Influence Study Of The Cognitive Biases On The Investors' Perceived Risk In Security Market

Individual investors accounted for more than 90% number of the securities market in our stock market. They are mainly participants and also an important consumer products of securities. If investment behavior of individual investors is healthy, rational, the securities market can long-term, sustained, stable and healthy development. However, due to the current stock market speculation and a variety of more serious violations, making the individual investors in the investment approach and experience of the case is not yet mature, because of its inherent psychological and risk perception bias, and its non-investment process rational investment behavior, resulting in huge losses, serious blow to the enthusiasm of investors and affect the sustainable development of the securities markets. Therefore, in the current market environment, analysis and research investor psychology and risk perception bias on the development of China's securities market has a very important practical significance.According to this thesis, cognitive biases behavioral finance theory, and borrowing at home and abroad the latest research results, the use of investor questionnaire method of statistical analysis of stock market investors have a variety of cognitive bias to be positive, and in-depth study cognitive process of our investors, the main features of the common variety of investor cognitive biases. Research indicates that investors in the investment decision-making process really obvious received the availability heuristic bias, representative heuristic bias, anchoring and adjustment heuristic bias, framing bias, mental accounting, excessive self-confidence and emotional cycle in psychological impact.This article is divided into four chapters, the first chapter is an introduction, the main topics of this paper is to introduce the background and significance of the behavioral finance literature review, and on this basis that the contents of this paper, methods and innovations. The second section from the stock market starting the process of risk perception of investors, investors in China are discussed in detail the existence of the availability heuristic bias, representative heuristic bias, anchoring and adjustment heuristic bias, framing bias, mental accounting, excessive self-confidence emotional cycle and confirmed that bias the risk to investors in the investment process of information processing. The third section of the deviation of risk perception for investors survey statistics and analysis. Finally, on the basis of the foregoing analysis, this paper how to correct and prevent investors, the inherent psychological and cognitive bias, to the government, listed companies, regulators, brokers and intermediaries and investors made a number of their operable recommendations.