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金融学视角的研究使用市场变量代表投资者情绪,未能触及情绪本质.从心理学视角出发,使用行为金融实验方法,研究股票投资者的真实情绪对收益率及后续决策风险偏好的影响.结果发现:1)股价单边下跌时,产生适度消极情绪的个体收益最高.2)对于后续盈利情境的决策,前期产生积极情绪的个体倾向于规避风险,产生消极情绪的个体倾向于寻求风险;对于后续亏损情境的决策,个体均表现为寻求风险.3)股价单边上涨或下跌时,个体最容易出现的具体情绪分别是“倍受鼓舞”、“内疚”等.
From the perspective of finance, using market variables to represent investor sentiment can not touch on the essence of sentiment.From a psychological perspective, we use the behavioral finance experimental method to study the influence of real sentiment of stock investors on the yield and the risk appetite of subsequent decision-making.Results The results show that: 1) individuals with moderate negative emotions have the highest return when the stock price falls unilaterally.2) For the subsequent profit-making decisions, individuals with positive emotions in the early stage tend to hedge their risks and those with negative emotions tend to seek risk; Follow-up loss situation decision-making, the individual showed the risk-seeking .3) When the stock unilateral rise or fall, the individual most likely emotions are .