تحلیل عوامل رفتاری و روانی بر ناهنجاری‌های بازار سهام و تصمیم‌های سرمایه‌گذاران
مهرداد نعمتی
1
(
عضو هیئت علمی گروه مدیریت دانشگاه ایلام
)
سامان رحمانی نوروزآباد
2
(
دانشگاه آزاد اسلامی
)
الکلمات المفتاحية: تصمیم‌های سرمایه‌گذاران, عوامل رفتاری و روانی, ناهنجاری‌های بازار سهام.,
ملخص المقالة :
مالی رفتاری به مطالعه متغیرهای روانشناختی که می‌تواند بر تصمیم‌گیری مالی تأثیر بگذارد کمک می‌کند. بنابراین، قبل از هر تصمیم سرمایه‌گذاری برای به حداکثر رساندن ثروت، بهتر است که ویژگی‌های بازارهای اوراق بهادار را با استفاده از ترکیبی از روانشناسی و مالی درک کرد. هدف پژوهش حاضر شناسایی تاثیر عوامل رفتاری و روانی بر ناهنجاری‌های بازار سهام و تصمیم‌های سرمایه‌گذاران در بورس اوراق بهادار تهران می‌باشد. در این پژوهش میدانی، به منظور جمع‌آوری داده‌ها از پرسشنامه‌ی استاندارد استفاده شده است. جامعه‌ی آماری این پژوهش سرمایه‌گذاران حقیقی در بورس اوراق بهادار تهران می‌باشد و از این جامعه‌ی آماری، 302 نفر از سرمایه‌گذاران به طور تصادفی ساده در دسترس و با استفاده از فرمول کوکران انتخاب و مورد بررسی قرار گرفتند. به منظور بررسی روابط بین متغیرهای پژوهش از تکنیک مدل‌یابی معادلات ساختاری و نرم‌افزار LISREL استفاده گردیده است. نتایج شاخص‌های خوبی برازش مانند RMSEA، GFI و AGFI نشان دهنده‌ی برازش خوب مدل و قابل استفاده بودن نتایج می‌باشد. نتایج بدست آمده حاکی از آن است که تاثیر اعتماد به نفس بیش از حد، تعصب گله‌ای، اثر تمایل، سواد مالی و تمایل به ریسک بر ناهنجاری‌های بنیادی و ناهنجاری‌های تکنیکال مثبت و معنادار است. همچنین ناهنجاری‌های بنیادی و ناهنجاری‌های تکنیکال تاثیر مثبت و معناداری بر تصمیم‌های سرمایه‌گذاران دارد. بر اساس تجزیه و تحلیل داده‌ها، مشخص شد سوگیری‌های رفتاری و ناهنجاری‌های بازار ارتباط نزدیکی با یکدیگر دارند. یافته‌های نقش واسطه‌ای ناهنجاری‌های بازار را در ارتباط با تصمیم‌گیری سرمایه‌گذاران تأیید کرد.
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