CAJ | 학술논문

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.
문장선취심리장호、과도자신급묘정효응삼충비이성행위인지편차작위연구변량,이증권감관자화일반관리자위연구대상,채용유정경원소적문권조사방법진행실증연구.연구발현,감관자여일반관리자균존재불동정도적심리장호、과도자신급묘정효응;감관자존재적삼충행위편차피차지간구유관련성;과도자신여묘정효응지간존재선성회귀관계.위차,제출료상응정책건의,이기대제고감관자자신인식,가강증권감관유서유효,촉진증권시장화중국경제적건강발전기도일정적차감의의.
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 mar- ket. 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 question- naire 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 an- choring 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.