【天天读文献】从行为金融角度看众筹（来看看丹麦硕士学位论文怎么写，2016）

参考文献：

Tino Valsø. Viewing crowdfunding from a behavioral finance perspective:
How do the Danish investors behave, and which precautions can they take to avoid their behavioral biases? Copenhagen Business School, Master’s Thesis, 2016.

全文下载链接：http://studenttheses.cbs.dk/bitstream/handle/10417/6221/Tino_Vals%c3%b8.pdf?sequence=1

或点击结尾阅读原文。

本文是哥本哈根商学院学生的硕士学位论文。其实国外很多学校的学位论文都可以检索到，在学校官网都可以下载。有兴趣的同学可以自行搜索感兴趣的学校。

介绍这篇论文，既是为了了解国外学生在研究什么，满足好奇心，也是为了了解这篇论文的内容，行为金融角度的众筹。众筹是2014-2016年的一个热词，今年好像随着对互联网金融概念的打击而悄无声息了。但是国外对众筹的概念好像还在，这次正好看一看。

先看论文目录：

1、简介

2、研究问题

2.1 问题界定

2.2 关键词定义

3、研究方法

3.1 研究目的

3.2 数据收集技术

3.3 研究结果的可信度

4、众筹

4.1 优缺点

4.2 众筹平台

4.3 丹麦的众筹发展情况

5、行为金融及其假说

5.1 代表性与可得性

5.2 相似性

5.3 确认偏差

5.4 锚定效应

5.5 羊群行为

6、相关研究

7、实证结果

7.1 问卷调查对象的统计

7.2 调查问卷

7.3 电话访问

7.4 二手数据

8、投资者行为和假设

8.1 代表性与可得性

8.2 相似性

8.3 确认偏差

8.4 锚定效应

8.5 羊群行为

8.6 理性羊群与非理性羊群

8.7 羊群行为和30%规则

8.8 家乡偏差

9、对投资者的建议

10、结论

11、参考文献

12、附录

12.1 调查问卷

12.2 电话采访

12.3 奥尔胡斯的调查问卷

从目录看，和国内学位论文的写作模式相差不大。

再看总结性结论：这篇论文的目的是从行为金融的角度检验丹麦投资者的行为，从而为投资者提出建议，采取哪些预防措施可以避免行为偏差。论文基于选定的行为金融理论，建立了几个假设，检验了以下几个启发式和偏差：代表性和可得性、相似性、确认偏差、锚定偏差和羊群行为。所用数据包括一份调查问卷和3份电话采访，采访对象为3位不同经历和背景的人。从另外一份调查问卷获得的结果作为二手数据。结果表明，本文中的大多数投资者都存在相似性和锚定效应。然而，另外三个偏差被否定。特别是羊群行为，在众筹中是主要话题，有些文献将众筹分为理性羊群和非理性羊群。（时间不够了，后面的同学们自己阅读英文，很简单。）

Executive Summary
The purpose of this thesis is to examine the Danish investors’ behavior from a behavioral finance point of view and thereafter suggest which precautions the investors can take to avoid the presented behavioral biases. The present thesis has established some hypotheses based on the selected behavioral finance theory, where the following heuristics and biases are examined: Representativeness and availability, familiarity, confirmation bias, anchoring, and herd behavior. Data that consists of a questionnaire and three telephone interviews with three interviewees with different experience and backgrounds have been collected to examine the purpose of the thesis and the hypotheses. Furthermore the results from part of another questionnaire have been included as secondary data. The findings show that majority of the investors in this thesis show signs of familiarity and anchoring. However, the results also show that the hypotheses about representativeness and availability, confirmation bias and herd behavior are all rejected. Especially herd behavior seems to be a major topic within crowdfunding and some of the related research splits it into rational and irrational herding. Thus, the present thesis applies this view to the minority of the investors who shows sign of herd behavior, and finds that rational herding were found to fit best. Finally, this thesis concludes that precautions like a thorough information research and a “dissenting voice of reason” can be decent to apply in order to avoid the mentioned biases. However, it is a fine balance between the time-consuming research and the timesaving heuristics. The soundest advice for the investors is to always do your homework before following any trend.