投资者风险投资行为选择

为更好地指导投资者,从行为金融学的角度,通过对投资者的风险规避效用曲线、期望效用、投资净现值和投资机会成本的分析,探讨了投资者风险态度的界定、阶段性投资工具配置、投资决策中机会成本的把握和投资期权的运用等影响投资者风险投资行为选择的因素.研究表明:投资者的风险偏好直接影响其对风险性收益的追求,并反映了投资者承受风险的心理临界;随着风险企业的发展,投资者以股权、债权的投资分别有减少、增加的趋势;在风险企业(项目)单位产出价格不变的前提下,投资者保持还是行使期权执行权力,取决于投资机会成本与净投资收益比较的高低;反之,投资等待还是加大投资的趋向将随单位产出价格的降低或提高而增强.

Choice of Venture Investment Behaviors of Investors

To provide a correct guidance for investors,the factors influencing the choice of venture investment behavior of investors were investigated from the point of view of behavioral finance and through analyzing the risk-averse utility curves,expected utility,investment net present value and opportunity cost for an investor.These influential factors include the definition of an investor's attitude to venture investment,the arrangement of investment tools in phases,the holding of opportunity cost in investment decision and the application of investment options.The research shows that investor's attitude to investment venture directly affects the seeking to venture profit and reflects the mental critical of the investor to venture endurance.Along with the development of a venture enterprise,the investment trends to equity rights and debt rights of an investor will decrease and increase respectively.When the unit output price of items remains constant,whether to keep or to exert the options lies on the comparison between opportunity cost and net investment income.On the contrary,whether investor waiting for or raising investment will be determined by the decrease or increase of unit output price.