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个人投资者处置效应的综述研究

A Review of Research on the Disposition Effect in Investors

社会科学进展 / 2022,4(6)：560-574 / 2023-01-06 337 758

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• 作者： 李婉君      胡谏萍     
• 单位：

  广东金融学院，广州

• 关键词： 行为金融；处置效应；影响因素
• Behavioral finance; Disposition effect; Influencing factors
• 摘要： 近年来，行为金融学理论逐渐发展，其挑战了传统金融学中的理性人假设。许多学者通过实证检验证明了投资者存在各种非理性决策。其中最典型的一种就是处置效应，是指投资者倾向于过早卖出盈利的资产，而过长时间持有亏损资产的非理性行为。本文梳理了近几年的研究成果，先梳理处置效应的提出和不同的度量方法、研究方法，然后归纳了经典理论的解释，如前景理论、心理账户、后悔厌恶和均值回归信念；并归纳了其他研究成果，从投资者个人特质、 认知不协调、社会交往和信息因素等去解释个人投资者的处置效应。最后提出了相应的解决对策，一方面要提高投资者个人专业素养，另一方面可以改善外部条件，都有助于降低个人投资者的处置效应，有利于促进金融市场的稳定和发展。
• In recent years, behavioral finance has been gradually developing, which challenges the hypothesis of rational man in traditional finance. Many scholars have proved that investors make various irrational decisions through empirical tests. One of the most typical behaviors is the disposition effect: an irrational tendency of investors to sell winning assets too early, but hold losses for too long. Firstly, this paper reviews the different measurement of the disposition effect. Secondly, it reviews the traditional theories of explanation, such as prospect theory, mental accounting, regret aversion, belief in mean reversion, and other relevant theoretical models. The disposition effect of individual investors can be explained by their personal traits, cognitive dissonance, social interaction and information. Finally, it puts forward the corresponding countermeasures. On the one hand, it is necessary to improve the personal professional quality of investors. On the other hand, the external conditions can be improved. Both are conducive to reduce the disposition effect of individual investors, promoting the stability and development of the financial market.
• DOI： https://doi.org/10.35534/pss.0406051
• 引用： 李婉君，胡谏萍．个人投资者处置效应的综述研究［J］．社会科学进展，2022，4（6）：560-574．