Research On The Liquidity Of Double Mental Accounts Of Investors Based On The Perspective Of Co-opetition Behavior

So far,behavioral finance holds that investors have two mental accounts when making investment decisions.One account has a lower expected return and the other one has a higher expected return,which is called double mental accounts.According to behavioral finance,double mental accounts is two completely opposite accounts,which can not flow and achieve equilibrium.However,some scholars have found that there is liquidity between the stock market and the real estate market's double mental accounts from an empirical point of view,and it can achieve equilibrium through liquidity.This conflict between theory and empirical results leads to the confrontation between behavioral finance theory and the empirical results of double mental accounts.In the study of double mental accounts investment,scholars often only consider it from an empirical point of view,lacking the corresponding economic theoretical basis to explain.Although the concept of double mental accounts is clear in theory,it is difficult to express it with specific indicators and data in reality.It is generally believed that the expected return of stock market is high-risk and is considered as a risk-preference account,while the expected low return of real estate is low-risk and is considered as a risk-averse account.Based on the previous literature,this paper expands the concept and selection indicators,expresses the stock market as expected high-yield account,the real estate market as expected low-yield account,and expresses the return of two different accounts with the monthly return of China's stock market and housing market.This paper borrows the co-competition relationship between products of classical economics to analyze the co-competition relationship between double mental accounts in standard finance and behavioral finance.It is found that under the framework of standard finance,the relationship between the two investment products in the double mental accounts is a co-competition and balanced relationship.Investors can flow and reach the co-competition equilibrium when they invest in the two products.In the framework of behavioral finance,investors' investment behavior in the two accounts is also co-competition.However,the relationship between the two kinds of psychological accounts is not balanced.Investors can not reach a co-competition equilibrium when investing in these two products.Specifically to the double mental accounts of the stock market and the housing market,it is impossible to have heterogeneous accounts,but homogeneous accounts.In order to verify the correctness of the above theoretical prediction,this paper chooses monthly data of real estate market return on investment and stock market return on investment,and uses VAR model to test the liquidity and equilibrium of the two.The conclusion is that there is liquidity between the double mental accounts of the Chinese stock market and the housing market,and the liquidity can be balanced.The empirical results are basically in line with the theoretical expectations that these two accounts are homogeneous rather than heterogeneous,which further validates the idea of co-competition in this paper.This also shows that the theory of co-competition can well explain the investment behavior of double mental accounts,and reveals that double mental accounts are essentially the same type of accounts(risk aversion or risk preference).At the same time,according to the empirical research results of China's real estate market and China's composite index stock market,this paper analyses the liquidity between double mental accounts,so as to help the government formulate macroeconomic policies and investors make reasonable investment decisions,so as to make the real estate market and the stock market of our country develop better.