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留学生作业代写:Behavioral finance Theory

2018-01-22 来源: 51due教员组 类别: Essay范文

下面为大家整理一篇优秀的essay代写范文- Behavioral finance Theory,供大家参考学习,这篇论文讨论了行为财务理论。行为财务理论,就是将行为科学、心理学和认知科学上的成果运用到金融市场中产生的理论体系,是传统经济学、传统财务学、心理学研究以及决策科学的综合体。其主要研究方法是基于心理学实验结果,提出投资者决策时的心理特征假设,研究投资者的实际投资决策行为,以及投资者在做出判断时是怎样出错的,或者说是研究投资者在决策或判断时的系统性偏差。它试图解释实证研究结果与传统财务理论不一致的异常之处。

Behavioral finance Theory,行为财务理论,essay代写,paper代写,美国作业代写

As a new research field, behavioral finance theory, although it has a history of nearly 30 years, has not yet been recognized as a rigorous definition by academia. In the process of studying this problem, scholars usually combine the behavior of human psychology into the study of financial theory, and start with the inherent psychological mechanism of financial behavior and the characteristics and rules of psychological activity, and explore the inevitable relationship between financial behavior and other economic phenomena, and reveal the essence of financial phenomena.

Behavioral finance theory is the theory system of applying the results of behavioral science, psychology and cognitive science to the financial market, which is the synthesis of traditional economics, traditional finance, psychology research and decision science. The main research method is based on the results of psychological experiments, the author puts forward the hypothesis of the psychology of the investors ' decision-making, studies the actual investment decision behavior of the investors, and how the investors make a mistake when making judgment, or study the systematic deviation of the investors in decision-making or judgment. It tries to explain the anomalies that the empirical research results are inconsistent with the traditional financial theory.

To sum up, behavioral finance theory is a theoretical system to study the series of problems in financial market, such as the vision, asset pricing and portfolio, on the basis of the rational person hypothesis and the efficient market hypothesis, which are constantly relaxing and abandoning the traditional financial theory, and taking the actual psychological characteristics as variables in the decision-making process. Its main characteristics include the following aspects: first, behavioral finance theory is a combination of psychology, behavioral economics and finance, a marginal and overlapping theoretical system. It is not only developed on the basis of behavioral economics theory, is a branch of behavioral economics, and in the decision-making process, also consider people's cognitive, emotional, attitude and other psychological characteristics, taking into account the behavior of the beliefs, preferences and decision-making-related cognitive psychology and social psychology research results. Secondly, the behavioral finance theory breaks through the assumption of the traditional financial theory that people are completely rational, focusing on the influence of investment decision model on the actual decision behavior of investors, and more emphasis on irrational or limited rationality of investors. Third, the behavioral finance theory takes people's actual decision psychology as the starting point, studies the abnormal phenomenon and the asset pricing which the financial market and the traditional financial theory contradict.

The research object of behavioral finance theory is the related phenomenon and its essence in the financial field. Because the core of behavioral finance theory is the behavior concept of financial subject, behavioral concept will inevitably influence the process and management of financial information, including the influence on people's motivation formation, production level, decision motive and benefit distribution. Based on this, we define the research object of behavioral finance theory as "the interrelationship between people's behavior and financial system". In other words, behavioral finance theory should not only study people's rational decision-making, but also study people's psychological feelings related to people's behavior, others ' behavior and social norms.

The development of behavioral finance theory and the introduction of psychological research results in financial theory are inseparable. Psychologists have proved through experiments that people's decision-making under uncertain conditions will obviously show the following common psychological characteristics: loss avoidance, psychological account, overconfidence, regret aversion and confirmation bias. Thus, the intersection of traditional financial theory and psychological research lays a foundation for the emergence and development of behavioral finance theory.

The breakthrough research on individual judgment and decision in psychology lays the foundation for the development of behavioral finance theory. The theory of behavioral finance utilizes the research results of investor's belief, preference and decision-related cognitive psychology and social psychology, and breaks through the paradigm that traditional financial theory only pays attention to the investment decision model to the investors ' actual decision behavior, and takes the investor's practical decision psychology of "irrational or limited rationality" as starting point, This paper studies investors ' behavior law of investment decision and its influence on market price, so as to portray investors ' behavior more thoroughly and truly, so that behavioral finance theory is based on the research results of investors ' actual decision-making process and re-examine the price behavior of the whole market.

Experimental economics is under controllable conditions, in view of some phenomena, by controlling certain conditions, observing the behavior of the decision-makers and analyzing the experimental results, testing, comparing and perfecting the economic theory, the aim is to explore the causal mechanism of economic behavior by designing and simulating the experimental environment, to verify economic theory or to help the government formulate economic policies. The traditional economics is generally regarded as a kind of non experimental science which must rely on the observation of the real world, but not on the laboratory to do controlled experiments to do research, and its research relies on a variety of reasonable assumptions, these assumptions in the decision-making is of great significance. Now, however, more and more researchers are experimenting with experiments to study economics, revising and validating basic economic assumptions, making the study of economics more and more dependent on experimentation and collection of data, and the conclusions drawn are increasingly close to reality.

Behavioral economics, which is accompanied by experimental economics and economic Psychology, is the science of studying the laws of economic behavior of individuals and groups by using theories and methods such as psychology, sociology and decision science. The results of behavioral economics research, based on practical experience, revise the basic hypothesis of efficient market and rational person in traditional economics, and think that human behavior in reality is not only selfish, but also be restricted by social values, thus affecting the realization of maximizing the requirement of benefit maximization.

Based on the theoretical results of experimental economics and behavioral economics, behavioral finance theory corrects the basic hypotheses of traditional financial theory, and points out that because of the psychological factors such as deviation and emotion in cognitive process, it is impossible to make unbiased estimates by rational human methods, thus confirming that the market is not completely effective.

The theory of behavioral finance does not negate the traditional theory of finance, but on the premise of accepting the utility maximization tendency of human behavior, it modifies and supplements it based on the limited rationality of human behavior and enriches the perspective of its analysis problem.

Although the theory of behavioral finance is put forward in the question of traditional financial theory, the theory of behavioral finance is actually the deepening and expanding of traditional financial theory. It should also be seen that due to the complexity of the limited rationality hypothesis and the non metric of psychological factors, behavioral finance theory can not fully explain all kinds of phenomena in financial market, they are in fact closely related, so in the research and application of behavioral finance theory, we should combine them with scientific attitude. Should be considered comprehensively in analysis, research and practical application, and the two should not be separated.

Although the behavioral finance theory is based on the traditional financial theory, the traditional financial theory fails to explain a series of problems in the financial market, but from the connotation of behavioral finance theory, research object and its theoretical basis, we can see that it and the traditional financial theory there are significant differences.

Traditional financial theory is based on rational person and efficient market hypothesis. However, a large number of practical observations and empirical studies show that psychological factors interfere with these two foundations. Based on this, behavioral finance theory has challenged the traditional financial theory. First of all, the traditional financial theory that people are rational people, have sufficient decision-making ability, can make the benefit of their own decision-making, the pursuit of the maximization of economic value.

But behavioral finance theory through a large number of psychological and behavioral studies, that the market investors are not all rational but limited rational, in the face of uncertain market, usually with normal behavior to replace the rational behavior, with the real investors in real behavior patterns to replace the rational behavior hypothesis. Second, the traditional financial theory of the market as a completely effective market, so that no matter what the situation, investors can use the effective market, according to the cost and income comparisons, so as to make their own utility maximization decision. The behavioral finance is precisely on this most basic assumption, has carried on the reflection to the traditional financial theory. Behavioral finance theory that the market is not completely effective, such a hypothesis is closer to the reality, but also break the traditional financial theory of cognition. Thirdly, the traditional expected utility theory is one of the theoretical foundations of economics, it thinks that people are rational, and when people are confronted with uncertainty, the decision subject can evaluate the possible results in a weighted way so as to choose the scheme of maximizing the expected utility. The expectation theory is an important theoretical foundation of behavioral finance theory in the process of rebuilding the expected utility theory. The expectation theory has successfully replaced the traditional expected utility theory, and explained many phenomena that the expected utility theory cannot explain, and fundamentally broke the rationality which the traditional theory strictly stipulated.

The traditional financial theory aims at solving two problems: firstly, the best decision model is used to explain what is the optimal decision; Secondly, the real decision-making process of investors is discussed through descriptive decision model. Traditional financial theory has solved the first problem well, however, because the theory does not fully consider the actual situation, the actual decision of the investor is not necessarily the optimal decision, so it is difficult to solve the second problem.

Combining psychology and economics in the research results of early researcher Kaheman and Tver2sky of behavioral finance theory, this paper studies how people make judgments and decisions in uncertain state, and describes the actual process of decision making in uncertain situations. Solves the second problem which the traditional financial theory cannot solve.

The traditional financial theory regards the investment process as a dynamic equilibrium process, according to the equilibrium principle, the equilibrium model of the financial market is deduced under the premise of rational person hypothesis and efficient market hypothesis. Based on the psychology principle, behavioral finance theory regards the investment process as a psychological process, including the cognitive process, the emotional process and the will process of the market. In this process, investors may produce systematic or unsystematic cognitive biases or preferences. These individual deviations, combined with the possible group biases or herding effects in financial markets, may lead to the deviation of decision in investment, so that the asset price deviates from its intrinsic value, which leads to the deviation of asset pricing.

Traditional financial theory is a pure and single financial theory discipline, it is based on economics and management, and uses a large number of mathematical models to solve the real financial problems, with the characteristics of mathematical finance. The theory of behavioral finance, based on the research results of psychology and other related disciplines, is a complex of traditional economics, traditional financial theory, psychological research and decision science, and is an interdisciplinary and marginal subject. The behavioral finance theory breaks through the traditional financial theory to pay attention to the optimal decision model, thinks that the rational investment decision model is the actual investment decision model which decides the financial asset price change, and creates the research field of how the investor actually makes the decision, thus the human behavior pattern is based on the more realistic foundation.

The traditional financial theory mainly focuses on financial forecasting, financial planning, financial control and financial analysis, such as fund-raising, investment management, cost management, capital recovery, capital allocation, etc., which mainly use financial mathematical model to analyze the financial problems and the quality and efficiency of financial management work, It still insists on the analysis of investor behavior and financial market with rational man decision model and expected utility theory. Its research method is single, and it rejects the experimental method.

The study of behavioral finance theory is usually carried out around a series of social science theories, which is based on economics, sociology, behavioral science, psychology and other related disciplines, and has a unique research program. This theory insists on the framework of economic analysis, breaks through the hypothesis of the traditional rational person of financial theory, draws lessons from the research methods of experimental economics, and emphasizes the analysis of investors ' behavior and psychological characteristics through simulating experiments.

The theory of behavioral finance has been more and more attracted by scholars since its development in the the 1980s. Its innovation is not only to provide a new research perspective for the financial field, but also to guide the objective practice and explain the abnormal phenomena in the financial activities. The study of behavioral finance theory has been carried out for a long time, but the research in China is very late and it needs to be further studied. We must fully understand the actual situation of China at present stage, fully combine psychology and behavioral theory, and apply it to the field of financial theory and practice to construct the behavioral finance theory with Chinese characteristics.

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