A Study Of Bounded Rational Behavior Bias Of Investors Under Multilevel View

Based on some basic principles of psychology and economics, this dissertation integrates the study of economics into the behavioral theory of psychology, emphasizes on the theme of the bounded rational behavior bias of investors, and draws the conclusion that there are six types of the bounded rational behavior bias of investors: information dependent bias, conservation and obtain bias, conformity behavior bias, overtrading bias, loss aversion bias, localilzation bias. By analyzing the psychological behavior of investors, this research finds four psychological factors which affect the bounded rational behavior bias of investors: locus of control, coping style, self-efficacy, social behavior. The bounded rational behavior bias of investors can be divided into external control type of behavior bias and internal control type of behavior bias by the social information processing theory and the social perception theory.The study of the bounded rational behavior bias of investors involves several levels, including the gender level, the age level, the monthly income level, the job types level and the education level in the demographic variable; subjects locus of control, coping style, self-efficacy, social behavior in the factor of investors bounded rational behavior bias; and external control type of behavior bias, internal control type of behavior bias in the representation of investors bounded rational behavior bias. The research also involves other methods, such as exploratory factor analysis (EFA), confirmatory factor analysis (CFA) and multiple-sample analysis. The six aspects of the discussion adopts multiple research methods, including exploratory factor analysis, confirmatory factor analysis, reliability and validity examination, measurement invariance, cross-validation, multiple-sample analysis, regression inspection in the three dimensions and the structural equation model, which are followed by Globalization Trend. About the bounded rational behavior bias of investors, the research also investigates scale editing, multiple-sample analysis, difference test of demographic variables, factors influencing analysis, multi-dimensional factors influencing analysis and structural equation model of influencing analysis. The empirical part of this research contains four concepts which characterizes the mental ability and the behavioral characteristics factors, and tries to investigate into the mental mechanism of the bounded rational behavior bias of investors, which reveals the prediction of the mental ability and behavioral characteristics of the bounded rational behavior bias of investors. The dissertation draws the following conclusions:1. The study edits the scale and the six factors which lead to the scale of the bounded rational behavior bias of investors. The six factors are information dependency, conservation and obstination, overtrading, conformity behavior, loss aversion, local deviation. The scale has good reliability and validity and the structural equation model fits well. They can be used as a measurement tool by the follow-up study.2. The scale passes through the measurement validation and the review of test validation. It shows clearly that the model also applies between different samples, and the scale is effective and universal, which can be used for the bounded rational behavior bias of various groups of investors.3. The bounded rational behavior bias of investors is influenced by the demographics variables, such as gender, age, level of education and income. In the gender level, there are significant overtrading and loss aversion of the bounded rational behavior bias of investors. In the age level, there are significant differences in overtrading. In the education level, there are significant differences in information dependency, conservation and obstination, overtrading, loss aversion and local deviation. In the income level, there are significant differences in conservation and obstination, overtrading, conformity behavior, loss aversion and local deviation.4. Investors'locus of control, coping style, self-efficacy, social behavior can predict bounded rational behavior bias of investors. Fristly, all the factors of investors'locus of control have significant correlation with conservation and obstination, conformity behavior and local deviation. All the factors of investors coping style have significant correlation with conservation and obstination, loss aversion, local deviation. All the factors of investors self-efficacy exist reversed significant correlation with conservation and obstination, overtrading. All the factors of investors social behavior have significant correlation with overtrading, conformity behavior, loss aversion and local deviation. Secondly, in the bounded rational behavior bias of investors, opportunity investors have significant differences with general type investors and opponent opportunity investors, and low self-efficacy investors exist significant differences with other teams, and self-type, strongly dominant type and social withdrawal type exist significant differences with other types. Thirdly, most factors of investors'locus of control, coping style, self-efficacy, social behavior can predict the internal control type of behavior bias and the external control type of behavior bias. Finally, coping style is the intermediary variable between locus of control and bounded rational behavior bias of investors, and also between self-efficacy bounded rational behavior bias of investors. Social behavior is the intermediary variable between locus of control and bounded rational behavior bias of investors, also between self-efficacy bounded rational behavior bias of investors.5. Internal control variable exists significant predictive effect for the internal control type of behavior bias, which includes five dimensions, which are investors internal control, self-efficacy, self- confident, dominance and social skills. External control variable exists significant predictive effect for the internal control type of behavior bias, which includes five dimensions, which are the attitude to powerful others, the attitude to opportunity, positive coping, negative coping, social withdrawal. Internal control variable is the intermediary variable between external control variable and external control type of behavior bias. External control variable is the intermediary variable between internal control variable and internal control type of behavior bias.6. Building a full model that is about bounded rational behavior bias of investors, the results show that the model fit index well, the result is consistent with the hypothetical model, the investors coping style and social behavior exist significantly direct effect for bounded rational behavior bias of investors, which means that the investors coping style and social behavior possesses intermediary role in full model. The coping style and social behavior, and the locus of control and self-efficacy indirectly predict the bounded rational behavior bias of investors.