Securities Investment Strategy Research Based On Behaviorl Finance Theory

Traditional financial theory to effective market hypothesis as the foundation, the investors can completely rational according to the market information to make unbiased estimation, the market was in reality in question, especially all kinds of securities market vision, but also effective market hypothesis can’t the reasonable explanation. Behavioral finance theory of traditional financial theory is the questioning and challenge appear in the process of the development and up. Behavioral finance theory is that investors are limited rational, often because of various factors and appear behavior bias, it does research to shift the focus of people’s behavior and mental up, with the new visual Angle to analyze capital market price decision and its change. Behavioral finance theory is a explained some of the securities market vision, based on a lot of the corresponding development of securities investment strategy.This article from the domestic and foreign research results in a wide range of basis, this paper introduces the development of behavioral finance theory and its major content, including three theoretical basis (expectations theory, behavior portfolio theory, financial noise trading theory) and four core model (BSV model, DHS model, the HS model, herding effect model), and then discusses the based on this and of generation two kinds of behavioral finance investment strategy,momentum trading strategy, reverse investment strategy, analysis the two strategies of the theoretical basis and actual basis, through the case empirical discusses the application effect, on the basis of the application area and that conditions.