Research On The Influence Of Investor Heterogeneous Belief On The Resource Allocation Efficiency

One of the important function of the securities market is the allocation of resources. How to configure good resources and to establish a stable, well-ordered resource allocation efficiency optimization mechanism, is an important problem. As Francis said,"An efficient capital market can quickly and accurately guide capital to the highest revenue enterprise" Investors heterogeneous belief determines the rational and irrational investors behavior directly. It relates to growth of value and market allocation of resources. Therefore, the content of this dissertation has a strong meaning on research practice from this view.Comparing with homogeneity, heterogeneous belief is more suitable to the securities market reality in our country. To understand and know investors heterogeneous belief, to know the investors information reaction model difference, and to discover the market dynamic change and the influence of the allocation of resources efficiency, is very significant for our securities market. For individual and institutional investors, to understand the condition of heterogeneous belief, can effectively avoid a certain profit or loss. For the supervision department, to understand investors heterogeneous belief, it can improve the quality of market transactions, inhibit excessive volatility of the stock market, and promote the market resource allocation efficiency.This dissertation studies the influence of investors heterogeneous belief on the resource allocation efficiency and the difference of growth’s influence on it, then to design the efficiency of resource allocation optimization model. The full text is divided into seven chapters. The first chapter is the introduction, introducing the theory significance and the practical significance of the research, explaining the research train of thought, expounding the content and research method. The second chapter is the literature review. This chapter is mainly to the main variable on the concept definition, then explains and summarizes the related research theory. And the concept and theory is analyzed on the basis of the investors heterogeneous belief of the existing research situation. The third chapter is investors heterogeneous belief measuring research. This chapter summarizes from the existing literature on heterogeneous beliefs agent indexes, and analyzes the rationality of the proxy variable and the advantages and disadvantages, and constructs the multiple index of investors heterogeneous belief. The fourth chapter researches the influence of investors heterogeneous belief on resource allocation efficiency. It establishes a reversing-U curve model of investors heterogeneous beliefs and resource allocation efficiency. The fifth chapter verifies the reversing-U curve relationship between investors heterogeneous belief and resource allocation efficiency by growth difference perspective. The sixth chapter sets up a resources allocation efficiency optimization model based on heterogeneous belief. The seventh chapter is the conclusion.This paper draws the following research conclusion:1.Constructing the investors heterogeneous belief of composite measure index. This chapter from in the existing literature on heterogeneous beliefs agent indexes of induction and evaluated in this paper, and analyzes the rationality of the proxy variable, and constructs the investors heterogeneous belief of composite measure index.2.Establishing the reversing-U curve model of investors heterogeneous beliefs and resource allocation efficiency. This dissertation introduces the investor’s heterogeneous belief, analysis is influence on the efficiency of the allocation of resources. The investor’s heterogeneous beliefs does not only bring negative effect of the allocation of resources. This dissertation sets up the establishment of investors heterogeneous beliefs and resources allocation efficiency between the nonlinear model, the establishment of a investors heterogeneous beliefs and resource allocation efficiency of the reversing-U curve relation model.3.Establishing the reversing-U curve model of investors heterogeneous beliefs and resource allocation efficiency on the view of growth differences. This dissertation verify the investors heterogeneous belief of resource allocation efficiency of the reversing-U curve relationship through the value growth sample group. The research shows that high value growth sample reversing-U curve relationship. Investors heterogeneous belief of resource allocation efficiency of the inverted U type relation model, in the value of the high growth of the firm performance is very significant, and in value growth low company performance is not significant. This makes the reversing-U curve relations in the high value growth companies more easy to play its role to the allocation efficiency.4.Establishing based on heterogeneous belief resources allocation efficiency optimization model. The dissertation constructs resources allocation efficiency optimization model based on heterogeneous belief. Considering when securities market resource allocation efficiency to achieve optimal state, it hope that the allocation of resources efficiency as far as possible good, and makes the heterogeneous beliefs as low as possible. Then according to the ratio of high and low growth resources weight, it optimizes the allocation of resources and enhances the efficiency of allocation.