我国权证市场目前以个人投资者为主,心态和行为都不成熟,目的不纯,出现了大量行为异象,如:羊群效应;锚定效应;处置效应;恐惧和贪恋等。根据行为金融学理论,我国投资者在投资决策时,由于有限理性、情绪动机等客观和主观原因,广泛存在认知偏差和情绪偏差,必然出现行为异象。 At present, China’s warrant market is dominated by individual investors, and its mentality and behavior are immature. Its purpose is impure. A large number of behavioral anomalies have emerged, such as herding effect, anchoring effect, disposal effect, fear and covet. According to the theory of behavioral finance, Chinese investors inevitably have behavioral visions when they make investment decisions due to the existence of objective and subjective reasons such as bounded rationality and emotional motivation.