摘要从证券市场的大量异常现象来看，投资者的决策并非理性，中小投资者非理性行为的集合会造成股票价格的异常波动，增加证券市场的风险。因此，探究投资者行为偏差的形成机理，有助于引导投资者理性投资，维护证券市场稳定运行。51341

近年来兴起的行为金融学，打破了传统的理性投资者、有效市场、效用最大化等假设前提，把认知过程中的情绪、偏好纳入投资行为的影响因素，以此来解释人们是怎样处理信息和做出决策的。这一理论以更贴近现实的有限理性人假定，为分析投资者行为创造了一个崭新的视角。

本文结合相关统计年鉴的最新数据首先阐述了我国证券市场中小投资者的基本特征和投资交易行为特点。接着，基于行为金融学模型设计问卷，从投资者入市动机和交易行为两方面对我国中小投资者实施调查，验证投资者在交易过程中的过度投机、过度自信、心理账户、处置效应和框架依赖五种现象，深入分析其产生偏差的原因。最后，结合我国证券市场实际，针对我国的中小投资者突破非理性投资提出了时间分散、成本平均、集中投资、动量投资等交易策略，为中小投资者克服认知与行为偏差提出诚恳的建议。

毕业论文关键词：行为金融学； 中小投资者； 行为偏差

A Study on Investment Behavior of Small Investors Based on Chinese Securities Market

Abstract

With unusual phenomenon of security market springing up in large quantities, we may reach a conclusion that Investors' decision could be irrational. Set of irrational behavior may lead to unusual price fluctuation, increasing the risk of the stock market. Thus to probe into the formation mechanism of investors' behavioral biases is conducive to guidance provided on inpiduals to invest rationally and further promote the sound development of Chinese security market.

The recently emerging Behavioral Finance that have broken the traditional assumptions such as  rational investor, effective market and utility maximization, bringing emotions as well as preferences into contributing factors, explains how people handle information and makedecisions. The theory based on limited rational investor which is closer to reality, offers a brand-new prospect for analyzing investor's decision behavior. 

Firstly of all, this article elaborates the basic features together with behavioral characteristics of small investors in Chinese security market, with reference to the latest statistics. The questionnaire is designed on the basis of behavioral finance theory, conducting an investigation on small investors from entry motivation to transaction behavior so as to verify some behavior deviation such as excessive speculation, overconfidence, mental account, disposition effect as well as framing dependence. After that the growth of behavioral biases can be deeply analyzed. Finally, combined with the reality of Chinese security market, we put forward some suggestions such as time dispersion, average cost and momentum investment for small investors to overcome cognitive errors and psychological deviation.

Key Words: Behavioral Finance；  small investors； behavioral biases

 目  录                                        

摘  要 I

Abstract II

一  引言 1

二 我国证券市场中小投资者基本特征与行为特点 3

（一）我国证券市场中小投资者基本特征 3

（二）我国证券市场中小投资者交易行为特点