PHÂN TÍCH TÁC ĐỘNG CỦA CÁC YẾU TỐ HÀNH VI ĐẾN QUYẾT ĐỊNH CỦA NHÀ ĐẦU TƯ CÁ NHÂN TRÊN THỊ TRƯỜNG CHỨNG KHOÁN TP.HCM

TRƯỜNG ĐẠI HỌC KINH TẾ TP.HỒ CHÍ MINH
KHOA TÀI CHÍNH DOANH NGHIỆP
0o0
ĐỀ CƯƠNG MÔN PHƯƠNG PHÁP NGHIÊN CỨU
KHOA HỌC
Đề tài:
PHÂN TÍCH TÁC ĐỘNG CỦA CÁC
YẾU TỐ HÀNH VI ĐẾN QUYẾT
ĐỊNH CỦA NHÀ ĐẦU TƯ CÁ NHÂN
TRÊN THỊ TRƯỜNG CHỨNG
KHOÁN TP.HCM
GVHD: TS. Hoàng Thị Phương Thảo
NHÓM THỰC HIỆN : Nhóm 06
LỚP : Cao học Đêm 7 - K22
TP.HCM, ngày 07 tháng 01 năm 2013
NHẬN XÉT CỦA GIẢNG VIÊN

DANH SÁCH NHÓM
   
    !"
# $%&'() #
* &+,  
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2 3,.$4 1 
1 ,56  
 .78 #/# 
 9:;< /*
 9,=>?- ## 
 @,8& #*/ 
BẢNG ĐÁNH GIÁ MỨC ĐỘ THAM GIA CỦA CÁC THÀNH VIÊN NHÓM
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1-3 4-5 6a 6b 7-8 9-10
  A A A A B A C 
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 9:;< A A A A B A C 
 9,=>?- A A A A B A C 
 @,8& A A A A B A C 
THỜI GIAN BIỂU
N^i dung T 1 T 2 T 3 T 4 T 5 T 6 T 7 T 8 T 9
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?!"
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?!"
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?!"
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 
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NGÂN SÁCH NGHIÊN CỨU
LOẠI CHI PHÍ
THÀNH TIỀN
GHICHÚ
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Tổng chi phí dự trù
9,800,00
0
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
MỤC LỤC
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
1. Lý do chọn đề tài
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IF36!6b`Y6M6m-E45R["I";AMUV6iF!gUDF5`56
T?F36`Y`@J^.F3n.d
!K64H56Q6EFpF5T56F,n.IF36d-I4f^45FpJH
6;;`465Jr"Y 6-JI-I4ig6;;P?AK6`4U n.>^?
6MU 4\X4G"566;56Q6M"RSn.IF36+RI"p656QK6T.
6da4!"p6^45Fp6G6,6jL`-E6;EX?L6E4TEn.I
F36PqRI"-6;;6,6j6G"63"6d

&;JWg^GZEXoXEXXM6>o^?JIXM6>`r6W66;J4\4G
LJIXM6>IJ46I4>n.IF36RI"p6YJ4\T.6`Y6b645
6-6JKJIF36L`-Ed
(-F!gFH6I4“Phân tích tác động của các yếu tố tài chính hành vi đến quyết định của nhà
đầu tư cá nhân trên thị trường chứng khoán Tp.Hồ Chí Minh” Ji4"OF>!XX3F..
"p6^L6.O6bJHJ4\LUORS6566I4>IJ4JI-6,6jL`-E
79>$4JIT.FMFb^456F[E4\6[6M"RS!6b6EFpF5T56
F,n.IF36gt"48XEIF36EM!6bF..ET56F,F36
4\T?d:96j4gEY6L`-E+!6bPcUO6Y64IFb4bu
oJHEIF36JI6vF!F..F[E`5,F366Q4d
2. Mục tiêu nghiên cứu
_4GLRS6566I4>IJ4FbAEF,E56QIJ4!`?'6EFp
F5T56F,n.IF36EMd
_BEF,"LFp6EFpn.E56QIJ4F5T56F,F36n.IF36E
M6G6,6jL`-E79>$4d
_`45,4?4XEX-Y6L`-EFb!f6JK6Q6o-IF36E
M48XF364\T?d
3. Câu hỏi nghiên cứu
_f56Q6M"RSIJ4I-? F5T56F,F36n.EIF366G
6,6jL`-E7d9>$4w
_$LFp? n.6v56QF!65I-w56QI-F!J.46ln5w
4. Đối tượng và phạm vi nghiên cứu
-Đối tượng nghiên cứu:IJ4n.EIF36EM6G6,6jL`-E
7d$d
_Phạm vi nghiên cứuxEIF36EM6G6,6jL`-E7d$d
_Cơ sở lựa chọn đối tượng nghiên cứuxGC6]PQ6I4`-?F366G6,6j
L`-ERI6I4`-?EMd
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
5. Phương pháp nghiên cứu

4GLPcUOXoXEXF,6>JIF,R[d
cUOXoXEXF4H6."D6YT.^?MN4`?-PE6d(V.6GPQ
R4\66WXF[6v^?MN4`?-PE6g`56[XJi4J4\PcUOX3"H"7Fb
6V4\E`4b"F,JIF..`56RWJHJKFH34GLd
6. Thu thập thông tin
6.1. Thông tin thứ cấp
(V.6GERS656H6?JIE^I4J456F[4GLgRJIXM6>
6GE6ZX>GIgE^I46."RWg^I44? 6-JI-I4id96
6WX6Y64-UfR4\6LKXF[<F5P.x
• J4\6j:Z4a4657d$d
• E^I46."RWJHRS6566I4>IJ46G=E->g6mm6JIE^E-E-
`56T?4GL'"6iF!d
• =I44?JHXoXEX4GLJIXM6>UfR4\7d
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
CHƯƠNG I: CƠ SỞ LÝ THUYẾT VỀ TÀI CHÍNH HÀNH VI
dd Các kết quả nghiên cứu trước đây
4GLJHE56Q6I4>IJ4F!"p6J.46lT.66-6I4>g
48X86.4bF[IJ4n.EIF36+GMn.ET56F,
F36`Y6M6m-ERS6566I4>6Y6jdyK64H^I44GLg^t
LL6V4\"F%L"4F[tT56F,n.IF36!,? 
n.56Q6M"RSd!6b`b.`56T?n."p6PQ4GLP.x
Trong bài nghiên cứu Behavioral Finance: Capital Budgeting and Other Investment
Decisionsn.4"-mJ.4Pz#{-6KtgIF36F[`?-PE6 $|!A
i6V64TE"LgFE4ETE Fp>AEn.6Y64"I!F[+
`?'`4b"P-E6n4-n.";d&4\TE6V64`45-EIT?6,F36
Ul64H6v."p6E.!gF4HF!UUDF5f6K6^Z46-`56T?F36
n.d
Bài nghiên cứu The effects of behavioural factors in investment decision-making: a
survey of institutional investors operating at the Nairobi Stock Exchange n.E6E4?

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Bài nghiên cứu The Behaviour and Financial Performance of Individual Investors in the
Trading Shares of Companies Listed At the Nairobi Stock Exchange, Kenya n.!"6E4?
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d#d Lý thuyết tài chính học hành vi (Behavioral Finance)
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F.-6Kf"…6Z5n.!d
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d#dd Thuyết kỳ vọng (The prospect theory)
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Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
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d#ddd Sự ghét lỗ (Loss aversion)
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d#dd#d Sự tiếc nuối (Regret)
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6EPVQ4645^tJ4\6vQ4^EE]X45F.4?"4EJIP‡PI^EE]
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z}.~mJIEpPVg#{gFY4`4!!6bUDF5fP.4R\z}.~mJI
EpPVg#{da.m".JIJmP`UjRIfI4GLF364G
4GLE56Q6pJH6M"RSUV.JI-`44\"`44i464\^QM6QF!RIx
;QF4b;zymXmPm6.64JmmPP{gTE6V64z„Jm-Š4Umm{^E"JI-f4E

6,F%6456RWXz-4{JIIJ4^3FIzmU4=m.J4-{za.m".JIJmP`g
/{d
d#d#dd Tình huống điển hình (Representativeness)
;QF4b;R4GT.F5"LFp6o6Vn."p6PV`4\Ji4EPV`4\F4b
;6iF!z(m=-U6JI.Rmg2{."LFp6o6Vn."DJi46]6bn.!
za.m".JmP`g/gXd#/{d;QF4b;!6bUDF5"p6PQP.4R\g
J>UOJ4\"4j4UV.TE4HJI-f`44\"3FMJI^NT.EPV`4\
4\6Z4zy466mg#*{d;QF4b;+UDF5PVnT.6-PRW6]
6b6v"DgAK64\`4"4j4Q<FbPRW6v"DTENz=.^m4PJI.Rmg
#*{dG6,6jL`-Eg`4EIF366;"EL`-E‹!Œ6.J;
fL`-E`•"4\T?gF4HF!!r.RI6;QF4b;F[EXUO
z(m=-U6.U.Rmg2{d
d#d#d#d Sự quá tự tin (Overconfidence)
a4-j4FE4ETE `?'g`456LJI`r'n.gF!>RI^4b
4\n.6M"RSTE6V64z(m=-U6.Rmg2gJ4Umg##{dEIF36JIEI
XM6>6jTE6V646-fRrJV"I."4bz•J.Pg#1{d0E6V64
F[-RI56QFb?464\PV`4GF,JIT566M"goP 6M"RSgJI`?'KX
Wn4-d!4E`EgTE6V64!6b48X4.6'PVG4\X6-TE6;
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
T56F,F36d0E6V64!6bM W6LJH`?'n.^?6MgF4HF!!
6b48XA8645TE6;F36.oz„^mRmmJI„PRmg#/{d
4Gg$p6j4ITE6V64JI->^?6M6;I…X4Hn4-JIP.4
R3"6-T56F,J;PVTE6V646j`45-IF36!fFE4EJ[6.
`N46;;6V65d
d#d#d*d Bám vào những giá trị đã thiết lập (Anchoring)
=E"JI-f4E6,F%6456RWXF[F,r.RIJ4\;6I"p64E6,JI
FE4EEJKFHUV.JI-4E6,F%F[6456RWX6iF!za.m".JmP`g/{d
EIF36.4+!"p6JI4F4b"6."456-F36g•Z4E7„g4E
I-PI6iFMn.]X45d$p6`4!F[6Y64"i4PqF4Hh4E?]

X45UV.6GF4b"6."45d-6j[X6,6j6456Y646;4E?TE
`LRI'LFbF..T56F,-4E?IY".d&;JWJ4\^E"JI-f4E
6,F%6456RWX3RIPV[4iJH4E?TE`Ld=tLF4b;-RS656
IRI6jXE4XM6>`|6W6PcUO4E?TE`Ln.L`-EFbUVF-EA
i4E6-6oR.4d
d#d#d/d Hành vi bầy đàn (Herding Behavior)
IJ4^3FI6G6,6j6I4>F[AEF,RI`iJHIJ4
n.IF366-J4\IFp6m-EIF36`EdY6jgEIF36
UV.JI-6Y6466WXF[6vEIF36`EoRIE6Y64n.^?6Mdd
EIF36!6b6M6m-6M"RS^3FI564tPQFY!6b48X!
F[f6Y64f>JIFE64Wd(-F!g4Hop46Q6-J4\F36!6b
^,6EFpd
IJ4^3FI!6bUDF5"p6PQP.4R\6-6M"RSn.IF36g^ 9"PV
AFp66-W6Lgm6m-E64F9EI4GL6W6+8SJI-
JKFHIJ4^3FIg^ 4J;6EFpn.!RG4EL`-E!6b? F5n4
-JI6ŽPK6P4R[4JIF4HI? F5RS656F,4E6I4P?z.g4.g
$.P-JImRR4g#{d
d*d Các giả thuyết nghiên cứu
Giải thuyết H
1
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6G6,6jL`-E7d$d
Giải thuyết H
2
xV645Q4!? F5T56F,F36n.EIF36EM
6G6,6jL`-E7d$d
Giải thuyết H
3
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EM6G6,6jL`-E7d$d

Giải thuyết H
4
x0E6V64!? F5T56F,F36n.EIF36EM
6G6,6jL`-E7d$d
Giải thuyết H
5
x=E"JI-f4E6,F%6456RWX!? F5T56F,F36n.
EIF36EM6G6,6jL`-E7d$d
Giải thuyết H
6
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M6G6,6jL`-E7d$d
d/d Mô hình nghiên cứu
CHK22_Đêm 7_Nhóm 06 #
Sự ghét lỗ
Sự tiếc nuối
Tình huống điển hình
Quá tự tin
Bám vào những giá trị đã thiết lập
Hành vi bầy đàn
Quyết định
đầu tư
H1
H2
H3
H4
H5
H6
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
CHƯƠNG II: SƠ LƯỢC VỀ SỰ HÌNH THÀNH VÀ PHÁT TRIỂN CỦA THỊ

TRƯỜNG CHỨNG KHOÁN VIỆT NAM
V.Fj4n.6,6jL`-E&4\6."F[FEUK^tJ4\F.JI-JW
I66M"4 U,L`-EXd9>$4I##JI6V4\X4G
4 U,F364GJI-I##d-TE6;;6IJIXE664b646j
L`-E&4\6."F%6?4T.^ 6'63"gTRZ4!6bXM4.PVXE6
64bn.6,6j6IE4.4F-Z>P.x
2.1. Giai đoạn 2000 – 2005
4.4F-ZI`Y6VPV686F[PVT.6M"n.FYF?-Y8JIE
U4^456'4?"n.6,6j.6Z-.6EFpA%p4" pFb!6b? 
F5PVJWIn.H`465+6i4pPQn."s4j4UMd
m-6Q`Gn.n^.L`-EIig6>F556'"#2g6]4E6,6,
6jL`-E&4\6."FZ63/d6ŽF9g45g1C6]6WXTQUM
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2.2. Giai đoạn tăng trưởng nóng (2006-2007)
:MRI6j4F4b"6,6jL`-E&4\6."6-4.4F-Z4RI!K6`b6v
`46IRWXgJi4f^45Fp56PL^K6j"I.?EI4GL6,6j
+`Y6bI-F-E6iF[d
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."6 6I‹F4b"Œ!6QFp6'6 .6L#654i4gJIII686E
CHK22_Đêm 7_Nhóm 06 *
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
IF366-JI-I4i6."4.JI-6,6jdQR[EIF366."4.JI-
6,6jIIFYg6>F5Q46E##1!3#d6I4`-?4 U,
L`-EF[" g6-F!3#6I4`-?n.IF36i-I4dV6."4.
6,6j9"?fIF36!`456LJI4b^456RDfj4o4L
`-E6m-X-6I-F%F)aJI-6;6Z‹!ŒgJIF%AK64\4\6[‹^-
^!Œd'"#F[Am"RI^iXE664b"Z"qK6n.6,6jL`-E
&4\6."d:3'"#g6,6j6'6 .JIRI"p66-f6,6j6I4
>"i4]4!6;;L`-E!gAK64\4\6[‹`E6L`-EŒJI
4\6[^-^!g`45"p6PQG4.R-Z4Pq!4\6[F?-4HUlJQd

:hF4b"n.4\6[IRI&_UmAF%RGF5dgF4b"g"L`ŽRO-F56W
IY".g6'o22CP-Ji4X4GQ4†n.'"#1d
."p66j44.F4RGgJ4\EY6F9R-Z6XE6I6G"]X45F%X.R-%
4EF96j46G"4HY6`ERGPIF%UDF56;6ZJ[6TE3JI-
6j4F4b"Q4'"#d(-F!g6M"RS^E6E-^<6F3AK64\do6V`4".
JI-gEIF36NR•RZ4F]AYF4^E6E-]X45gUDF56;6Z`n-?6v.
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2.3. Giai đoạn sau tăng trưởng (2008 – đến nay):
,6j^iJI-6j4`@PO64?".JI"ZdEhPQR4G6O6Z-‹FEŒg6
4GFEP.RZ46KXoFE6igFE6KXK6`4&_UmAhl#*2g2F4b"d
4GgF36E*#Ji4fsRVs6[`ERin.>Xnx4?"65g
s6[R%4PK6g4?"R%4PK6o^?‚6,6jRZ4^iJI-"p6p‹6'6QŒ6VPVJi4
PV`o4"I-n.EIF36i-I4d56vF3'"#6,6j^<6F3
AiAWXA;F4.Ji4^4GFp•X/_22F4b"6iPV6K6Jn.EIF3
6d-4.4F-ZIg>XnEXUOf^4\XEXt"iUlJQJI-Rr
JVP?AK6JIZ5KXJQ-E`GL`-Eg^K6FpP?d:96j4g
R[]X454G"56g]X456 6'RG.!RI"-Ul64H6G6,
6jI6 G`.45"d;gQ4'"#EIF36^94Ho
J4d
'"#RI'"`!`'n.`465&4\6."g6m-F!6,6jL`-E+
X?EuF4HIJi4Ai4?"F4b"RIAinFZ-daYh,EXRV
4?"JHF4b"PQgU4^454 U,6G6,6jII6m-i63"R<JI?"
FZ"og6b4\T.6>6.`-?`•"d
,6jL`-EF3'"##+AWXA;F4.g`Y!UK4\RZ
T.od
!"RZ4xoR[T.*4.4F-ZXE664bn.6,6jg86.UUIW.t
6M"RS6,6j!J.46lF…^4\6T.6F5PV6'63"n.6,6jL`-E
&4\6."d>f56QJH6M"RSIJ4F%6Z-."p6RVF)V"ZM6,
6j6'.g6'"ZJIRG 6-6j44.<JI+>!RIRV`•-
;"6,6jAQPMo"p6E.!d

CHK22_Đêm 7_Nhóm 06 /
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
CHƯƠNG III: KHẢO SÁT SỰ TÁC ĐỘNG CÁC NHÂN TỐ HÀNH VI ĐẾN QUYẾT
ĐỊNH CỦA NHÀ ĐẦU TƯ CÁ NHÂN TRÊN TTCK TP.HCM
3.1. Thiết kế nghiên cứu định tính
Xác định loại nghiên cứu định tínhx?-RW6.FY4
?-RW6.FY4RI`|6W666WXUfR4\6YT.J4\6?-RW4f..4j4x
I4GLJIFQ46[66WXUfR4\d7NJK`YK684Q!4
\gRI"-j4F[XNJK?"6K6-?4"E4JI 4" 6?Rj46m-EnFH
XNJKd(-F!g!"T56F,XoXEXXNJKIRI"p6Xo
XEX6>[XK66-`?'n.";d
 04"Y"Dx#j4RIEIF36EMF%JIF.6V4\4 U,6GPI
L`-Ed
 7oXEXFQ46[4GLJI-"Dd
_cUOXoXEXX4AEPK66W64\d
_7oXEX66WXUfR4\x…X6V645XEIF366G6,6jL`-Eg
U†MN4ZRFbFEXJ4G6N."%fTF,n.T"Y"DgF.-
FEXJ4G^?MN4F,6>P.F!N46vMN4JIFEXJ4G6?Rj4dRJI4\
hEMN4UV.6GS`45F!!Xn.G4.d7NJKIF36EM
D4GFb`4b"6."LFpuIn.^?MN4gT.F!4WS`45^.F3n.
fj4F[`?-PE6JHPV6EFpn.EM6QIJ4F56456;.T56F,
F36n.";d
_:,.F4b"XNJKx6Z4EPI4 U,L`-E6Z47d$xI4 U,L
`-E=?-&4\6gI4 U,L`-E:Y‘gI4 U,L`-E‘Md
_j44.XNJKx#_#2X86j4Ji4#MN4F,6>d
_456`5^?MN4F,6>xUI^I46?-RWUI-6?-RW6.FY4d
3.2. Thiết kế nghiên cứu định lượng
 04"Y"Dx
_a>6i"DRI’#d$Y;`?-PE66-FH6I49"#^45T.PE6gU-F!PQ
R["D36456RI6v2"D6 RGd&WPQR["DU†6-`?-PE6RI#G

6>FZ4U4\n."DF[F?"^?--J4\`?-PE6d
_cUO;6LF-RjX]^45K66-4GLF,R[RI6.F-e4`m6d
!^ 9"2KXFp6vF52Fb6;"4b"LFpF9Sn.j46?Rj4d&;JWg^?
MN4F%F[6456`56vRI‹-I6-I`YF9SŒF52RI‹-I6-IF9SŒd
.F-e4`m62F4b"F[PcUOFb6456RWXE^456EFp6V645XF5T56F,
F36n.IF36EM6G6,6jL`-E7d$
 7oXEX"DxcUOXoXEXX4AEPK66W64\
 7oXEXXNJKx7E6^?MN4-IF36dcUOMN4ZRFb
"Dx"D!Sr.`4IF366?Rj46K6?EMN46-^?MN4F%
F[6456`5P‡g"D`Y!Sr.`4`Y6V4\6?Rj46K6?EMN4
-…IF36"i46."4.R3F3JIIF36RI"p66]L.
 456`5^?MN4F,R[xY64F[66WX6vEIF36EMt"
JI-#!"n5x656`@JJI6M"RSUV.JI-`44\"
_56`@JF[)!.6I!"h64GxV•6RsgPV645Q4
CHK22_Đêm 7_Nhóm 06 2
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
_M"RSUV.JI-`44\"F[)!.6I!"h64Gx;QF4b;gPV
TE6V64g^E"JI-f4E6,F%6456RWXgIJ4^3FI
 Y6466WXF[PcUO 6b`•F,FbFE4E"LFp? E
M6Q6I4>IJ46i4T56F,n.IF36gO6b64G>6Y6436
6WXP.x
Thuyết kì vọng:
_V•6Rsz*^45{x?"4EF.`]`46.Rs4HoRj4g^E.`44E6'R4G
6OJI4X4Gg".6G"]X45`44E4?"Fb4?"6.Rsd
_V645Q4z#^45{x3v^E]X45`46.Rsg^E.`4]X45F.6vRs
P.Rj4d
Tâm lý dựa vào kinh nghiệm:
_;QF4b;z#^45{x:36JI-]X45‹-6ŒgT56F,UV.JI-6'6 
n.TE`Ld
_0E6V64z/^45{x4JI-`?'JI`44\"n.";d

_=E"JI-f4E6,F%6456RWXz#^45{xP-PE4E`4T56F,".g^,? ^ 4
`44\"6v6?4d
_IJ4^3FIz/^45{xAY46m-PQFY6-6j44.<g.T56F,UV.JI-
j46MgF94\XJI^Z^“g.T56F,UVJI-IF36^G-I4g.T56F,
UV.JI-EG4.d
*d*dQuy trình xử lý dữ liệu
• Phương pháp xử lý dữ liệuxcUOX3"H"6Q`G7JI•B•eFb
6Q`GJIAcRSUfR4\gP.F!U†^?`56T?AcRSFbXM6>g"Y6IJIFE4Ed
Sử dụng phân tích thống kê SPSS:
CHK22_Đêm 7_Nhóm 06 1
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
− Q`G"Y6?z(mP4X64Jm{x"Y6?4E6,6^;"LFp? 
EM6Q6I4>IJ4F56456;.T56F,6m-E64G>F%F…6."I
IF36F%FE4Ed
− :E4EFp64Wn.6.F-::p64Wn.6.F-F[FE4E
T.\PQ-^.”PRX.gE^45`YX†[XPq^,R-Z45\PQ6oT.
6]^45z-m6mU6m"•-6.R-mR.64-{Nz–d*{JI6.F-PqF[KX
W`4\PQ-^.”PRX.FZ6G3z—d1{g5-^.”PRX.FZ66vd
6 RG6;6.F-RjRI6Q6JI"LFp6oT.PqI od
 :E4EFp64Wn.6.F-E^45T.PE6M6QIJ4d
 :E4EFp64Wn.6.F-T56F,F36d
Phân tích nhân tố:
_ E^45FpRWXxZRE^45FpRWX^tEA•6"LFp6oT.JI?
 E^45Ji4.‰`4b"6."LFp6oT.n.86m-!"^45JI
!"E^45T.PE66I6v!"z^45"i4{xˆ
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P.46>Riod2
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Phân tích hồi quy - tương quanxt""OF>FE4E? T56F,n.IF3
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 (V.JI-^?6PQ94TFb6;"f^45FpRWX!? FE`bJH
6Q`GF5^45XO6pzJi4F4H`4\P4–d2{d(V.JI-\PQœ6-^?

6PQ94TFbP-PE6EFpn.EM6Qˆ
4
RGdM6QI-!\PQœ
Rior.RIM6QF!6EFpF5^45XO6pz056F,n.IF36
4Ho{4Hod
3.4. Kết quả khảo sát.
3.4.1. Phân tích mô tả.
3.4.1.1. Quyết định của nhà đầu tư về tình huống điển hình.
0.PQR4\6Q`GJI;*dz7ORO{-6K!2/6-6]PQ*j46."
4.`?-PE6g6oL*CIF36F9St‹J4\F36JI-E]X45F.‹-6Œ
6G6,6jU†!4Hn4-RIEF36".RZ44\T?P4Rj4.K6Œ
zy7{g!#CIF36`YF9S+`YX?FQ4gJI!6i4/#CIF36RZ4
`YF9SJi456QIda56T?6Q`G+-6Kh!/2j46oLJi4
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
#1CPQIF36FE4Et‹]X45!`56T?6'6 6Q66-TE`L6j
Pq!PV6'6 6Q66-6oR.4Œzy7#{g6-`4F!!6i4*CIF36`Y
F9SJI*CIF364fS`456RWXJi4XE6^4bId
(V.JI-^4HF94E6,6^;n.E^45y7gy7#6>6G6.F-R4`m626;
F4b"PQ6^;n.#^45I "LUi4*y7z#d#{yX#z#d/{gF4HF!!r.RIF.
X3EIF36`4T56F,F36`YFbS6i456Q6;QF4b;d$…
U†]X45!6bF.K6-6JI!`56T?6'6 6Q66-TE`LfF4H
F!.45"F[PVT.6M"n.EIF36d
3.4.1.2. Quyết định của nhà đầu tư về quá tự tin
QR4\6Q`G-6K6M"RSTE6V646b4\K6u•66-WF,n.IF3
6JH>^?6M";g!6i4IF366-PQ*j4gLJi42#CIF36
-t`?'RV.L`-En."; 6v"L6Q66 RGg6-F!!6i41C
PQj4-t";!`?'RV.L`-E6Q6oP-Ji4j4`Ez„&#{d
;*d#z7ORO{-6.6KF4b"PQ6^;n.E^45„&g„&#g„&*FH!
F4b"PQ6G"L6^;-Z46v^45„&/6KXod:4HI6b4\6M"RSTE6V64

696Z4 IF366-"Dd:…^4\6„&zIF36-I6-I!Fn`456LJI`4
4\"FbXM6>6;;6,6j{!F4b"PQ6^; J[6^W*d1F4b"d
3.4.1.3. Quyết định của nhà đầu tư về bám vào những giá trị thiết lập
;*d*z7ORO{+-6KF4b"PQ6^;n.#^45g#FH o
"L6^;z*{-6K56Q^E"JI-f4E6,F%6456RWX6VPV!? 
F5T56F,n.IF36d
3.4.1.4. Quyết định của nhà đầu tư về hành vi bầy đàn
!##j46-*IF366."4.`?-PE6g6LCIF36`•F,
`4F..T56F,".^E]X456-"p6`-?6j44.<6;J4\AY46m-A
in.PQFYRIXoE.JI`E<<z={da4F[N46Y646."
`?-!Fp64W RI6Y646vj46Mg^Z^“gF94\Xz=#{6;!j4g
6L2#CIF36F9SJi4F4HF!d&HJ4\UV.JI-6;;4 U,IIn.
IF36i-I46G6,6jL`-EFb.T56F,F36RI^4\XEXF3
6.6-IJI4\T?z=*{6;!6i42IF36.//Cj4F9SgT.FM6.!
6b6KtEIF36n.86.K6646 EIF36i-I4gX?4'
-t`456LJHL`-En.EIF36i-I4RIK66Q6JIFE64
Wd4G`4F[N4IF36G6M6m-f`5,n.EG4.
JHL`-Ez=/{6;h!/IF36./*Cj4F9SgF4HF!-6KI
F36K66V646jF46m-^?6MJIFE"FY
3.4.1.5. Quyết định của nhà đầu tư về sự ghét lỗ
(V.JI-`56T?6Q`GJI;*d2z7ORO{F.X3EIF36!6M"RS•6
Rsg!6i4//j46L*CIF366Kt`4A•6†FoJ,4E6,JHR[4W
-…6.Rs6;?"4E^9`46.Rs6j"ZoP-Ji4?"4EJ4Pi`4
…6E4F[R[4W6-F36ze{do6VJW6;6.6KE^45T.PE6l
RZ4FH!4E6,6^;Rio*6b4\6E4Fp•6RsuIn.EIF366."
4.`?-PE6d:…^4\6^45e!F4b"PQ6^; J[6/d#2d
3.4.1.6. Quyết định của nhà đầu tư về sự tiếc nuối
0.6Q`GJI^4bF9*d1z7ORO{6;6.6KF.X3EIF36PqIFp
.`4!"p66.F]4NJHR[4Wn.J;PV645Q4n.EIF36gI
FphJ;fR[4WN6i"<6"I>6T.6M"F5R[4W64H"'6-

6oR.4d
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
3.4.1.7. Mức độ đồng ý của nhà đầu tư về quyết định đầu tư chứng khoán
(V.JI-^?6Q`GJI^4bF9*dz7ORO{6;6.6KX3RiEIF36-
tPV^45FpJH4E?L`-E 6j4F4b"4\6Z4g6Y64`465Jr"Y6-
JI-I4igR,PcJHAi4E]X45g^E-E-R[4WJI64;-Z6Fp
n.Y64G"56RIfM6Q!? K6Ri6i4T56F,F36n.gFM
!6b-4RIfM6QF4b;"IEIF36T.6M"FbF..T56F,F3
6d
Hình 3.8: Biểu đồ giá trị trung bình của 6 nhóm yếu tố hành vi và biến đại diện quyết định
của nhà đầu tư.
0.^4bF9*dz7ORO{-6K356E!"56QFH!4E6,6^;Ri
o*d:…^4\6!"56Q^E"JI-4E6,F%6456RWXJIPV•6Rs!"LF4b"6^;
 K6d4Gg!.4!"6b4\.uIRI6;QF4b;JIPVQ4
645d
3.4.1.8. Mô tả đối tượng khảo sát
.d Thời gian đầu tư
;*dz7ORO{-6K6-*IF36EMF[`?-PE66;!2/CI
F366."4.6,6jL`-E6vF5*'"dQR[IF36EM!6j4
4.6."4.6,6j6v'"6 RG45"6ŽR\2CdlRZ42CRI6ŽR\n.EI
F36"i46."4.JI-6,6j6-Jl'"d
^d Số vốn đầu tư
a56T?6Q`G;*dz7ORO{-6K!/CIF366."4.`?-PE6!
PQJQF36 "L6v64\F9F5264\F9JI!**C!PQJQ6v264\
F9F56ŽF9d-`4F!h!1CIF36!PQJQUi464\F9JI/C
6G6ŽF9d
d Nhóm nhà đầu tư
a56T?6Q`G;*dz7ORO{-6KgEIF36EMF[`?-PE6K6
G6>45R[F36<Zz45"*C6-6]PQEIF36F[`?-

PE6{d45R[F36<ZJI6Z45"6ŽR\/CJI!2CPQj4F[`?-
PE6RV.45R[F36UI4Z
Ud Quyết định của nhà đầu tư về tài chính hành vi theo thời gian tham gia trên thị
trường từ 1 đến 3 năm.
(V.JI-PQR4\6Q`GJI4*d#-6KtEIF36!6j44.6."4.
JI-6,6jL`-E6vF5*'"FE4Et56Q^E"JI-f4E6,F%
6456RWX? F5T56F,F364HK6Ji44E6,6^;RI*dg6-`4
F!.456QRI6;QF4b;JIPVQ4645RZ4^,FE4E6KXUi4"L6^;
z#d{
md Phân tích sự khác biệt trong tâm lý về hành vi bầy đàn của những nhà đầu tư có số
vốn đầu tư khác nhau trên thị trường.
0.`56T?`4b"F,!"^?z7ORO{-6K`Y!PV`E^4\66-6M"
RSJHIJ4^3FI E!"IF36!PQJQF36`E.6G6,6jd
4GgE!"IF36!"LFpF9S`E.FQ4Ji4EIFp6pJH
IJ4^3FId!"IF36Ji4PQJQF366v264\F56ŽF96b4\ES
CHK22_Đêm 7_Nhóm 06 
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
`456RWXK6g6-`4!"EIF366v64\F5264\F96b4\S
`45F9S6KXK6d
3.4.1.9. Phân tích sự khác biệt trong tâm lý quá tự tin của những nhà đầu tư có thời gian
tham gia đầu tư trên thị trường chứng khoán khác nhau.
a56T?`4b"F,!"^?#z7ORO{-6K`Y!PV`E^4\6JH6M"RSTE
6V64n.E!"IF36!6j44.6."4.F36`E.6G6,6jL
`-Ed4Gg"LFpF9SFQ4Ji4EIJ4F[-RI6b4\6M"RSTE6V64
6;`E.4f.E!"IF36dfIF366."4.JI-6,6jUi4
'"!6E4FpTE6V64 K6g6-`4F!!"fIF366."4.JI-6,
6j6-`-?6j44._*'"RZ46b4\6E4FpTE6V646KXK6d
3.4.2. Đánh giá đ^ tin cậy của thang đo.
\PQ-^.”PRX.RI"p6X•X`4b"F,6Q`GU†Fb`4b"6.PV…6qJI
6oT.4f.E^45T.PE6d7oXEXI-X•X6.R-Z4^Nf^45`Y

X†[XJIZ5E^45E6-"Y;4GLJ;5`Y86.`Y6b
^456F[>AEFp^4564G+FpRs4n.E^45d
3.4.2.1. Đánh giá độ tin cậy của thang đo các biến quan sát yếu tố tình huống điển hình.
YT.!"^?*z7ORO{hPQ-^.”PRX.’g12#—g1L6NFp
64Wn.6.F-RI`E dG6.A•66G"hPQ-m6mU6m"•-6.R-mR.64--
6K4E6,^tg/1—g*FQ4Ji4^45F36]X45-6PqP4Rj4.JI^tg/1
—g*FQ4Ji4^456'6 6Q66-TE`LPq6'6 6Q66-6oR.4dE\PQ
6oT.^45FH—g*G6-6;QF4b;6.JD4f.G.4^45y7g
y7#d
3.4.2.2. Đánh gía độ tin cậy của thang đo các biến trong nhóm yếu tố quá tự tin.
0.!"^?/z7ORO{hPQ-^.”PRX.’g1#—g1L6NFp64W
n.6.F-RI`E dE\PQ6oT.^45FH—g*G6-^45TE6V646.JD
4f.G^Q^45„&g„&#g„&*g„&/d
3.4.2.3.Đánh gía độ tin cậy của thang đo các biến trong nhóm yếu tố bám vào những giá
trị đã thiết lập.
0.!"^?2z7ORO{hPQ-^.”PRX.’g1—g1L6NFp64W
n.6.F-RI`E dG6.A•66G"hPQ-m6mU6m"•-6.R-mR.64--6K
4E6,^tg/*—g*FQ4Ji4^45T56F,".UVJI-4E^E]X456iFM-…
4EI-PIF364GdE\PQ6oT.^45FH—g*G6-!"56Q^E"JI-
f4E6,F%6456RWX6.JD4f.G.4^45g#d
3.4.2.4. Đánh giá độ tin cậy của thang đo các biến trong nhóm yếu tố hành vi bầy đàn.
0.!"^?1z7ORO{hPQ-^.”PRX.’g1/2—g1L6NFp64W
n.6.F-RI`E dG6.A•66G"hPQ-m6mU6m"•-6.R-mR.64--6K
4E6,^tg*2—g*FQ4Ji4^45".-…^E]X456-6j44.<6;6m-PQ
FYRIXoE.JI`E<<g^tg/*—g*FQ4Ji4^456Y64!Fp64
W 6vj46Mg^Z^“JIF94\Xg^tg2FQ4Ji4^45UV.JI-4 U,n.
IF36i-I4RI^4\XEXF36`E.6-IJI4\T?JI^tg*1—g*FQ4
Ji4^456M6m-f`5,n.EG4.L`-Ed
3.4.2.5. Đánh giá độ tin cậy của thang đo các biến trong nhóm yếu tố sự ghét lỗ.
E\PQ6oT.^45FH—g*G6-!"56QPV•6Rs6.JD4f.G

^.^45ege#ge*d
CHK22_Đêm 7_Nhóm 06 #
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
3.4.2.6. Đánh giá độ tin cậy của thang đo các biến trong nhóm yếu tố sự tiếc nuối.
0.!"^?z7ORO{hPQ-^.”PRX.’g121—g1L6NFp64W
n.6.F-RI`E dG6.A•66G"hPQ-m6mU6m"•-6.R-mR.64--6K
4E6,^tg/—g*FQ4Ji4^454f.RZ4]X45`44E]X454?"P.`;".
™/gJI^tg/—g*FQ4Ji4^45^E.]X45`44E6'U-<"4f]X45
6.RsTERMdE\PQ6oT.^45FH—g*G6-!"56Q^E"JI-f
4E6,F%6456RWX6.JD4f.G.4^45ygy#d
3.4.2.7. Đánh gía độ tin cậy của thang đo các biến trong 6 nhóm yếu tố.
0.!"^?z7ORO{hPQ-^.”PRX.’g22—g1L6NFp64Wn.
6.F-RI`E dG6.A•66G"hPQ-m6mU6m"•-6.R-mR.64--6K4E6,
"p6PQ^45–g*
3.4.3. Phân tích nhân tố.
.`4Z^?XM6>M6Q6.F[`56T?P.x
(V.JI-!"^?z7ORO{JI-hPQa$„’g22.P4’g–g26.^E^N
4?656-zE^45`Y!6oT.Ji4.{d
(V.JI-^?Total Variance Explained 6.6K6m-64G)•4mJ.RmRio6;h
!1M6QF[866>.d4E6,"R.64JmC-^4561M6QF34?46>C
^4564Gn.UfR4\d
45X6m-6.Am"A•6".6WA Am"E^45I-!6oT."ZJi4.x
0.!"^?z7ORO{6.6K4..RI"1!"^45!f6>d.645
I-"^45JIF…66G-"s4!"x
_!"ˆx^ 9"/^45ygy7gy7#gy#F[F…66GRI!"^456;QF4b
;JIPV645Q4d
_!"ˆ#x= 9"2^45ege#g#ge*gF[F…66GRI!"^45^E"JI-
E4E6,F%6456RWXJIPV•6Rsd
_!"ˆ*x= 9"#^45„&#g=#F[F…66GRI!"^4564JI-`?'RV.
L`-E6Q6oJIUV.JI-6Y6464W6v^Z^“

_!"ˆ/x= 9"#^45„&/g=/F[F…66GRI!"^45`r'4GJIm6m-
EG4.L`-Ed
_!"ˆ2x= 9"#^45„&g=F[F…66GRI!"^456V64JI-`?'XM
6>gUV^E-6,6jJIT56F,".^E6-`-?6j44.<6m-PQFYRI
XoE.JI<<d
_!"ˆ1x= 9"#^45„&*g=*F[F…66GRI!"^45V64`?'`4b"P-E6
F36JIUV.6m-4 U,n.IF36i-I4RI^4\XEX.6-IJI4\T?d
3.4.4. Phân tích hồi quy
.`4!"E^456.F[E^45FpRWXˆgˆ#gˆ*gˆ/gˆ2gˆ1JI^45XO6pg
645IZ"Y;94T6.F[`56T?P.x
a56T?6Q`G-6Ky’d2JI’d/FHRiod*G"Y;X†[X
CHK22_Đêm 7_Nhóm 06 #
Đề cương nghiên cứu GVHD: TS. Hoàng Thị Phương Thảo
ANOVA
b
$-UmR
"  -Š
T.mP (Š $m.T.m ˆ 4d
 ymmPP4- d 1 2d1 #d222 d
.
ymP4U.R 2d*2* 11 d2/
-6.R 1d2*# #
.d7mU46-Pxz-P6.6{gˆ1gˆ#gˆ*gˆ2gˆ/gˆ
^d(mXmUm6&.4.^Rmx
0.^?6G6.6KhPQ4’
.
–d2U-F!E^45FpRWXˆgˆ#gˆ*gˆ/gˆ2gˆ1
!? F5^45XO6pd86.PqAm"A•6"LFp? n."s4^45
FpRWX6i4^45XO6p6m-^?Ui4FMx
=?-mŠŠ44m6P!"^?#z7ORO{-6KhPQ4n.E^45ˆ#gˆ*gˆ2FH

Riod2GE^45I^,R-Z4gE^45ˆgˆ/gˆ1Nod2G!? 
FE`bF5^45XO6pd86.Am"A•6"LFp? n.E^45IF5^45
XO6pT.Xo6;94TP.x
’d/*™d/ˆ™dˆ/™d#/#ˆ1
;JI-E6,PQ6Gn.Xo6;g6.6K!"^456;QF4b;JIPV645
Q4zˆ{? 4HK6zd/{gP.F!RI!"^45V64`?'`4b"P-E6F3
6JIUV.6m-4 U,n.IF36i-I4zˆ1{zd#/#{JIQ4†RI!"^45`r
'4GJIm6m-EG4.L`-Ezˆ/{zd{d
TỔNG KẾT.
GoP 6][XE4GLRS6566I4>IJ46v6i6i4.6Z44H
i6G54i4gFH6I4F%KX6oFQ4F3FnoP RSRWn.RS6566I4>
IJ4d;^I`E4TE66;;6,6jL`-E&4\6."6v`4"i46IRWX
-F5'"##g†Ji4f^4b4\n.6I4>IJ46G6,6jL
`-E7d$g645IF4H6.`?-PE66G"D#IF36EMJHE^4b4\
n.6M"RSIJ4d!"P4J4G6V4\6Q`Gg`4b"F,E56Q6M"RS6EFp
F5T56F,n.IF36EM6G6,6jL`-E7d$d:H6I4i
F5"O64G6WX6JI-4GLJ4\LUORS6566I4>IJ4FbRS4?4-
f^K66j6G6,6jL`-E7d$gJIF%6;"6K^tLJHPV69
6Z4n.E56Q6M"RS6-IF36EM6G6,6jL`-E7d$F[
`?-PE6d
4GFH6I4JDl"p6PQZ53"D`?-PE6RioFbF?"^?-6>
FZ4U4\g.AMUVF["Q4T.\656>4f.E56QIJ46EFpF5
T56F,n.IF36EMd
CHK22_Đêm 7_Nhóm 06 ##
DANH MỤC TÀI LIỆU THAM KHẢO
I. Tiếng Việt
{ (.4mRz#{gPhi lý Trí – “Khám phá những động lực vô hình ẩn sau các
quyết định của con người”gB=e :pB%p4d
#{ -Ig$pz#{g‹Phân tích dữ liệu nghiên cứu với
SPSS”gIBK6=?QaGd

*{ &456eM"z#{g‹Giáo trình nghiên cứu Marketing”gB=:Z4a4
650QUMd
/{ 7Z"  >  (+  z#{g  ‹Tâm lý đám đông hay tâm lý bầy đàn”g
66XxJm--"dJ2#176."_R_U."_U-_._6."_R_^._U.d6"g
2{ c:;Iz#{g‹Đề cương Bài giảng về Kinh tế học hành vi”d
1{ 3,?4eSJI-I,7o?-z##{g‹Ảnh hưởng yếu tố tâm lý lên
mục tiêu của nhà đầu tư trên thị trường chứng khoán Việt NamŒgZX>7E6
64bJIp4WXd
{ &+[z#{g‹Cổ phiếu vàng Việt Nam”gB=YKd
{ &o0M-Iz#1{g‹Một số sai lầm của nhà đầu tư chứng khoán Việt
Nam”g66Xx~~~dP..dJJ4m~d.PXAw4U’2#
II. Tiếng Anh
{ Um4  m4Šm  z#{g  ‹Inefficient markets – An Introduction to Behavioral
Finance”,„AŠ-U€4JmP467mPPd
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thiết lập
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