摘 要

随着世界经济的快速发展，国内外的经济形势日新月异，世界经济不确定事件、不可预见性风险和多样化的挑战更加复杂严峻，一些领域的金融风险显现。中国也在逐渐的加快经济政策的改革和调整，这些政策与人们的日常生活息息相关。

与此同时，中国民众的可支配收入不断积累，高净值人群逐渐增多，人们对自己手中的资金盈余部分如何进行有效的配置是很多人都面临着的现实问题。目前国内的财富管理业务尚不成熟，理财产品众多让人眼花缭乱，需要人们去自己了解如何进行有效的资产配置，了解自己的行为方式，以做出正确的判断和决策。现在，新的金融工具、资产类别和投资方式已大大拓展了投资组合的选择余地，市场环境则更加地反复无常，这就造成仅仅按照以前的理论虽然能使资产得到配置但并非一定有效。

行为金融研究的兴起让人们逐渐找到了在变化莫测经济市场中相对稳定的东西，这就是人性。受人为影响的市场行为并不是完全随机的，而是有逻辑的，我们可以从市场参与者的角度来解读市场，从而提升当前的投资策略，使资产配置变得真正有效。目前，行为金融已经在指导着发达国家的财富管理机构和个人投资者的操作，并取得了显著的成果，是值得学习和借鉴的。而在中国当前的经济和政策形势下，行为金融学在中国普通民众的资产配置中应用的并不广泛，或者并没有很好的结合，但是如果良好运用是可以为我国人们带来经济收益和生活的安全感的，也会让社会更加的稳定，人们幸福感上升。本文旨在通过分析如何从市场参与者的角度把握市场的动态，从而为如何作出更加合理有利的投资决策提出建议。

关键词:资产配置；市场环境；行为金融；投资策略

Abstract

With the rapid development of the world economy, the economic situation at home and abroad is changing with each passing day, the uncertain events of the world economy, the challenges of unpredictability risks and diversification are more and more serious, at the same time some financial risks appear in the field. China is also gradually accelerating the reform and adjustment of economic policies, which are closely related to people's daily life.

At the same time, the disposable income of the Chinese people continues to accumulate, and the population of high net worth gradually increases. How people are effectively allocating the surplus part of their own funds is a real problem that many people face. At present, the domestic wealth management business is not yet mature, many financial products dazzling, people need to know how to carry out effective asset allocation, to understand their behavior, to make the right judgments and decisions. Now, the new financial instruments, asset classes and investment methods have greatly expanded the choice of investment portfolio, the market environment is more capricious, which makes only in accordance with the previous theory, although the assets can be configured but not really effective.

The rise of behavioral finance research has led to the discovery of relatively stable things in the unpredictable economic market, which is human. Man-made market behavior is not completely random, but logical, we can from the perspective of market participants to read the market, thereby enhancing the current investment strategy, so that asset allocation has become truly effective. At present, behavioral finance has been guiding the operation of developed wealth management institutions and individual investors, and has achieved remarkable results, it is worth learning and learning. In China's current economic and policy situation, the behavioral finance in the Chinese ordinary people's asset allocation is not widely used, or not a good combination, but if the good use is for our people can bring economic benefits Life of the sense of security, but also to the community more stable, people happy to rise. The purpose of this paper is to analyze how to grasp the dynamics of the market from the perspective of market participants, so as to make suggestions on how to make more reasonable and favorable investment decisions.

Key word:Asset Allocation;Market Circumstances;Behavioral Finance ;Investment Strategy

目 录

第1章 绪论....................................................................................................................................1

1.1研究背景.................................................................................................................................1

1.2国内外研究综述..................................................................................................................... 1

1.2.1国外研究现状................................................................................................................... 1

1.2.2国内研究现状................................................................................................................... 2

第2章 当前中国的经济形势........................................................................................................ 3

2.1经济政策................................................................................................................................. 3

2.2文化因素................................................................................................................................. 4

2.3经济水平................................................................................................................................. 4

第3章 当前经济形势下的资产配置需求.................................................................................... 6

3.1资产配置原则......................................................................................................................... 6

3.2传统资产配置策略及其不足................................................................................................. 6

3.3传统的资产配置策略效果分析............................................................................................. 8

第4章 行为金融学对资产配置理论的补充................................................................................ 9

4.1行为金融的兴起..................................................................................................................... 9

4.2行为金融角度下的投资心理问题....................................................................................... 10

4.3投资案例分析....................................................................................................................... 11

4.3.1 以2015年中国股市为例.............................................................................................. 11

4.3.2 分析................................................................................................................................ 11

第5章 行为金融学在中国个人资产配置中的应用.................................................................. 12

5.1市场行为............................................................................................................................... 14

5.2投资者行为........................................................................................................................... 15

5.3资产配置的选择................................................................................................................... 16