Study Of The Behavior Deviation Of China's Stock Market Investors

As the two main lines of the investment theory , the demarcation of the investment school and the speculation school lies in acknowledging the investors' behavior biases or not. The behavioral finance ,which originating in the eighties of last century, has already formed more perfect theoretical system on merging the two theories.and has received close attention from more and more scholars for its advantage of studying the behavior biases.The scholars of our country begin to introduce the financial theory of the western behavioral finance in recent years, and proof the phenomenon of our stock market authenticly.But because Chinese stock market has the double characteristics of new developing markets and transition economy concurrently, it is obviously ineffective measures to analyze our investors by western theories totally.For this reason,this text studies comprehensively the behavior biases of our investors with the behavioral financial theory , the asymmetric theory and the game theory. In order to instruct the market supervision and the investment decision,and broking through the limitation of our scholars' partial authentic researches ,it studies systematicly the peculiar behavior biases of speculatine excessively under the policy market and playing asymmetric games under the banker market in our country .Then it views the investors' behavior biases with the unique visual angle by proposing three models of white inforamation box,black information box and grey information box.The conclusions show that,the first ,there are serious behavior biases in our market,which showing as the common behavior biases in the whole world on one hand,and showing as the peculiar behavior biases under the policy market and thebanker market of our country on the other hand.The second, the behavior biases of our investors is outcome of the inner biases such as emotion , cognition , social psychological biases etc,and the outer system defects of our market.The last,the study of our investors' behavior biases gives a brand-new form for the market surpervision and for the investors' investment decision.