论文部分内容阅读
在标准金融理论中,噪声交易者最终将被市场所淘汰,但是近年来我国证券市场中的各种异象和投资者的非理性表现均证实我国证券市场长期存在着大量的噪声交易者,因此以投资者有限理性为前提的噪声交易理论被引入到对我国金融市场的研究中来。本文首先介绍了我国噪声交易存在的必然性,其次阐述了认知偏差型噪声交易的内涵和形成原因,并提出相关对策建议。
In the standard financial theory, noise traders will eventually be eliminated by the market. However, in recent years, all kinds of visions in China’s securities market and the irrational performance of investors have confirmed that there are a lot of noise traders in China’s securities market for a long time. Therefore, The theory of noise trading based on the limited rationality of investors has been introduced into the study of China’s financial markets. This paper first introduces the inevitability of the noise trading in our country, then elaborates the connotation and the forming reason of the cognitive deviation noise trading, and puts forward some countermeasures and suggestions.