运用行为金融理论中的噪音交易模型,在两种不同的发行方式下,对我国股票市场上机构投资者和普通投资者的投资效率进行研究后发现:机构投资者的投资效率并不总是高于普通投资者;相反,普通投资者的投资效率可以远远高于机构投资者,保持适度乐观的情绪是获得高投资效率的必要条件。
This paper has researched the investment - earning rate of two types of investors in two kinds of offering methods based on the behavioral finance theory's noise model. It was found that institutional investors'earning rate is not always higher than that of retail investors. On the contrary, if the retail investors want to earn more than institutional investors, they must keep moderate optimism.