我国股票市场因为发展时间不够长，各种相关政策、制度等的不够完善，
而我国股票市场的中小投资者，积极投身并参与股市多年的发展，但他们因为
自身的主观原因和股市大环境的客观原因，一直没有分享到股市成长所应有的
既得利益。
本文就是以中小投资者过度交易的行为作为研究目的，首先描述了我国股
票市场的基本信息和投资者行为特征，其次通过文献研究、调查问卷等方式，
得出我国股票市场中小投资者普遍具有非理性、高度投机、过度交易的特征。
本文的研究结果能初步表明，我国股票市场中小投资者具有过度交易的心
理特征，既有过度自信、投机心理、互联网交易方式等等的主观原因，也有
股市黑幕多，信息披露不透明等客观原因。中小投资者只有端正心态，培育理
性的投资理念，改变非理性的投资行为，才能在股市中获取相对的利润。本文
还建议我国股票市场监管部门，应着手在政策制定、信息披露等方面，切实尊
重并真正保护好中小投资者的合法权益，从而促进我国股票市场的健康、稳定
发展。
关键词: 中小投资者 ，过度交易 ， 过度自信
Abstract
The study of behavioral finance and financial problems from the psychological point of view,
it is thought that people are not rational, one of the many psychological factors for the financial
market caused no small impact. Behavior finance learns to think, in financial markets are not
perfectly rational, but manifestations of limited rationality. So the behavioral finance it can more
reasonably and accurately, to study and explain the financial market on the various phenomena.
China's stock market because of the development time is not long enough, a variety of related
policy, system is not perfect enough, and the stock market of our country medium and small
investors, active and participate in the stock market development for many years, but because of
their own subjective reason and objective reason the stock market environment, have failed to
share in the stock market growth should be vested interest.
This paper is based on the medium and small investors excessive trading behavior as the
research purpose, first described in the stock market of our country 's basic information and
investor behavior characteristics, followed by literature research, questionnaire etc, reach our
country stock market and investors generally has a rational, highly speculative, excessive trading
features.
The results of this study will show, in the stock market of our country medium and small
investors have excessive trading psychology, both overconfidence, speculation, Internet
transactions and other subjective reason, also have more information disclosure of stock market
behind-the-scenes plotting, opaque wait for objective reason. The medium and small investors have
a correct attitude, cultivate the concept of rational investment, change the irrational investment
behavior in the stock market, to obtain the relative profit. This paper also suggested that China's
stock market regulator, should proceed in policy making, information disclosure and other aspects,
to respect and truly protect minority investors' legal rights, so as to promote China's stock market
health, stability and development.
Key Words：The medium and small investors , Excessive trading, Overconfidence
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