在此背景下，选取我国投资群体非理性认知影响因素研究这一课题进行研
究，分析我国投资群体非理性投资的认知心理的表现及影响因素，结合结构方程
模型对股市投资群体非理性投资行为的认知偏差进行分析，并在此基础上提出解
决我国投资群体非理性行为的对策。本文研究不仅有着进一步规范我国资本市场
建设，完善上市公司信息披露机制的宏观经济意义，而且还有着提高我国中小投
资者投资能力，规范其理念的实践意义
本文结合行为金融学等相关基础理论，通过分析我国股市投资群体构成状况
和股市运行特点，讨论了我国股市投资群体非理性投资行为的表现，然而通过投
资群体非理性影响因素分析，指出了股市投资者认知偏差是主要因素，同时我国
股市投资者的特有心理偏差也造成了非理性行为较显著，而且我国股市的外部环
境也对非理性投资行为有重要影响。之后本文结合问卷调查法，采用结构方程模
型，对投资群体非理性投资行为中的认知因素进行实证分析，分析结构表明股市
群体投资者认知偏差与行为偏差两者呈正相关，而且认知因素是导致认知偏差的
重要影响因素之一，其中过度自信是导致认知偏差的重要影响因素
最后本文根据全文写作观点进行了总结，并提出要加强投资者教育这一政策
建议，以期对规范我国股市投资行为，提高股市资本配置效率进而实现财富有效
增值有所裨益
关键词：投资群体；非理性；信息披露；上市公司；认知因素ABSTRACT
iii
ABSTRACT
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&39;s stock market is not
mature, the market system and the relevant laws and regulations also have many
irregularities, in 2015 China&39;s stock market experienced a roller coaster spike, which
led to China&39;s most investors suffered heavy losses, according to the relevant news
reports from the 2015-2016 stock disaster since China&39;s A share investors per capita
loss of 466 thousand and 500 yuan, which led to China&39;s public assets shrink, at the
same time for the Chinese people&39;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&39;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&39;s capital market, improve the information
disclosure system of the listed company macroeconomic significance, but also
improve China&39;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 theABSTRACT
iv
status 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&39;s stock market is caused by the irrational behavior
is significant, and the stock market of our country&39;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&39;s stock market, the stock market to improve the
efficiency of capital allocation and achieve effective value-added benefit of wealth.
Key Words ： Investment group; irrational; information
disclosure; listed company; cognitive factors目 录
v
目 录
创性声明i
关于论文使用授权的说明........i
中 文 摘要....ii
ABSTRACT.... iii
1.绪论....1
1.1 选题依据及意义 1
1.1.1 选题背景.. 1
1.1.2 选题意义.. 1
1.2 国内外文献研究综述.... 2
1.2.1 国外文献研究综述.......... 2
1.2.2 国内文献研究综述.......... 3
1.3 研究思路和研究内容.... 7
1.4 研究方法和创新点........ 8
1.4.1 研究方法.. 8
1.4.2 创新点...... 9
2. 理论基础及方法介绍........10
2.1 投资者认知偏差与风险偏好理论....
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