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在对投资者行为的影响上,制度通过认知塑造和信息浓缩影响投资者的心理和交易行为,制度的信息隐性化、不完全、排列顺序都将导致投资者的认知或行为偏见。同时,制度还影响投资者的选择范围,某些制度的缺失将加剧投资者的非理性行为。实践中,我国养老基金投资中存在一定的羊群效应和过度自信等非理性行为,需要通过制度的完善对其进行规范。不仅需要通过收益率与风险程度并重的考核弱化养老基金经理的短期业绩压力、减少基金经理的流动率从而减少短期非理性行为的产生。还需要增强投资管理的透明度和加强社会监督。
In the impact on investors’ behavior, the system influences investors’ psychological and transaction behavior through cognitive modeling and information enrichment. The system’s information is hidden, incomplete and arranged in an orderly manner, which will lead to investors’ cognitive or behavioral prejudice. At the same time, the system also affects the choice of investors, the lack of certain systems will aggravate the irrational behavior of investors. In practice, there are certain irrational behaviors such as herding and overconfidence in the investment of pension funds in our country, which need to be regulated through the perfection of the system. It is not only necessary to weaken the short-term performance pressure of pension fund managers through examining both the rate of return and the risk level, and to reduce the flow rate of fund managers so as to reduce short-term irrational behavior. There is also a need to increase the transparency of investment management and to strengthen social supervision.