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论文编号：	9016
作者编号：	1120110783
上传时间：	2016/12/19 15:57:11
中文题目：	投资行为中参照点效应的实验研究
英文题目：	Reference Points Effect on Investment Behavior:An Experiment Study
指导老师：	李建标
中文关键字：	个体投资决策；群体投资决策；参照点；控制权；实验
英文关键字：	Individual Investment Decision; Group Investment Decision; Reference Point; Control Right; Experiment
中文摘要：	投资者是公司治理中最为重要的利益相关者，现有研究从多个层面和视角对投资者的投资行为分析，然而这些研究一个是建立在各不相同的行为基础之上，难以纳入同一个理论框架，对投资者投资行为的预测和分析也存在较多分歧；另一方面仅仅将投资视为获取收益的活动，将之简化为投资-收益的过程，忽略了投资过程本身的特征对投资者和投资行为的影响。基于此，本文一方面选取参照点作为统一的行为研究假设，参照点是决策行为研究的基本原理之一，影响了行为人对风险的偏好和结果的感知，进而塑造了投资者的投资行为逻辑；另一方面在梳理相关文献的基础上，依据投资决策的方式和直接目的，将投资行为分为个体投资决策、群体投资决策、涉及控制权的个体投资决策和涉及控制权的群体投资决策四种类别。本文在总结现有文献的基础上提出覆盖投资或然结果的多重参照点体系，然后分别对每种类别投资行为中的多重参照点效应建立理论和模型分析，建立对参照点体系影响投资行为过程的分析，并设计实验验证了本文的理论分析。本文研究发现，投资过程的差异会影响参照点对投资行为中风险偏好逆转影响的表达。具体而言，在动态的投资环境中个体投资决策和群体投资决策受目标、现状、底线和社会参照点的影响均显著，但是在涉及控制权的投资行为中仅有目标参照点和现状参照点的影响得到了证实；在本文涉及的所有动态类型投资中，目标参照点对投资者决策的影响是一致的，但是对投资者风险偏好的影响与现有对静态投资行为中目标参照点影响的研究结论相反；社会参照点在个体决策和群体决策下对投资者的影响是相反的，即个体决策条件下的投资者当前的投资结果低于平均水平时相对高于平均水平时在未来更为风险偏好，而在群体决策条件下投资者在未来表现的更为风险规避；个体与群体决策条件的差异仅对社会参照点效应有影响；此外利率对投资者参照点的形成没有影响。 本文的创新点主要有首次设计了能够实现多重参照点动态更新的投资行为实验，将投资者个体和群体的决策行为研究由静态决策框架推进到动态决策框架，研究了动态投资情景中的多重参照点效应；率先探讨了群体决策条件下动态投资行为中的多重参照点效应，并与个体决策条件投资行为中的多重参照点效应相比较，分析个体和群体决策条件的差异对投资行为中参照点效应的影响；率先分析多重参照点对控制权配置的影响，并给出了多重参照点影响人们控制权配置决策的实验证据。
英文摘要：	Investor is the most important stakeholder of company and many papers have studied investor behavior from different levels and perspectives. There still have two defaults of these studies need to be improved. First, most of these papers cannot consistent with each other because they were based on different behavior assumptions, and second they neglected the attributes of the process during make an investment to obtain profits and these attributes have different effects on investor and investment behavior according to recently research by Experimental Economics. This dissertation started the research about investment behavior by using reference point as a unified behavior assumption that because reference point theory is the basic principal of behavior economics and it has influence on the risk preference of investors which investors how to make their investment decisions and perceive the outcome of investment behavior. As to the second default, this dissertation divides investment behavior into four categories according to the way of investment decision and direct goal: individual investment decision, collective investment decision, individual investment decision involving control right and group investment decision involving control right. Based on the existing literatures, this dissertation proposes a multiple reference point system which covers all the likelihood results of investment and establishes theoretical models aim to analysis of the multiple reference point’s effects on each category of investment behavior. Then verification experiments of the theoretical analyses of this dissertation were designed and executed . The main conclusions of this dissertation are as follows. First, the attributes of investment process have effect on relationship between reference point and investment behavior. More specifically, in the dynamic investment context the effect of goal, status quo, minimum requirement and social reference point on individual investment decision and group investment decision are all confirmed while in the context of investment decision involving control rights only goal and status quo reference point are confirmed. Second, in the dynamic investment environment, the influences of goal reference point on the investors` decision making are same in the four categories of investment decision which is contrary to the predication of papers about investment behavior in the context of static decision. Third, the influences of social reference point are opposite between the contexts of individual decision-making with group decision-making of investment which in the context of group decision, investors whose profit higher than average level in last period are more risk preference in future than those investors whose profit lower than the average level. And the difference of individual decision and group decision framework only has influence on social reference point. The main contributions of this dissertation may as follows: Its investment decision experiment design can realize multiple reference point dynamic update following experiment process which is for the first time as I know. It has improved the study of decision-making behavior of individuals and groups of investors from static decision framework to dynamic decision framework. And this dissertation is one of the early researches about multiple reference points’ effect on group decision in the context of dynamic investment. Furthermore it compares investment behaviors in the context of individual decision with group decision, and analysis difference of multiple reference points’ effects. This dissertation also studied the investment decision involve with control rights, and find the evidence of reference point influence on allocation of control rights.
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