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在实际的投资决策中,根据传统财务理论模拟出的决策行为总是与现实实践发生偏差,出现决策者决策行为的“异像”。究其原因,发现在分析投资决策过程时,我们把人抽象掉了。而行为财务学正是在传统财物理论的基础上引入了人的行为。本文将从两个层次对行为财务学进行研究:其一是从复杂性科学的观点来研究投资者的群体心理对证券市场引起的复杂性影响;另一个就是行为金融理论引入心理学的成果,认为投资者存在从众行为,也就是羊群行为。
In the actual investment decision-making, the decision-making behavior simulated according to the traditional financial theory always deviates from the actual practice, and the decision maker’s decision-making behavior appears “”. The reason, I found in the analysis of investment decision-making process, we abstract people out. Behavioral finance is the introduction of human behavior on the basis of traditional property theory. This article will study behavioral finance from two levels: one is to study the complexity of investors’ group psychology from the perspective of complexity science; the other is to introduce behavioral finance theory into the result of psychology, Investors believe that there are herd behavior, that is, herd behavior.