The so-called behavioral finance refers to the behavioral science theory that integrates psychology into finance and predicts, studies and explains the development trend of financial markets through individual behavior and the inherent psychological motivation of this behavior. This paper analyzes the abnormal and deviant behaviors of market subjects in the financial market, and discusses the differences of decision-making behavior characteristics and business ideas of different market subjects in different environments, so as to correctly describe the market operation and the actual decision-making behavior of market subjects, and establish corresponding description models. Behavioral finance provides a new perspective for the study of corporate governance of commercial banks. First of all, behavioral finance breaks the assumption of human behavior in traditional financial theory. Traditional financial theory holds that people make decisions on the basis of camera selection, utility maximization, risk avoidance and rational expectation. However, through psychological analysis, it is found that this is not the case. There will be some other factors in the investment process. People are always overconfident in their own judgments, and predict the results of investment decisions through their own subjective judgments, thus leading their own investment behavior. Behavioral psychology especially points out that this is a systematic behavior that deviates from rational decision-making and cannot be eliminated by statistical average. Secondly, behavioral finance breaks the assumption of effective market competition in traditional financial theory. In traditional financial theory, irrational investors always create arbitrage opportunities for rational investors, and only rational investors can survive through market competition. But in fact, there are a lot of abnormal phenomena in the market, and not all rational investors can survive through market competition. The biggest enlightenment of behavioral finance to the corporate governance of commercial banks is that people's behavior should not be excluded as a hypothesis, but should be analyzed in theoretical analysis, not only what should happen in theory, but also what happens in actual situation. Only in this way can we correctly guide investment decision makers.

Second, the comparison between standard financial investment analysis and behavioral finance.

The efficiency of the securities market and the psychology of investors are concerned. Standard finance holds that investors are rational, and the rationality of market and price is derived from the rationality of investors. Behavioral finance does not regard investors as rational people, and investors have cognitive biases and emotions, so it is difficult to maximize utility and rational expectations. This irrational behavior will also lead to asset price deviation and market inefficiency. The difference between them is as follows: 1. In information processing, standard finance thinks that investors can use statistical tools properly and correctly, while behavioral finance thinks that traders rely on heuristic processing mode in data processing, that is, they trust the past empirical rules too much, which affects their rational judgment. There are all kinds of deviations in investors' expectations, so their rules of thumb are not perfect. 2. The final decision will be influenced by the situation of the decision-making problem. Standard finance believes that investors' decisions will not be disturbed by different forms. Finance regards investors as rational people, believing that investors can gain insight into various forms and grasp the essence of things, so as to make rational judgments and decisions. However, behavioral finance believes that the structure of decision-making problems will affect traders' understanding of returns and risks, because investors must rely on the form of problems to make decisions. In other words, standard finance thinks that investors' investment decisions are absolutely independent, while descriptive finance thinks that investors' decisions are actually relatively dependent. 3. Standard finance recognizes the effectiveness of the market, that is, even if there are a few irrational people in the market, it will not affect the effectiveness of the market, and the price and value of securities will not deviate too much. Behavioral finance believes that the market price will be affected by relative dependence and heuristic deviation, which will break away from the basic value and lead to the market losing its effectiveness.

Thirdly, the influence of behavioral finance on China's securities investment.

1. Enlightenment of "overconfidence" in behavioral finance on securities investment. Back to finance, investors tend to be too confident in the decision-making process and overestimate their decision-making power and judgment, so they can't judge the changes in the objective situation well and are prone to making mistakes. The influence of overconfidence on investors is mainly reflected in two aspects. First, if you are too confident when dealing with information, you will over-trust the information you have collected, that is, form a noise transaction, and turn a blind eye to the information that can truly reflect the actual situation. For example, investors over-trust the collected false information and ignore the company's accounting statements. Second, due to overconfidence, investors often automatically filter information that is not conducive to their self-confidence and exaggerate information that can enhance their self-confidence when processing information. 2. Because of the enlightenment of "avoiding losses" in finance to securities investment. In economic activities, people follow the principle of pursuing advantages and avoiding disadvantages, that is, avoiding risks and losses first, and then trying to gain benefits. However, in the research of behavioral finance, it is found that people can't correctly weigh the interests in their minds when investing, that is, they have the consciousness of avoiding losses first. When investing in securities, people often consider which stock has less loss when risks appear, and then consider the income. 3. The enlightenment of "herd mentality" in behavioral finance to securities investment. Behavioral finance believes that people generally have blind obedience psychology, and its typical performance is the pursuit of fashion. The communication between people will greatly change people's preferences, and this psychology is also reflected in the field of financial investment. Investors will show some herd mentality and behavior, which is the so-called "herding behavior" in the stock market. Because of some investment strategies, individual investors will be influenced by other investors, thus making some irrational behaviors and adopting the same investment strategies as others. On the contrary, if a single investor finds that other investors do not adopt the same investment strategy, he may waver in his own investment strategy. This situation will lead to the convergence of investment strategies in the securities investment market, especially in the bear market or bull market. 4. The enlightenment of "shirking responsibility and reducing regret" in behavioral finance to securities investment. In the process of making investment decisions, people are more willing to choose a scheme that can reduce regrets. If there is an investment mistake, investors will inevitably have regrets. In order to avoid regret, investors tend to choose a plan that can reduce regret, and this investment psychology will also affect investors' specific decisions. 5. The enlightenment of "anchoring phenomenon" in behavioral finance to securities investment. Psychological "anchoring phenomenon" means that in the process of quantitative evaluation, the expression of problems often affects the evaluation value. In particular, some financial products have vague intrinsic value, and this "anchoring phenomenon" will have a greater impact on people. People don't know how much each stock index represents, but they are all influenced by "anchoring psychology". Especially in the absence of accurate information, people tend to use similar products and past prices as a reference to determine the current price. China stock market is closely related to policy. In securities investment, every investor will have different reactions to the policy. Due to incomplete information, ordinary individual investors often overreact to policies. Institutional investors can improve their foresight and make reverse investments. Herd behavior is very common in the securities market, which leads to systematic deviation of market forecast.

Four. conclusion

Analyzing securities investment from the perspective of behavioral finance can provide a new perspective for securities investment. The phenomenon of "following the trend" still exists in China's securities market, which leads to the forecast deviation of the securities investment market, and then leads to the deviation of stock prices. If we can master behavioral finance, we can analyze securities investment from a new angle and be more comfortable in the stock market. The essence of the stock market is a group behavior, and the decision of the investment group will have a great impact on the rise and fall of the stock market, which requires securities investors to master the behavior and psychology of most people, make full use of behavioral finance to guide securities investment, find investment opportunities and avoid investment risks.

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