This paper focuses on the investors’behavioural biases and their preference property in the Chinese stock market，and further confirms the reference price for investors． The results show that macroeconomic factors affect investors’preferences． Before the splitshare structure reform，investors preferred to ride losers too long，and sell winners too early． However，after the reform，investors tend to hold the gains． On the other side，house money effect weakens the disposition effect． This study also finds that the investors consider both dynamic costs and highest stock price as their reference point． While considering individual’s behavioural biases，the stoploss strategy，which helps the investors earn more money，is more predominant than the holding strategy．