笔者运用已有的行为金融学方法研究证券市场监管者的非理性问题,通过采用有情境元素的问卷调查法,向监管部门及其他市场参与者发放问卷并根据问卷的数据,对监管者和市场参与者的非理性行为进行了实证分析。结果表明:我国证券市场的市场参与者,普遍存在着代表性偏见、锚定和调整效应、证实性偏差、框定陷阱、过度自信、损失厌恶、后悔厌恶、处置效应、沉没成本偏差、心理账户、模糊厌恶等偏差,这些偏差影响并制约着他们的决策行为。其中,监管者的后悔厌恶最明显,其他依次为锚定和调整效应,损失厌恶,处理效应,框架效应,心理账户,代表性偏见,模糊厌恶,过度自信等。分析表明:从总体上看,监管者与被监管者的非理性程度没有显著差异。由此,笔者提出了监管者处理自身和其他市场参与者非理性行为的思路和对策:对自己的非理性要警觉与预防;对其他市场参与者的非理性在监管过程中要予以重视。

By the methods of the scenario-based questionnaire survey, this paper sent questionnaires to the regulation departments and other market participants. According the data collected through the questionnaires, this paper does an empirical analysis to the irrational behavior of the regulation departments and market participants.Our results shows that the 11 bias of representative prejudice, anchor and adjustment effect, confirmative bias, framing traps, over-confidence, loss-aversion, regret-aversion, handling/disposing Effect, sink-cost bias, mental accounting and ambiguity-aversion commonly exist, which affect and constraint their acts and prevent them from making the correct and reasonable decisions. As for the effect of the irrationlity on the regulation,the sequence of the bias in terms of their significance are:regrat-aversion,anchor and adjustment effect,coss-aversion,handing effect,framing effect,psychological accounts,representative prejudice,ambiguity-aversion,over-comfidence. The paper points out the irrational behaviors of regulators and other market participants and calls the attentions of regulators of their own irrationality and the consequent safeguards and of adequate consideration of other market participants' irrationality.