中国证券监管者心理账户、过度自信及锚定效应的关联性研究

Research on the Correlation among Mental Account, Overconfidence and Anchoring Effect of Securities Regulators in China

中文关键词:  证券监管  心理账户  过度自信  锚定效应  关联性

英文关键词:securities regulation  mental account  overconfidence  anchoring effect  correlation

中文摘要:

      文章选取心理账户、过度自信及锚定效应三种非理性行为认知偏差作为研究变量,以证券监管者和一般管理者为研究对象,采用有情景元素的问卷调查方法进行实证研究。研究发现,监管者与一般管理者均存在不同程度的心理账户、过度自信及锚定效应；监管者存在的三种行为偏差彼此之间具有关联性；过度自信与锚定效应之间存在线性回归关系。为此,提出了相应政策建议,以期对提高监管者自身认识,加强证券监管有序有效,促进证券市场和中国经济的健康发展起到一定的借鉴意义。

英文摘要:

      With the development of both theory and practice, it has been found that in addition to individual investors, the regulatory intervention and regulation also play a vital role in terms of the factors influencing the effectiveness of securities market. This paper selects the cognitive bias in 3 irrational behaviors including mental account, overconfidence and anchoring effect as research variables, with securities regulators and general administrators as research objects, adopting the discourse questionnaire as research method, and makes an empirical study based on data collection. The research finds that both regulators and general administrators have different levels in mental account, overconfidence and anchoring effect, with the bias in regulators' 3 behaviors mutually correlated. What's more, it shows that there is a linear regression relationship between overconfidence and anchoring effect. The anchoring effect can promote the overconfidence, an irrational behavioral bias. Accordingly, this paper puts forward the corresponding policy suggestion in order to improve regulator's own understanding, strengthen the orderly and effective securities regulation and promote a healthy development of China's securities market. 