影响证券投资者情绪的因素分析

将证券投资者对后市的预期作为情绪的代理变量,全面分析了影响中国证券投资者情绪的各种因素.实证分析结果表明,我国证券投资者受到市场历史表现的锚定,存在系统的启发式偏差,从而不能根据新信息作出理性的预期.

Analysis on factors affecting the sentiment of securities investors

Taking the expectation of securities investors for future market as the proxy variable of their sentiment,the paper comprehensively analyzes various factors affecting the sentiment of Chinese secu- rities investors.Empirical results indicate that Chinese securities investors are anchored by the histori- cal performance of the market,and they have systematical heuristic biases,so they can't make rational expectation according to new information.