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现状偏见是影响投资者决策的一个重要因素,现有的研究主要利用前景理论对其进行阐释。框架效应、投资者情绪以及信息结构在投资者现状偏见中发挥着重要作用,本文利用实验的方法研究了三者对投资者现状偏见的影响,研究结果表明:差值投资组合框架中投资者被试的现状偏见程度高于比率投资组合框架中投资者被试的现状偏见程度;三种情绪组中均存在投资者现状偏见,积极情绪下被试的偏见水平较低,消极情绪下被试的偏见水平较高;被试选择信息结构确定的选项是选择信息模糊选项的5倍,投资者被试对外在现状赋值的偏见程度小于自我现状赋值。
The status quo bias is an important factor that affects the decision-making of investors. The existing research mainly uses the prospect theory to explain it. The framework effect, investor sentiment and information structure play an important role in the investor’s status quo bias. This paper uses the experimental method to study the impact of the three on the investor’s status quo bias. The results show that: the investor in the difference portfolio is The level of prejudice in the trial is higher than that of the investor in the ratio portfolio framework. The bias of investor status in all three emotion groups is low, and the level of prejudice in the positive emotion is lower. The level of prejudice is higher; the choice of subject’s information structure is 5 times as much as the fuzzy choice of information, and the level of prejudice given by investors to external status quo is less than that of self-status quo.