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我国权证市场处于初级发展阶段,市场规模非常小,投资者心态和行为都不成熟,投机过度,出现了许多价格异象,如:基本面异象,技术面异象,日期异象,规模异象。这些“异常现象”传统金融理论所不能解释。行为金融学认为,投资者在进行投资决策时,由于有限理性、心理情绪等行为偏差和前景理论、心理账户、框定依赖等行为模式的影响,实际决策并非最优决策,导致金融市场上价格的变化偏离建立在传统金融理论假设基础上的结果,出现价格异象。文章通过总结我国权证市场这些价格异象的表现,分析了其行为金融学原因。
China’s warrants market is in the initial stage of development, the market size is very small, investors are not mature mentality and behavior, speculation over, there have been many price anomalies, such as: fundamentals, technical visions, date visions, the scale difference Like These “anomaly ” traditional financial theory can not explain. Behavioral finance believes that when making investment decisions, due to bounded rationality, behavioral biases such as psychological and emotional, prospect theory, psychological accounts and framed dependency, the actual decision-making is not the optimal decision, resulting in the change of the price in the financial market Changes deviate from the results based on the assumption of traditional financial theory, the emergence of price anomalies. By summarizing the performance of these price visions in China’s warrants market, the article analyzes the reasons of its behavioral finance.