基于行为金融学的证券监管管理实验研究
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摘要
管理实验是研究如何在可控的实验环境下对某一管理现象或管理问题,通过控制实验条件、观察实验者行为和分析实验结果,以检验、比较和完善管理理论或为管理者提供决策依据的过程。
论文把管理实验方法和行为金融学理论相结合,研究基于行为金融学的证券监管管理实验,以证券监管对投资者投资决策行为的影响为出发点,分析证券监督管理机构如何对证券市场各种经营主体及其所从事证券经营活动的监督和管理。应用管理实验研究证券监管,可预先评估证券监管措施的影响,有利于改善和解决证券市场机制的失灵问题,对证券监管制度的建设和完善具有一定的作用,从而有利于保护中小投资者的利益,维护市场的良好秩序,提高证券市场的效率,促进证券市场的健康稳定发展。
论文首先概述了管理实验、证券监管和行为金融学的理论基础。然后运用相似可拓建模方法建立了证券监管管理实验模型,设计和开发了一个证券监管管理实验系统并有效的实施了实验,最后运用统计分析方法和实验管理学方法对实验结果进行了综合分析处理。
论文得出的主要结论包括:管理实验研究方法提供了一种低成本的试错方法,能够很好地研究投资者的投资决策行为,对促进证券监管制度的建设和完善有一定的意义;适当的证券监管是有效的,有助于降低市场泡沫和提高市场有效性,引导投资者进行理性投资;管理因素对证券价格的形成有重要的影响,通过实验可以验证管理效应;证券监管管理实验中投资者过度的非理性会引起证券市场风险和个人的损失,应加强对投资者的风险教育。论文创新之处在于:证券监管管理实验的设计和开发;在证券监管管理实验中引入模糊管理因素,验证了管理心理效应。
在实验结论的基础上,论文探讨了完善证券监管措施的建议。
Management experiment is a process of examining, comparing and improving management theory or providing basis for managers' decision-making. It studies how to deal with a phenomenon or problem in a controllable experiment environment, by controlling the experiment condition, observing behavior of experimental participants and analyzing the experiment result.
Combining the experimental methods and Behavioral Finance, the paper studies the management experiment of securities regulation. Based on the impact of securities regulation for decision-making behavior of the investors, it analyzes how the securities regulatory agencies supervise and manage the various business units and its activities of securities market. The research can pre-assess the impact of the securities regulatory measures and has a certain role for establishing and improving securities regulatory system. It is helpful for strengthening supervision of securities market to improve the failure of securities market mechanism, to maintain a good market order, to improve the efficiency of the securities market. And it is also conducive to the protection of the interests of small and medium-sized investors and promoting the healthy and stable development of securities market.
Firstly, this paper outlines the theoretical basis of management experiment, securities. regulation and behavioral finance. Secondly, a model was set up in Similarity-Extension Modeling Method. After designing and developing a system of management experiment of securities regulatory, four experiments was implemented. Lastly, the paper analyses the data comprehensively by statistical methods and experimental management methods.
Four conclusions can be drawn from this paper. First, management experiment research provides a trial-and-error method with low cost. It is able to study the investment decision behavior of investors well. Management experiment can play an active role for building and improving securities regulatory system. Second, the appropriate securities regulation is effective, help for reducing market bubble and improving market effectiveness, useful for guiding investors for rational investment. Third, management factors have a great influence on the formation of the securities prices. Management effect can be verified through experiment. Fourth, the excessive non-rational features of investors in the management experiment may result in stock market risk and personal loss. Therefore, it is necessary to enhance investors' risk education. The paper has two innovations. Firstly, the design and development of management experiment of securities regulatory. Secondly, introduction of fuzzy management factor and verification of the psychological effects of management in the management experiment of securities regulation.
Based on the experimental conclusions, this paper suggests some measures to improve the securities regulation.
论文把管理实验方法和行为金融学理论相结合,研究基于行为金融学的证券监管管理实验,以证券监管对投资者投资决策行为的影响为出发点,分析证券监督管理机构如何对证券市场各种经营主体及其所从事证券经营活动的监督和管理。应用管理实验研究证券监管,可预先评估证券监管措施的影响,有利于改善和解决证券市场机制的失灵问题,对证券监管制度的建设和完善具有一定的作用,从而有利于保护中小投资者的利益,维护市场的良好秩序,提高证券市场的效率,促进证券市场的健康稳定发展。
论文首先概述了管理实验、证券监管和行为金融学的理论基础。然后运用相似可拓建模方法建立了证券监管管理实验模型,设计和开发了一个证券监管管理实验系统并有效的实施了实验,最后运用统计分析方法和实验管理学方法对实验结果进行了综合分析处理。
论文得出的主要结论包括:管理实验研究方法提供了一种低成本的试错方法,能够很好地研究投资者的投资决策行为,对促进证券监管制度的建设和完善有一定的意义;适当的证券监管是有效的,有助于降低市场泡沫和提高市场有效性,引导投资者进行理性投资;管理因素对证券价格的形成有重要的影响,通过实验可以验证管理效应;证券监管管理实验中投资者过度的非理性会引起证券市场风险和个人的损失,应加强对投资者的风险教育。论文创新之处在于:证券监管管理实验的设计和开发;在证券监管管理实验中引入模糊管理因素,验证了管理心理效应。
在实验结论的基础上,论文探讨了完善证券监管措施的建议。
Management experiment is a process of examining, comparing and improving management theory or providing basis for managers' decision-making. It studies how to deal with a phenomenon or problem in a controllable experiment environment, by controlling the experiment condition, observing behavior of experimental participants and analyzing the experiment result.
Combining the experimental methods and Behavioral Finance, the paper studies the management experiment of securities regulation. Based on the impact of securities regulation for decision-making behavior of the investors, it analyzes how the securities regulatory agencies supervise and manage the various business units and its activities of securities market. The research can pre-assess the impact of the securities regulatory measures and has a certain role for establishing and improving securities regulatory system. It is helpful for strengthening supervision of securities market to improve the failure of securities market mechanism, to maintain a good market order, to improve the efficiency of the securities market. And it is also conducive to the protection of the interests of small and medium-sized investors and promoting the healthy and stable development of securities market.
Firstly, this paper outlines the theoretical basis of management experiment, securities. regulation and behavioral finance. Secondly, a model was set up in Similarity-Extension Modeling Method. After designing and developing a system of management experiment of securities regulatory, four experiments was implemented. Lastly, the paper analyses the data comprehensively by statistical methods and experimental management methods.
Four conclusions can be drawn from this paper. First, management experiment research provides a trial-and-error method with low cost. It is able to study the investment decision behavior of investors well. Management experiment can play an active role for building and improving securities regulatory system. Second, the appropriate securities regulation is effective, help for reducing market bubble and improving market effectiveness, useful for guiding investors for rational investment. Third, management factors have a great influence on the formation of the securities prices. Management effect can be verified through experiment. Fourth, the excessive non-rational features of investors in the management experiment may result in stock market risk and personal loss. Therefore, it is necessary to enhance investors' risk education. The paper has two innovations. Firstly, the design and development of management experiment of securities regulatory. Secondly, introduction of fuzzy management factor and verification of the psychological effects of management in the management experiment of securities regulation.
Based on the experimental conclusions, this paper suggests some measures to improve the securities regulation.
引文
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