个体特质、信息获取与风险态度——来自中国股民的调查分析

发布时间：2018-04-09 23:41

本文选题：风险态度　切入点：信息获取　出处：《经济评论》2011年02期

【摘要】：本文利用中国6个城市的733位股市投资者的调查数据,分析了投资者的风险偏好状况及其影响因素。研究显示,我国投资者的总体风险态度是风险规避型的,进一步的多变量Logit回归分析发现,投资者的部分个体特质(比如受教育程度、职业)、个人财富状况会显著影响投资者的风险偏好;投资经验的积累会降低其风险系数。一个创新的研究结果是投资者获取信息的渠道和对媒体的信任程度会对投资者风险态度有显著影响,具体来说,信息来源更为丰富的渠道会提高投资者的风险偏好程度,而对新闻媒体的信任程度越低,风险偏好程度也会提高。这些研究结论对券商有针对性的进行客户管理、证券监管部门加强投资者的风险控制、新闻媒体的监管等等,都有重要的政策意义。
[Abstract]:Based on the survey data of 733 stock market investors in six cities of China, this paper analyzes the risk preference of investors and its influencing factors.The study shows that the overall risk attitude of Chinese investors is risk-averse. Further multivariate Logit regression analysis shows that some of the individual traits of investors (such as education level,The personal wealth will significantly affect the risk preference of investors, and the accumulation of investment experience will reduce the risk coefficient.An innovative research result is that investors' access to information and their trust in the media will have a significant impact on investors' risk attitude. Specifically, more abundant sources of information will increase investors' risk preference.The lower the trust in the news media, the higher the risk appetite.These conclusions have important policy significance to the securities companies to carry on the customer management, the securities supervision department strengthens the investor's risk control, the news media's supervision and so on.
【作者单位】：陕西师范大学国际商学院;
【基金】：教育部人文社会科学研究青年基金项目“基于投资者行为分析的我国证券市场监管研究”(项目批准号:06JC790027) 陕西师范大学211工程第三期建设项目资助
【分类号】：F832.51;F224

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