CAJ | 학술논문

现代行为金融理论的研究表明，现状偏好作为人们的一种行为选择，是经济生活中广泛存在的一种现象。西方学者的研究表明，在西方国家的基金市场等资本投资领域，现状偏好现象也是普遍存在的。本文以中国基金市场过去现金流入的增长对当前现金流入的增长的影响来衡量现状偏好，并选择2001至2006年的数据进行实证分析，发现现状偏好系数不显著，这说明中国基金市场不存在现状偏好现象。我们进一步的讨论发现，现状偏好现象的不存在并不是由于中国基金市场具有效率造成的，相反，市场投机氛围浓厚是基金市场现状偏好不存在的重要可能原因。
현대행위금융이론적연구표명，현상편호작위인문적일충행위선택，시경제생활중엄범존재적일충현상。서방학자적연구표명，재서방국가적기금시장등자본투자영역，현상편호현상야시보편존재적。본문이중국기금시장과거현금류입적증장대당전현금류입적증장적영향래형량현상편호，병선택2001지2006년적수거진행실증분석，발현현상편호계수불현저，저설명중국기금시장불존재현상편호현상。아문진일보적토론발현，현상편호현상적불존재병불시유우중국기금시장구유효솔조성적，상반，시장투궤분위농후시기금시장현상편호불존재적중요가능원인。
The literature of behavioral finance demonstrates that status quo bias is a common phenomenon. Recently, more and more researchers have discovered the existence of status quo bias in fund markets in western countries. The latest theory of measuring the degree of status quo bias has been employed in this paper to analyze the status quo bias phenomenon in Chinese fund market. By using the data from 2001 to 2006, the authors empirically test the situation and conclude that there is no status quo bias phenomenon in the fund market of China. A further discussion has been demonstrated to analyze the reason for the difference in China.