中国股市高换手率_行为金融学的解释

:,(200433):,,,:,,:;;;:JEL;G14:A:0000-0129/K(2006)01-0055-06(TurnoverRatio),,,013,,1,1991,NASDAQ,,2090,,,,,(1):,,,,:11,,T+0,,,:,,,,:,,,55()20061AcademicResearch(Integratededition)1(19922001)()NYSENASDAQ199201471156012001430153-216519930153119001260181016131413124199401541181012501770140718761921995015821440127017801375119311019960152214401270158015471609150199701662165013301440191513561621998017021590134014701623155411120010187-016001840144215721212002-----210911942003-----21692120:2000;(),,(1997):,,,,41,,,,,,,:,(2002):,,,,,,,,,11?Hsee&Weber(1999)3,99110,:,;,,Hsee&Weber(1999)(cushionhypothesis),65()20061996718,,,,,,,,,,Weber&Hsee(1998),-,,,12,:11,?(,0)21?(0-100,0,100)212521232047143154618352411948712682,,,,Hsee&Weber(1999),,,,,;,:,,,21Gervais&Odean(2001),,,,,,,,::,,,,,3,91129%,,2003364316,200037164%,19968112%,,,,,,,,7520061,::Hsee&Weber(1999),:10,0055,2002.04.153()()%()%199126017810011013010019927921389912210021749916919932487147961843138159961951994130319189137151411488136199572211785146110310284121199653516111831295231413581120199752015166671185051318666184199829181765115228671855219819992898170421762737149451132000640191273410666818133371642001335101091417949013145191312002942183417012631465186200362118711878716214021403321100364316100:2003,(FactBook),(1977)19641-1970122500,1000,,,,,200282004320,,W4(TOA)TOAPTOAP200208701316331690100200306118174844184010062138572142821937401702002095913158610301002003071181587391070100431585151938211864810120021055101602121010020030811113554811801024219553917884188503194200211891036401610100200309121154535176010059145543103881824591592002129212149116301102003101211265751820100971864611048217848216420030112212168119501002003111701067511470100851415981881051396681012003029616460314101002003121831678781510100721415221431391548041622003039411571017201002004011541987611360100781276171121201916701702003041471151030150100200402220136107816010011310992514716813296316720030512313786611401002004031901181072146010094156767103147158955103:P-Z85()2006:(1);(2)(TOA),-4:,10,(200212)5%,9,,,,?,(55),(5),,,5A152355419945101A8805561834311724066111838182LeiFeng(2002)151463695315461535565418245118(2003)60867612423176(2002)3525875619843102:2002(FactBook)99,:,;,,(1996)(2002),,,:,,,,,,,,,,,:;,,;,,,,,,:9520061,::(TOA):=(-)100=(+)2,,,,,,,,,,,,:[1]1[J]1,1997,(2):44-471[2]1[J]1,1997,(2):7-101[3],1[J]1,2002,(2):41-451[4]GervaisSimon,TerranceOdean1Learningtobeover2confident[J]1TheReviewofFinancialStudies,2001,14(1):1-271[5]Wright,G1N1,Phillips,L1D1,Whalley,P1C1,Choo,G1T1,Ng,K1O1,Tan,I1,&Wisudha,A11Culturaldifferencesinprobabilisticthinking[J]1JournalofCross-CulturalPsychology,1978,9:285-2991[6]Yates,J1F1,Zhu,Y1,Ronis,D1L1,Wang,D1-F1,Shinotsuka,H1,&Toda,M11Probabilityjudgmentaccuracy:China,Japan,andtheUnitedStates[J]1OrganizationalBehaviorandHumanDecisionProcesses,1989,43:145-1711[7]Douglas,U1andWildavsky,A11RiskandCulture,Berkeley[M]1CA:UniversityofCaliforniaPress,19821[8]Hsee,C1K1&Weber,E1U11Cross-nationaldifferencesinriskpreferencesandlaypredictions[J]1JournalofBehavioralDecisionMaking,1999,12:165-1791[9]Weber,E1U1&Hsee,C1K1Cross-culturalDiffer2encesinRiskPerception,butCross-culturalSimilaritiesinAttitudesTowardsPerceivedRisk[J]1ManagementScience,1998,44:1205-12171[10]Prince,Melvin,1Women,men,andmoneystyles[J]1JournalofEconomicPsychology,1993,14:175-1821[11]Lenney,Ellen1Womensself-confidenceina2chievementsettings[J]1PsychologicalBulletin,1977,84:1-131[12]Beyer,Sylvia1Genderdifferencesintheaccuracyofself-evaluationsofperformance[J]1JournalofPersonalityandSocialPsychology,1990,59:960-9701HighTurnoverRatioinChineseStockMarketInterpretationofBehaviorFinanceZHUXiao-bin&JIANGXiao-dong(ShanghaiFinanceandEconomicsUniversity,200433,Shanghai,China)Abstract:ThispaperexploresthereasonsofhighturnoverratioinChinesestockmarketfromthepointofinvestors1Byreviewingthereasonsofhighturnoverratio,theauthorsadvanceanddiscussitsthreeimportantreasons:Culturedifference,lackofexperi2enceofchildishinvestorsandgenderdifference1Abriefexpositionofthesignificanceofstockmarketsupervisionisbroughtoutattheendofthearticle1Keywords:turnoverratio;culturedifference;childishinvestor;genderdifference06()2006