As one of the choices in the investment field, the stock market has already played an important role in my country's financial field after 30 years of development. Compared with foreign stock markets, my country's stock market is still in the construction period, but the achievements in the past 30 years have also greatly promoted the development of my country's economy. However, many scholars' studies have shown that there are abnormal phenomena in my country's stock market, especially the impact of investor behavior on the volatility of the stock market [1].

At present, the main participants in my country's stock market are government investors, institutional investors and individual investors. Since the establishment of the Chinese stock market in December 1990, the stock price index has continued to rise, and the number of stock market investors has also continued to rise. More and more people use stock investment as the main means of investment and financial management [2]. Figure 1 shows the number of investor accounts opened at the Shanghai Stock Exchange in the past 15 years. As of the end of 2019, the total number of investors in the Shanghai Stock Exchange reached 227.726 million, and the number of investors in the national stock market at the end of the period has reached 159.752 million. This is an increase of 9.04% compared to 2018, of which natural person investors accounted for 99.76%. It can be seen from the data that individual investors account for a very large proportion in number and are the main component of stock market traders.

2. Characteristics of irrational behavior of individual investors

(1) Cognitive bias

1. Noise trading.

In the stock investment market, it is usually rational investors who can make long-term stable profits, but these people only occupy a very small part of the stock market, and most of them are called "noise traders." The so-called "noise trader" refers to the cognitive bias caused by the inability to obtain inside information in the market. Investors who use noise as market information to trade, usually refer to individual investors. This is mainly due to the serious relationship between them. Information asymmetry and different risk appetites of investors. Noise trading is the process of repeated stock trading between investors to obtain liquidity. It is a necessary means to improve the liquidity of the stock market. However, excessive noise trading will hinder information disclosure and limit market effectiveness [3].

2. The herd effect.

Due to the lack of professional knowledge, individual investors are at an information disadvantage in the stock market. Therefore, they have strong "policy dependence" and "market herdability", forming what we often call "herding behavior", thus making non-compliance. Rational investment decision [4]. When the stock market fluctuates significantly, the herd effect of individual investors will be very obvious. For example, it can be seen from Figure 2 that in 2007 and 2015, when the stock market entered a bull market, the index rose significantly, and the corresponding number of individual investors opened accounts. There has been a significant surge, reaching 19.095 million in 2007 and 4075 million new accounts in 2015. The number of new accounts opened by institutional investors has maintained a steady growth trend. This is the herd mentality of individual investors that distinguishes them from institutional investors. In a bull market, a nationwide stock market is formed, but in a bear market, there will be a large number of delistings.

(two) behavioral deviation

1. Disposal effect (win-out and loss-guarantee).

Studies have confirmed that the hurt that investors get when they suffer a certain degree of loss is much greater than the happiness they get when they get the same degree of income. Based on this theory, it can explain another common non-individual investor in the stock market. Rational behavior-"disposal effect" [5]. In the process of stock market investment transactions, when the market is rising, investors tend to be risk-averse, and they will sell profitable stocks to avoid the feeling of regret after the stock price drops. When market conditions fall, investors often have a risk appetite. They will hold or delay the sale of loss-making stocks for a long time to refuse to accept loss-making transactions.

2. Positive feedback trading strategy (chasing ups and downs).

The cognitive bias and psychological changes of individual investors in the investment process have a certain impact on their investment behavior, and the resulting asset pricing bias will in turn affect the perception and judgment of traders, thus forming a feedback mechanism and using the feedback mechanism To conduct investment transactions is a positive feedback trading strategy, which is what we usually call "chasing ups and downs" [6]. The positive feedback trading strategy formed in this way is based on the historical data of market development as the basis for investors' future decisions. Investment decisions made based on their psychological expectations of the market under their bounded rational thinking usually also cause the stock market to rise and fall. Key factor.

(three) psychological deviation

1. Overconfidence.

Overconfidence refers to the fact that investors overly trust their own sources of information and the accuracy of their operations, or over-evaluate their investment decision-making capabilities, instead of ignoring actual analysis data. Many individual investors in the market mostly operate according to the current policies or follow the recommendations of Weibo big V, and are even keen to buy loss-making stocks and poorly performing stocks, hoping to obtain higher profitability. Investors' investment decisions in this overconfident psychological bias are actually more like random decisions.

2. Overreaction.

Overreaction refers to the fact that when investors face uncertainty, they usually pay too much attention to current information and ignore historical information, thus making wrong investment decisions, causing excessive stock price fluctuations [7]. For example, in 2007, due to the global credit crunch, my country's stock market fell sharply, and numerous individual investors suffered heavy losses. For a time, the stock market was full of panic, and individual investors dumped their stocks to avoid the market. By 2018, investors have become too cautious and unconfident after experiencing losses. Even if the stock market continues to report positive news about regulation, they will not be able to fully adjust their anchor losses. However, individual investors in my country lack professionalism and generally have "policy dependence"[8]. In such a policy-oriented stock market in my country, the effect of overreaction will be doubled and magnified, causing investors to produce irrational investment ideas and behavior.

3. The impact of irrational behavior of individual investors on the stock market

(1) The stock market fluctuates greatly

Compared with foreign stock markets, my country's stock market has greater volatility, which is also one of the reasons for the bubble economy and the phenomenon of skyrocketing and plummeting in my country's stock market. Throughout the 30 years of the development of my country’s stock market, the first time a sharp rise and fall occurred during 2007-2008. The largest volatility of the Shanghai Stock Exchange Index surged from the lowest point of 2 723.06 points to 6 124.04 points. This high point has not been broken yet. During this period, the number of stock market accounts and stock indexes also increased significantly. Another large-scale stock market surge occurred in 2015. From 2014 to 2015, an unprecedented bull-bear market transition occurred in the Chinese stock market. The Shanghai Composite Index began to soar in November 2014 and reached 5 178 points in June 2015. In the second half of 2015, the withdrawal of leveraged funds caused the Shanghai Composite Index to plummet by 35% within a few weeks, and quickly reached the bottom of 2,850 points. These data are also a portrayal of the herd behavior of individual investors in my country.

The occurrence of these two rounds of stock market disasters caused China to experience two large-scale surges and plunges, which also led to the formation of a stock market bubble economy. For a mature stock market, moderate market volatility is normal and beneficial to the development of the market. However, the two rapid rises and falls in my country’s stock market have far exceeded the volatility range of the official stock market, even in the world. Rare, but it seems to be a normal development trend for China, which shows that the Chinese stock market is a morbid market[9].

(2) Unstable shareholding ratio

In the Chinese stock market, there are a large number of individual investors, and the number of natural person holding accounts is far greater than the number of institutional holding accounts. In 2018, there were 388,514,900 natural person holding accounts, accounting for 99.78% of the total holding accounts. The actual stock market value is only 4.550.6 billion, while the stock market value of general legal persons and professional institutional investors reaches 18,646 billion, accounting for 80.38%. It can be seen that although the number of individual investors is huge, the number and proportion of positions held by institutional investors are the main force driving the development of the stock market. When institutional investors feel good news in the stock market, they will increase the stock holding rate and promote the stock market to rise. After this upward trend is maintained for a period of time, individual investors can obtain market information and buy a large number of stocks to increase their holding rate. Institutional investors have already profited to sell stocks, reducing the proportion of their holdings, which has caused the stock market to usher in a sharp decline, causing the stock market to rise and fall instability[10].

(3) High turnover rate in the stock market

Stock market turnover rate refers to the frequency of stocks changing hands in the market within a certain period of time. It usually reflects the liquidity and stability of the stock market. The higher the turnover rate, the stronger the liquidity of the stock and the more frequent investor trading behavior. It also shows that the stock is more speculative. Studies have shown that the annual turnover rate is between 30% and 40%, which is the normal fluctuation range [11]. In 2007, the overall turnover rate of the Shanghai stock market in my country's stock market reached more than 900%, and the national stock market turnover rate also exceeded 600%. The stock price was rapidly pulled up due to the influx of large amounts of funds, and the value of the stock was inflated and excessive. Frequent trading behaviors also aggravated the transaction costs of investors, so a bubble economy appeared.

Compared with my country, the European and American stock markets have developed earlier and the system is relatively mature. The stock market turnover rate has been maintained at a low level. Usually the annual turnover rate is between 20% and 50%, and it is relatively stable and declining steadily. [12]. In the past ten years, the overall turnover rate of my country's stock market has been relatively high, more than ten times that of the New York stock market, which has greatly increased transaction costs [13]. Although this high level of turnover is conducive to stimulating market activity, it severely threatens the long-term stable development of the stock market.

4. Suggestions to reduce the volatility of the stock market

(1) Strengthen the professionalism of investors

The stock market is not a place for pure speculation. Blindly following the trend to make investment decisions will inevitably lead to irrational behavior of investors. Investors should strengthen their knowledge of the stock market and financial management, learn to reduce investment risks through diversified and diversified investments, and at the same time summarize investment experience and find a suitable investment method. At the same time, establish a correct investment philosophy, cultivate good psychological quality, keep a clear mind at all times, and avoid excessive reliance on policy information, blindly follow the trend, and get lost in the illusion of the market [14].

(2) Improving the stock market investment environment

First of all, the government and stock industry associations should improve relevant laws and regulations and improve the stock market information disclosure system. For investors, the effectiveness and timeliness of information disclosure can greatly help them make correct investment decisions in the capital market [15]. Second, through the government’s macro control, insider trading in the stock market is eliminated. Require listed companies to disclose company information in a timely and accurate manner, create a fair and open investment environment for investors, and form rational investment expectations [16]. Finally, improve the third-party information supervision platform, and strengthen the supervision and punishment of information disclosure. The government supervision platform must strictly control the company's listing system, strengthen the disclosure of important financial information of listed companies, and increase the cost of violations of the company's regulations, so as to encourage the company to strengthen its operation and management.

(3) Optimize market structure

In the future development of the stock market, the government should pay attention to avoiding excessive intervention while carrying out macro-control on the market, and should give full play to the self-regulation function of the market to enhance market efficiency. At the same time, diversify the structure of investors in my country's stock market, vigorously develop institutional investors and professional investors, standardize market entities and investor groups such as listed companies, and make them the backbone of the stock market [17]. Reduce noise trading behavior, introduce long-term stable funds to the stock market, reduce the market speculation of individual investors' irrational investment behavior, and reduce market liquidity shocks.

如今，信息技术的飞速发展和各种大数据应用方式的深入，为企业决策分析创造了良好的投资条件。一个好的企业分析方法能否为企业投资决策提供一种方法，从而在企业发展的同时进行。提高企业内在生存的投资理念，增加企业的投资收益，促进企业学习和接受一些新的投资方式，从而改造这些新的投资方式，使企业获得最大回报。

This research is mainly based on the method of corporate investment analysis and decision-making to solve corporate investment decision-making problems. These problems are uniquely exploratory and have great significance in theory and theory. This study is the most basic method of enterprise investment analysis and decision-making, and understands the current investment methods of various types of enterprises in the society and the solution of problems in decision-making. So as to put the existing investment analysis in practice.

(2) Common enterprise investment decision analysis methods

Since many emerging small and medium-sized enterprises do not have mature management structures and relative management models for their own scientific reasons, in this case, the decision-makers of small and medium-sized companies will usually use the results as the current situation for a certain period of time. The present value of the company provides the foundation for the development of the company, and lays a solid foundation for the development of the company. It allows the company to pay attention to the society and wait for the company’s development opportunity. However, it is necessary for the decision-maker to have an in-depth understanding of the company’s US capital status to ensure that the investment process Choose the most suitable decision for the company to provide sufficient funds for the development of the company.

2. Analysis of enterprise investment decision-making problems

The development of new markets and the development of the emerging economy of enterprises is a kind of, and a lot can be gained from capable investment decisions. When problems arise, the investment brought to the enterprise is easy to learn to invest in the enterprise to fail.

(1) Loss of professionalism of financial staff

The financial personnel of the enterprise finally collect data during the investment decision-making process of the enterprise to provide important reference opinions for the decision-making of investment decision-makers. Unprofessional financial personnel do not understand the relevant policies, laws and regulations of the investment industry due to their limited business ability. The data collected and the results of the analysis may not be the reference opinions provided by the investment decision makers, affecting the correctness of the investment decision makers' investment, and bringing major risks to the enterprise. Therefore, the financial staff determines the nature of the correct analysis data of the financial staff, and the professional financial staff is direct to the investment decision-making of the enterprise.

(2) Different rights and responsibilities exist in the process of enterprise investment decision-making

Because of the emergence of Pulisheng small and medium-sized enterprises, in these enterprises, there is no investment business that is familiar with investment business, and those enterprises that have not made professional investment in these enterprises have the ability to establish an investment analysis department for investment analysis activities. Other departments in the enterprise are also more concerned about their own department’s work and not participating in the investment activities of the enterprise. These departments and personnel do not cooperate with investment activities. This situation in other departments is very important. Locally increase the difficulty of investment decision-making, and it will not gather the unity of enterprises. This will make the decision-makers of the company feel rash about their work in the process of decision-making, and the data provided by the staff responsible for investment analysis will appear pure and clean. There is a fundamental problem. Moreover, due to the lack of a single right and responsibility management system, the company cannot immediately blame the person responsible for the problem, because the company did not formulate a relevant system to cancel the responsibility when the company began its investment process. This situation can easily affect the correctness and possibility of a company's investment decision, which will greatly increase the target of investment failure.

(3) Pay attention to unscientific investment

For enterprises, the investment management activities of enterprises involve the combination of many departments. This process requires the cooperation of many aspects to provide good basic support for the investment decisions of enterprises. Effectively supervise the capital market conditions of investment enterprises, which can provide a reference for investment decision-makers in their next investment decisions. It may be studied, but it is possible. As a result, the investment in this situation does not achieve its intended purpose, but wastes manpower and material resources in vain. The daily operation of the enterprise.

3. Research on strategies for corporate investment decisions

The market economy environment is changeable and disorderly. Investment in this environment can be very simple or very complicated. Enterprises with a changeable environment will inevitably encounter problems when making investment decisions. This includes the following developments: First, part of the financial The personnel have not received good training, lack of professionalism in the economic foundation and related legal issues; the enterprise has not established a complete management system, which makes it easy for the enterprise investment decision-making process to have no rights and blame, and finally the team conducts scientific and reasonable The existence of investment, but Chinese companies lack professional awareness of these problems, which can change the status quo. Companies mistakenly believe that the above-mentioned problems have caused companies to fail to obtain the expected benefits from investment, and even bring God. Therefore, business leaders and decision makers need to understand the recurrence of research strategies for corporate decision-making, so as to avoid the emergence of their own corporate investment decisions.

(1) Establish a comprehensive financial talent team

现在很多人都找到了资源。人才是当今最重要的社区资源，因为社会人多，猎头公司被引进，阳光公司和社区政府频繁招聘。创业人才培养企业发展的能力，因此企业在这方面积极采取措施促进自身发展，尤其是财务人员。财务人员需要具备较强的业务能力，以及相关的社会经验和知识，才能为公司的投资决策过程提供良好的数据支持。因此，对于企业来说，做好投资决策分析最重要的是积极配置综合网络财务人力资源。从目前的情况来看，企业的财务人员大多从职业生涯开始就缺乏金融方面的法律知识，金融行业所涉及的投资决策准备工作会影响到最终的投资决策工作。因此，企业可以通过以下方式吸纳和优化自身企业的财务人员，最终完善综合财务人员队伍：一是在招聘过程中完善财务人员的选拔流程，必要时加以利用。提高吸纳能力的第二个条件是在实际工作中多采用新旧工作模式，加快新员工对公司和岗位的了解。

（二）明确投资过程权责统一

大多数公司都能够在此之前做好准备。他们需要尽力收集项目信息，了解自己内部的资本运作情况，才能了解这些重要的投资决策者最需要了解和考虑的事情。决策风险、近期数据收集和许多复杂情况往往涉及各个部门和人员。的确，没有严谨合理的决策管理机制为决策提供支持，很容易造成决策权责不明。因此，企业首先需要建立一个严谨、合理的决策体系。以下目标的管理需要自己实现。权责要明确，使所有部门和参与工作的每个人都必须清楚地知道决策。二是明确各部门工作制度，使各部门工作人员在工作中必须遵守规章制度，在工作中降低工作效率，提高工作效率。三是各部门管理人员要做好监督工作，对员工的各项工作行为进行评价，提高员工的积极性。四是加 三是各部门管理人员要做好监督工作，对员工的各项工作行为进行评价，提高员工的积极性。四是加 三是各部门管理人员要做好监督工作，对员工的各项工作行为进行评价，提高员工的积极性。四是加