abstract】 In recent years, due to economic crisis, stock index keeps on fluctuating significantly. People’s investment behaviors and states of mind also change with stock index. With the purpose of exploring the patterns of investment behavior and getting insight into the change of states of mind, researchers have conducted a series of studies on factors that influence the decision making and investment attitude in stock market.Dispositional effect has been a broadly concentrated topic in investment decision making area, which describes the investment preference of holding the unprofitable stocks but selling the profitable ones, and the investment states of mind on loss aversion. The study investigated the effect of loss and profit of stocks on decision making preference by employing psychological experiment as well as examined the dispositional effect and loss and profit on investment happiness by stimulating a stock investment context.Regulatory focus, with two dimensions of promotion focus and prevention focus, is one of the hot topics in personality and motive studies. The people of promotion focus are more sensitive to positive results, while the ones of prevention focus pay more attention to negative results. Therefore, there is a certain relationship between regulatory focus and the value function of prospect theory. Based upon this, the study introduced regulatory focus into the study to investigate the effect of regulatory focus on the relations among profit and loss of stocks, investment decision making, dispositional effect and investment happiness.The study invited 189 graduates to complete a psychological experiment, and randomly chose 96 of them to attend the stimulated stock investment. The results indicated that (1) The frame of profit and loss has significant effect on preference of decision making in stock market. Specifically, in loss frame, people are prone to hold stocks; however in profit frame people are prone to sell stocks. (2) The extent of profit and loss and regulatory focus has no effect on preference of decision making. (3) Dispositional effect can be observed in stimulated stock investment, and this kind of effect is more significant on people who are prevention focus than those of promotion focus. (4) Profit and loss in stock market can not predict the happiness of decision making, but people of promotion focus are constantly happier than those of prevention focus during the decision making.The paper also discussed the forth new ideas in the study and raised the conclusion that people of prevention focus were more prone to show dispositional effect in stock investment, so they should concentrate more on the present profit and loss and the development trend of stock price. The paper also discussed the limitations of the study and proposed the further study directions.更多还原