A Study Of The Investment Behaviour Base On Behavioral Finance

Behavioral finance represents a revolution in financial theory, since it scraps the dominant paradigm, the expected utility optimization theory and efficient markets hypothesis, and be a new trend substitutes the classical financial theory. This article had pointed out the deficiency to present investment behavior of the classical financial theory, summarizing the primary theory frame of behavioral finance which includes Prospect Theory, Arbitrage Limited theory and Behavioral Portfolio Theory. According to two questionnaire surveys which is "the Psychics Survey to China Investor " and "the Survey of the Influence Factor of Investment Behavior of Individual Investor", unifying the research technique with the quantitative analysis and the qualitative analysis, having discovered there are many kinds of cognition bias in the securities investment behavior of China, including: "Overconfidence","Loss Aversion" , "Anchoring" , "Disposition Effect"and so on;Meanwhile having discovered there are five mainly factor affects our country investors' investment behavior base on the statistical result analysis of two survey: The individual factor, the macroscopic environmental factor, the information acquisition factor, the company quality factor and the market factor, overwhelming majority investor thought the policy established by government to stock market the is primary factor which affect both market trend and individual investment behavior primary factor,the investor exist serious "dependentment psychology" to government policy.Basing on the result of the two survey and the special environment of China stock market, and combining behavior finance theory, the article has proposed to the general individual investor some behavior investment strategy, for example investors Contrarian Investment Strategy, Momentum Investment Strategy, Stop Loss Investment Strategy and so on, and having proposing to the fund manager of the Contrarian Investment Strategy because of the existing of Herd Behaviors. Finally for the protection of the benefit of individual investor, bringing around some suggestions from three aspects which including consummating the function of supervising and managing organization, enhancing the quality of company and self-perfection of individual investor.