التحيـزات السلوکية لدى المستثمريـن «دراسة تحليلية»

نوع المستند : بحوث باللغة العربیة

المؤلفون

1 مديـر عام البـرامج المالية والاقتصادية، معهد الإدارة العامة

2 الإدارة العامة للبحوث والتطويـر، صندوق تنمية الموارد البشرية (هدف)

المستخلص

سعت هذه الدراسة إلى إبـراز ومناقشة وتحليل التحيـزات السلوکية لدى المستثمريـن وفقًا لمنهجيات وأدوات علم التمويل السلوکي کفرع حديث من العلوم المالية بعيدًا عن المالية التقليدية التـي تفتـرض أن المستثمر عقلانـي وقراراته رشيدة وذلک بهدف جذب انتباه کثيـرا من الباحثيـن والمتخصصيـن وصناع السياسات المالية لأهمية البعد السلوکي في تفسيـر قرارات المستثمريـن ونظرًا لندرة الکتابات في مجال التمويل السلوکي في العالم العربـي. کما انتهجت الدراسة المنهج الاستقرائي القائم على عملية الملاحظة والتحليل للجـزئيات والحقائق والمعلومات المرتبطة بالتحيـزات السلوکية والأخطاء الاستثمارية لدى المستثمريـن من خلال مسح عدد (62) من أهم الدراسات التـي تناولت التحيـزات السلوکية لدى المستثمرين. توصلت الدراسة إلى وجود عشرة تحيـزات تعتبـر من أهم التحيـزات السلوکية المنتشرة التـي تناولها الخبـراء في دراساتهم وهي تحيـز التأکيد، تحيـز إدراک الأمور بأثـر رجعي، تحيـز الثقة المفرطة، تجنب الخسارة، الحساب العقلي، التمثيل والمحافظة، التمرکز الخاطئ، التأطيـر، التحيـز للوضع الراهن، التـرسية. کما تم وضع عدد من التوصيات تنصـح المستثمريـن الأفراد حول کيفية تجنب التحيـزات والأخطاء السلوکية في اتخاذ القرارات الاستثمارية. وتوصيات حول دور السياسات في أسواق المال بغرض تحسيـن القرارات الاستثمارية للأفراد وتخفيف أثـر التحيـزات السلوکية.

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