摘要
与传统经济管理学研究将信任建立在"理性经济人"假设上不同,近来的金融学研究突显出信任是一种启发式认知偏差,依赖信任做决策的投资者并不是完全按照"理性预期"行动,因此,用标准金融学理论去解释这类投资者的行为及其影响可能是不合适的,这使得行为金融学成为理解信任的一个合理途径。基于投资者"有限理性"假设,笔者对近年来金融学中的信任研究进行系统梳理,揭示信任作为一种认知偏差对投资者行为、市场效率和金融监管产生的影响。首先,笔者剖析信任对投资者决策的操纵;其次,揭示投资者的信任行为对资产价格和市场稳定的影响;再次,阐述投资者的信任行为给公司政策制定以及监管制度造成的变化;最后,讨论信任在金融学中的未来研究。当今中国社会正面临严重的信任缺失,正确认识信任这一认知偏差对投资者、公司管理者以及监管者具有重要意义。
Different from the traditional study on trust in economics and management with the assumption of ＂rational economic man＂, recent financial studies highlight that trust is a kind of heuristic bias and the trusting investors don＇t behave as ＂rational expectations＂ when they make financial decisions, so it may be improper to interpret these investors＇ behavior and its impact with standard financial theory. Thus behavioral fi- nance provides a reasonable way to study trust. Based on the assumption of ＂bounded rationality＂, this paper reviewed latest literature on trust in finance, focusing on the impacts of the cognitive bias on the investors＇ be- havior, market efficiency and financial regulation. By showing how trust manipulates the investors＇ decision, we analyze the channels that investors＇ trusting behavior affects asset prices and the market stability. Then we explain the impacts of the investors＇ trusting behavior on corporate policies and regulation rules. Finally we propose some ideas for further study. China is now faced with severe lack of trust, therefore, it is vital for the in- vestors, corporate managers and supervisors to correctly understand trust as a cognitive bias.
出处
《中央财经大学学报》
CSSCI
北大核心
2017年第3期25-36,共12页
Journal of Central University of Finance & Economics
基金
教育部人文社科基金青年项目"金融发展促进成渝经济区新型城镇化建设的机制研究"(项目编号:13YJC790072)
关键词
信任
有限理性
启发式心理
认知偏差
Trust Bounded rationality Heuristics Cognitive biases
