摘要
理性人假设历来饱受诟病,现状偏好现象在成熟资本市场广泛存在。西方行为金融学学者提出了现状偏好理论,而该理论在我国鲜有实证支持。尝试提出了以中国股票市场的正负收益率对换手率的不对称影响来衡量现状偏好现象的理论,选择了我国2011年1月4日至2012年9月28日之间上交所和深交所挂牌的主板A股的数据进行实证分析,发现中国股票市场存在明显的现状偏好现象,并计算出该时期上交所主板A股的现状偏好系数为9.61%,上交所主板A股的现状偏好系数为11.11%。
Western behavioral finance demonstrates that status quo bias is a common phenomenon in developed financial markets, however, the existence of the widely proved economical theory lack empirical support in Chinese capital markets. By digging into the data from Jan. 4,2011 to Sept. 28,2012 of Shanghai ＆ Shenzhen stock markets, the author proves that there is status quo bias phenomenon in Chinese stock market and meas- ures the degree of status quo bias phenomenon in Shanghai stock market to be 9.61% and Shenzhen market to be 11.11%.
出处
《郑州航空工业管理学院学报》
2013年第5期134-139,共6页
Journal of Zhengzhou University of Aeronautics
关键词
现状偏好
股票市场
现状偏好系数
中国
status quo bias
stock market
the degree of status quo bias
China
