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The Research Based On ERP Experiment Of The Herd Behavior Of The University Students' Investment Finance In P2P Market

Posted on:2019-07-04Degree:MasterType:Thesis
Country:ChinaCandidate:P Y WuFull Text:PDF
GTID:2429330548975445Subject:Management Science and Engineering
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Internet finance has been developing rapidly in China by recent years,the P2 P platform has attracted the attention of many investment groups.P2 P platform costs low,has high efficiency,p2 p integrates the traditional commercial bank lending mode with advanced electronic information technology,greatly reduces the transaction process,at the same time,P2 P has various products,expands the investor's choice,however,P2 P has the characteristics of information asymmetry,investors can't get enough information,so investors on p2 p platform tend to ignore their original decision and choose to follow other people's investment decisions,resulting in a herd behavior.College student is a special investment community,college students lack the knowledge and experience,are easily influenced by others,especially in the P2 P markets,college students are more likely to follow other people's investment,resulting in bringing himself and his family property and spiritual loss.In China,the related finance and investment behavior of the college students' group researches are very few,therefore in this paper,it is necessary to regard college students as the research object,analyzing the finance and investment behavior of college students in the P2 P market,guiding them to make a reasonable and theoretical finance and investment decisions.First of all,this paper begins with the development background of P2 P platform,it's object is university students,it discusses the mechanism of herd behavior in p2 p markets,it makes clear that the influencing factor of the consumer market,the herd behavior model,the origin and development of the neuroscience,the advantage and application of event related potential technology,it also sorts out the literature research method,ERP experiment method and questionnaire survey method.Secondly,it bases on herd behavior with college students in P2 P markets and extracts stimulus-black box-reaction model,at the same time this paper complements and perfects the model according to this subject.This paper based on the model designs the "high bid number,high bid schedule","low bid number,low bid schedule","high bid number,low bid schedule","low bid number,high bid schedule" four kinds of situations.This article makes "stimulus" index of the model as bid number and bid schedule,"black box" as the brain cognitive process for the consumer,"reaction" as bidding or not bidding,at the same time this paper also puts forward someassumptions of the ERP experiment.Then the article did ERP experimental study in zhejiang universities,ERP experiment mainly collects consumer behavior data and ERP data,the behavior data collects the bid rate and the average response time,data analysis results show that the consumers' bidding rate of the situation of the low bid number and the high bid schedule is the highest,while the average response time is the shortest,the second is the high bid number and the high bid schedule situation,next is the high bid number and low bid schedule situation,finally is the low bid number and low bid schedule situation.ERP experiment collects the N400 component which is used to characterize the consumer's psychological conflicts,under the situation of the low bid number and the high bid schedule,the N400 composition has minimum amplitude,so the consumer has obvious herding behavior,followed by the high bid number and the high bid schedule,next is the high bid number and the low bid schedule,finally is the low bid number and the low bid schedule situation.Then the paper did the questionnaire research.This article obtains 403 valid questionnaires from zhejiang universities,data analysis results show that the reliability and validity of the questionnaire in this paper are reasonable,and hypothesis testing results show that the bid number and bid schedule can respectively influence consumers' bidding decision-making,at the same time,the interaction of them has an impact on consumers' bidding decision-making,under the situation of the low bid number and the high bid schedule,consumers are more willing to bid.Finally this paper combines the questionnaire subjective data and ERP experiment objective data,the study finds that the situation of the low bid number and the high bid schedule is more likely to cause herd behavior,the second is the situation of the high bid number and the high bid schedule,next is the situation of the high bid number and the low bid schedule,finally is the situation of the low bid number and the low bid schedule.So this article advices college students that they'd better master the basic knowledge of financial and investment when they decide to invest the financial products,avoid impacts of bid number and bid schedule,comprehensively evaluate the ability to take risks,avoid blindly follow the venture.
Keywords/Search Tags:P2P markets, Investment management of college students, Herd behavior, ERP experiment, Decision neuroscience
PDF Full Text Request
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