Empirical Study On The Stock Market Of China With The Behavioral Finance

The behavioral finance study is a financial theory domain revolution, it has broken the traditional model (expectation benefit maximization and effective market theory) the dominant status, has provided one kind of new research direction and the research model for us, and in past ten to 20 years in synchronize in academic circles and material object. At present, our country academic circles also quite lags using the behavioral finance theory to stock market's research, its research breadth and the depth wait for the expansion. In view of this, this article through to our country stock market in the individual investor the non-rational response, peculiar plate group behavior that the individual investor produces in our country stock market to be unlike character policy, "fan's cause of formation of leading as well as entire stock market undulates" analyses, come a listed company, and policy to work out person for the investor, a listed company, draft providing a few drawing lessons and consulting.The thesis has set forth purpose and significance studying first, the finance has mimicked the field home and abroad studying current situation has carried out the place of studying content and being innovative having summed up a summary, and having introduced that to behavior; Secondly, the limitation and behavioral finance that the finance learns to tradition main current have carried out induction and comparative analysis on different image of bond market making an explanation, priority the mentality deviation having set forth an investor and their behaviour in bond market, have summed up the different various image that bond market there exists in middle; the centre event has been an once again , because of law , reason reaction has carried out demonstration on the mistake being unlike character policy to our country stock market investor studying , has come to a conclusion on demonstration result and the conditional basis of hypothesis; compare for the transverse direction being in progress in the same bond market , the demonstration that I make use of to highly value warehouse share price to QFII is checked , is reach the QFII investor being unlike investment of our country in the homeland investor mentality; proceed to pass indirect checkout law ,to network science and technology plate in our country stock market whether or not existence flock of sheep or goats behavior and the congenial foam carry out the demonstration checkout, come to a conclusion; and then,"lead that riddle to be in progress studying in the fluctuation" accepting dispute in recent years rather, the structure passing many factor return models builds, the abnormal fluctuation deviating from a dividend has carried out demonstration analysis on our country stock market share price, Quarter rate of change and dividend rate of change discovering our country stock market share price fluctuation and income from sales of products have direct something to do; have summed up number reason derivation and analytical result of demonstration finally , have been that the government and the investor have submitted suggestion, and have discussed the main body of a book's to study limitation and the relevance study future field expansion direction.Main conclusion of the thesis is that our country there exists excessive reaction to policy interest rate empty space information in bond market, but there exists the insufficient phenomenon of reaction in good news to policy; but QFII organization's phenomenon such as excessive reaction or reaction deficiency investing in behavior not having appeared, the person invests in behavior more reason; behavior there existing the notable flock of sheep or goats in network science and technology plate share, and sample book fund flock of sheep or goats behavior on small dish share of our country are more notable. Between 2002 and 2003, creation flock of sheep or goats behavior now and then easy to purchase stock during 2 years but easier to be in 2004, when the conclusion on the contrary, shorts stock creation flock of sheep or goats behavior; abnormal Chinese stock market share price fluctuation income from sales of products change and dividend distribution policy in accepting the quarter form for report directly affects at the same time.