A Study On Individual Investor Behavior In Chinese Securities Market

As an important participant in the securities market, the rationality of investors of the Security Market determines the healthy, consistent and steady development of security Market. Thus analyzing the psychological characteristics, behavioral patterns of the stock market investors are important to study the securities market and to protect the rights and interests of investors.In the securities markets, a large number of anomalies contrary to traditional financial theory caused economists, financial experts, psychologists, sociologists and other behavioral scientists to concern and explore further. They did lots of research using psychological experiment testing methods, sophisticated investors transaction data to the empirical testing and set up the econometric model of investor behavior. A large number of research results have been, at the same time, a contemporary study of important branch of finance study—behavioral finance emerged, and gradually created a new path finance theory research. Chinese securities market has not cultivated a mature investor groups. Fundamentals analysis and technical analysis, focusing on the objective status of the market, supposed investors as "rational economic man", a rigid component of the market, lose sight of psychological, Emotional factors of the living "human".According to the research framework of behavioral finance , this dissertation, through the " characteristics of Chinese investor behavior", " empirical analysis of factors affecting investors " and other means, is in research of Chinese individual investors behavior and find that the main psychological factors in the investment decision-making process, and make some suggestion for the government, enterprises, intermediary agencies and investors. The main structure of this dissertation is as followed: Chapter 1 introduces the research goals and significance, research ideas and the main structure, as well as research methods and technology roadmap; Chapter 2 mainly reviews the development and the theoretical basis of behavioral finance theory, as well as the interpretation of "anomalies" on the stock market; Based on the authority of the statistical data, Chapter 3 illustrates the structure characteristic and the trend of the Chinese securities investors, and theoretically analyzes the characteristic of the Chinese securities investors behavior at this stage; On the basis of the domestic and foreign research results, Chapter 4, through a questionnaire survey of Chinese investors, uses Logistic regression model to empirically analyze the influence factors of acts of individual investors behavior; Chapter 5 makes the suggestion on the protection of the rights and the interests of investors and the improvement of Chinese securities market.