利用实验经济学方法设置3种不同风险的投资选择和4类预算软约束市场,检验预算软约束对投资者行为的影响。结果发现,预算软约束提高了投资者的风险偏好程度,持续经营则削弱了投资者的风险偏好程度,风险偏好漂移女性比男性更明显;持续经营实验中投资者资产较高或较低时冒险、资产中等时相对风险规避,投资者的前期收益情况会影响其当期投资选择,投资者存在短视行为。 Using experimental economics, we set up three kinds of investment options with different risks and four kinds of budget soft constraints market to test the impact of the soft budget constraint on investor behavior. The results show that the soft budget constraint increases the investors’ risk appetite, while the continuous operation reduces the investor’s risk appetite. The risk appetite drift is more obvious to the female than the male; the risk is higher when the investor’s asset is higher or lower than the continuous operation experiment , The relative risk aversion in the middle of assets, the investor’s pre-income situation will affect the current investment options, investors have short-sighted behavior.