Johnstone D J
Department of Accounting and Finance, University of Wollongong, NSW, Australia.
Psychol Rep. 2002 Jun;90(3 Pt 1):851-7. doi: 10.2466/pr0.2002.90.3.851.
Investors have a proven general reluctance to realize losses. The theory of "mental accounting" suggests that losses are easier to accept when mentally integrated with either preceding losses or with compensatory gains. Mental integration is made easier when a failed asset is exchanged against a new, apparently profitable, acquisition. The alternative is to sell the existing asset on the open market before re-investing the proceeds as desired. This is emotionally less appealing than "rolling over" a losing investment into a new venture by way of an asset trade. The psychological benefits of exchanging rather than selling a failed asset come at a cost. It is typical of trade-in arrangements, e.g., where one trades an old car against a new one, that the effective sale price of the existing asset is less than current market value. Acceptance of this low price adds to the investor's total monetary loss on the existing asset but is essential to an overall package deal apart from which that asset would often remain belatedly unsold.
投资者普遍存在不愿实现损失的情况，这一点已得到证实。“心理账户”理论表明，当损失在心理上与先前的损失或补偿性收益相结合时，就更容易被接受。当一项失败的资产被换成一项新的、看似有利可图的收购时，心理整合就会变得更容易。另一种选择是在公开市场上出售现有资产，然后再按自己的意愿重新投资收益。比起通过资产交易将亏损投资“滚动”到新的投资项目中，这种方式在情感上缺乏吸引力。用交换而不是出售失败资产的方式所带来的心理益处是有代价的。以旧车置换新车的交易安排为例，现有资产的实际销售价格通常低于当前市场价值，这是很典型的。接受这个低价会增加投资者在现有资产上的总货币损失，但这对于整体交易来说是必不可少的，否则该资产往往会迟迟无法售出。
