The Different Information Of Refefence Group On The Impact Differences Of Financial Investors Behavior

Reference groups on individual behavior of financial investors, the impact of the decision-making has long been confirmed by academics, most social cognition research to investors and classification theory as the main paradigm, effects of different investment scenarios, product category, investors and other personality characteristics under the conditions of reference groups on consumer behavior; so far provided for the reference group the information at different levels of decision-making behavior of individual investors, the strength of the more rare. The intangible nature of financial products and particularity, investors to buy what type of products, all bear some risks, to reduce the risk, before making a purchase decision in a different way will be to seek more information to the outside world, so understanding investors to collect, analyze and process information is particularly important act, in reality, investors are positive and negative information processing are different, the same size in the positive information and negative information in front, investors are more willing to believe that negative information, given consideration in the decision-making more weight negative information. To this end, the process of gathering consumer information to grasp the impact of factors in the development of marketing strategy plan will be more focused.In this paper, on the basis of previous studies in financial markets as a background, based on the prospect theory as a foundation, mainly from the reference group provides investors with the same size positive, negative information to research the gains the decision-making behavior of investors in the risk perception and behavior intention-the difference, thus investigation by investors in the reference group the same size positive (negative) information influence situation, their positive (negative) behavior whether equivalence.Scholars from reference group discussion of Hyman1942years since the proposed unceasingly thoroughly, research concept, from the reference group, consumers to the classification of consumer context and consumption characteristics distinguish from different angles of verified consumer reference group decision-making behavior of influence. At present, however, there is a reference group will influence of consumer behavior less study the size of strength reference group rarely seen, the positive (negative) influence, brought about by the consumer positive (negative) purchase intention is consistent, under the same intensity positive (negative) under the influence of positive purchase intention, consumers whether above (or less than or equal) negative willingness to buy, based on financial markets for background, benefits and risks, in front by the behaviour of the consumers will be how to reference group different attitudes (positive, negative) influence.According to prospect theory, in the face of risky decision, people’s attitude towards the risk not only of the utility function to decide, but by value function and the weight function of the joint decision. Generally speaking, prospect theory basically has the following four important conclusion。 Investors accept positive information reference group, will affect perception to earnings, therefore, in prospect theory value the function returns can correspond to the reference group to correspond to a positive message, value in positive information perception returns the value of regional, wis earnings concave function curve; the curves of Similarly, when investors receive negative information influence reference group, perceived risk and losses (i.e. the value of negative information) is shown as value function curve in the convex function curve loss area. The value of reference group information by investors function curve of wealth level status as a reference point.)In order to further validation in prospect theory basis, the different information reference group of financial investors behavior patterns, the difference in the study used test methods, and use for reference foreign related research at the same time, combined with the actual situation of China’s individual investors in individual investment to verify reference group activities, the positive and negative information would give investors with different effects, if utility different utility, this positive information and negative information utility if the difference in compliance with prospect theory of value function related conclusions.Through empirical analysis method, this research hypothesis basic got the support of empirical data shows that investors in accepting the offer reference group with degree of positive message and negative information for investment products influence the perceptive value and behavior intention differences. The main research conclusions are as follows:(1) In the financial markets, people’s investment behavior is irrational, their investment decisions extremely vulnerable to other groups of the influence of the information provided(2) By the reference group when investors lustration reference group effect positive information and the same degree the influence of negative information to investors is not the same.(3) In this study, will be the reference group is divided into the expert group and other investment experience with similar investor base. With empirical analysis to examine the two groups on the information provided by the influence of investor behaviour whether different.