心理账户在投资者进行投资风险决策时起着非常重要的作用，如何让投资者在决策时表现出更多的理性行为并作出适合自身的风险决策，我国投资者投资方面的心理账户是如何构成的，它在他形成过程中受到哪些因素的影响，在整个风险决策过程中投资者受心理账户影响水平的变化趋势是怎样的，这是许多研究者所关心的问题。本研究首先结合经典的行为理论的研究范式，以采用因素分析和聚类分析等方法，对心理账户的构成进行分析。在此基础上采用结构方程模型（SEM）分析心理账户水平的影响因素，并验证理论模型。最后采用多元多层线性模型（HLM）分析心理账户水平和相关因素的发展趋势，结果得到了许多新的发现。本研究包括四个部分：研究一采用对投资者访谈和开放式问卷调查的手段，对心理账户的构成和结构进行分析，并初步的编制心理账户水平量表；研究二对测量工具的信效度进行检验，为后续研究提供依据；研究三为横断面研究，从心理账户影响水平这一视角探讨心理账户对风险决策的影响机制；研究四为纵向研究，对被试进行三个时间点的重复测量，探讨了心理账户影响水平、投资组合倾向和风险偏好三变量的发展变化规律。主要结论如下：研究一发现：（1）个体投资者的心理账户收入分类的二因子结构，心理账户投资为的二因子结构；（2）人们在进行“心理账户收入”分类的时候，是依照“临时—固定”和“重要—不重要”两个维度进行分类在进行；“心理账户投资”分类的时候是按照“有型—无形”和“重要—不重要”两个维度进行区分的。不同的心理账户在二维空间中分别处于不同的位置，说明人们对各个账户的认知评价不同；（3）心理账户作为每个人心中潜在的一个认知系统，具有三个特征：非替代性、心理预算和控制性。研究三发现：投资者心理账户的水平在风险应对策略、风险认知水平与投资组合倾向、风险偏好间起中介作用；投资组合倾向在心理账户与风险偏好之间起了中介作用。研究四发现：投资者的心理账户水平、投资组合倾向和风险偏好三次测量的均值存在显著的个体间差异，投资组合和风险偏好的上升趋势也存在显著的个体间差异。就心理账户、投资组合倾向和风险偏好的均值在个体间的差异而言，亏损者的心理账户在各时间点都显著高于盈利者，投资者投资组合倾向和风险偏好差异不显著；投资金额为10万和30万投资者的心理账户在各时间点差异都不显著，投资盈利者和亏损者的投资组合倾向和风险偏好上升速度差异不显著；投资30万元的投资组合倾向上升速度快于投资10万元，而初始投资组合倾向水平比较高的投资者，他们的投资组合倾向水平在这三次测量上升较快。

Mental accounting of investors to invest in risk decision-making plays an important role in. How to make the performance of investors in the decision-making more rational behavior and the risk for their own decision-making. What constitutes mental accounting of investor. Which factors will affect it in this course. What is trend in entire risk decision-making process of investors are affected by the mental accounting level. In this study combined with the classic paradigm of behavior theory. We us factor analysis and cluster analysis and other methods analysis mental accounting of the composition. We this basis the use of structural equation modeling analysis the impact factor of mental accounting. We use multi-multi-linear model analysis mental accounting for the level and trend of development. We have a lot of new discoveries. In this study including a four-part: explore use of interviews to investors and open means of a questionnaire survey. Two pairs of measurement tool study of reliability and validity testing and provide the basis for follow-up study. Study three was cross-sectional study, We from the mental accounting level of to explore the mental accounting how impact risk in decision-making. Fourth is longitudinal research study, We try to be the three time points of the repeated measure, and calculate the mental accounting, portfolio and risk preferences between the three variables change.The main conclusions are as follows:The study one found: (1) mental accounting• steady of investors individual income. Two-factor structure of the classification， mental accounting • high-risk is divided into two factor structure; (2) People in the " mental accounting • steady income" classification, it is in accordance with the "temporary - Fixed" and "important - not important" distinction between two dimensions，"Mental Accounting • high-risk" classification in accordance with the time of "type - the invisible" and "security - the risks," a distinction between two dimensions；Different mental accounts in the two-dimensional space are in different positions, respectively, indicating the various accounts of the cognitive evaluation of different（3）mental accounting in hearts of every person as a potential cognitive system has three features: non-alternative, Psychological operations and control. Study three found：level of investor mental accounting in risk strategies, risk perception level and tend of the investment portfolio, risk preferences play an intermediary role between. Tend of portfolio to the mental accounting and risk preferences play an intermediary role between.Studies Four found: the mean of three measurements of the level of investor mental accounting, portfolio and risk preferences, there was a significant difference between individuals. Risk portfolio and the rising trend is also significant differences between individual. Mental accounts, investment portfolio and risk preferences’s mean the difference between the individual, the investment losses’s mental accounts in various time points were significantly higher than profits, investors tend of portfolio and risk preferences were no significant differences. Investment amount of 100,000 and 300,000 investor’s mental accounting differences in the time do not significantly; Investment profits and losses of the investment portfolio and risk preferences tend to increase the speed difference was not significant; 300,000 yuan of investment portfolios tend to rise faster than 100,000 yuan of investment, and initial investment portfolios tend to comparatively high level of investors, their portfolios tend to the level of increase in this measurement three times faster.