我国股市中小投资者风险承受能力影响因素研究

发布时间：2018-01-04 01:37

本文关键词：我国股市中小投资者风险承受能力影响因素研究　出处：《中南民族大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国证券市场从20世纪90年代起步至今已有二十余年的发展历史。尽管如此，与发达国家证券市场相比较，我国的证券市场仍是一个新兴的市场，机制尚不完善，制度尚不健全，投资理念尚不成熟。证券市场上的投资者有两类，一类是机构投资者，另一类是普通投资者。机构投资者占尽先机，在资金实力、技术手段及信息的获取与把握上都具备绝对优势；而后者则往往由于势单力薄，通过揣摩、打听前者的消息或动态，作为参考依据进行决策。在我国证券市场上，中小投资者占到投资者的绝大部分，其决策行为在很大的程度上决定着市场的发展状况。然而在这场博弈中他们又属于于弱势群体，其非理性的决策行为往往导致了股市的不稳定。在我国这种明显的非有效市场中，以“理性人”假设作为基础的传统行为金融学理论在多大程度上能解释具有中国特色股票市场还存在疑问。从某种程度上来说，行为金融理论为我们更好地去理解中国证券市场上的异象，提供了一个独特的研究视角及强有力的研究工具。以市场的参与主体——“投资者”的实际决策为出发点，探寻市场价格的发生机制，无疑要比一系列的理论推导来得有意义。作为行为金融学理论的重要组成部分的投资者风险承受能力是影响投资者制定投资目标，进行投资决策的关键因素之一，对投资者行为有着重要的影响。由于中国证券市场与西方发达国家证券市场有着较大异质性，因此影响西方投资者投资行为的因素和影响我国投资者行为的因素之间存在较大的差异，西方的一些风险承受能力理论和实证检验结果对我国投资市场而言也未必适用，因此有必要对驱使投资者行为的风险承受能力的影响因素进行分析。研究投资者风险承受能力的大小以及投资者风险承受能力的影响因素，实践上，可以帮助投资者选择适合于自身的投资品种，，合理的进行资源的配置，从而实现投资自身的投资目标。同时也有利于投资经理人员对投资者进行投资教育，帮助客户制定投资策略，向客户推介合适的投资产品。理论上，可以完善行为金融学的相关理论，并为解释行为金融领域出现的一些市场异象提供参考。当前有关风险承受能力问题的研究都集中在人口统计特征方面，主要是判断风险承受能力是否受这些表征的影响，以及影响程度，然而却并未对投资者风险承受能力的影响因素得出一致的结论。大量的研究甚至得出了相反的结论，考虑到投资者风险承受能力对保护证券市场中小投资者的重要意义，本文通过分析投资者风险承受能力的影响因素进而探究风险承受能力的内部结构，希望能对这些矛盾的研究结论提供可靠的解释。本文以一份问卷调查为基础，通过交叉列联表频数分析，卡方检验，最优尺度回归模型分析对影响投资者风险承受能力的因素进行了深层次的探究并得出：人口统计特征只是间接的影响投资者风险承受能力的因素，只能解释投资者风险承受能力的一小部分。而投资者风险偏好，投资者的家庭负担情况，投资者所受的教育及所拥有的投资知识等是影响投资者风险承受能力的主要因素，能够解释投资者风险承受能力的68.1%。基于问卷调查的研究结论，本文提出投资者风险承受能力的内部结构模型，投资者风险承受能力主要包括三个要素：风险的认知度，风险的偏好性以及个人的安全边际。风险偏好较高的投资者往往会设定较高的安全边际；安全边界较高的投资者风险偏好也相对较高，同时风险认识度较高的投资者则会设置较高的安全边际，而投资者的风险承受能力除了强调其主观偏好性以外应该同时考虑其客观能力。其中风险认知主要受教育水平，股龄的影响，而风险偏好主要受性格，年龄，性别，遗传，生活环境等的影响，安全边界与一个人的收入水平，家庭负担，职业，健康等因素有关。运用这一理论，我们对以往研究中风险承受能力影响因素中一些存在置疑的地方尝试性的进行了解释，认为年龄是一个综合性的变量，剔除其他因素的联动影响，则年龄与风险承受能力之间存在负相关性。但是年龄的变化往往伴随着收入，投资知识的变化，因此以往的研究中出现了相矛盾的结论。同时提出职业与风险承受能力之间相互影响的问题，由于不同的风险偏好会选择的不同类型的职业，与此同时不同的职业又会影响收入等其他变量，因此不是职业影响风险承受能力而是二者相互影响。
[Abstract]:China's securities market has been developing for more than twenty years since its start in 1990s. Despite this, compared with developed countries, China's securities market is still an emerging market, and its mechanism is not yet perfect, the system is not yet sound, and the investment idea is not yet mature.
Investors in the stock market has two kinds, one is institutional investors, a class of ordinary investors. Institutional investors to take the lead in financial strength, acquisition and grasp have absolute advantage in technology and information; the latter is often due to the weak, try to figure out, inquiring about the former news or dynamic, as a reference on the basis of decision-making. In China's stock market, small investors accounted for the vast majority of investors, the decision-making behavior determines the development of the market to a great extent. However, in this game they belong to vulnerable groups, the irrational decision behavior often leads to instability in the stock market.
In the non effective market of our country this apparent, with the assumption of "rational man" as the basis of the traditional behavioral finance theory can explain the characteristics of the stock market has China there is still doubt the extent. To some extent, the theory of financial behavior better for us to understand China anomalies of stock market. Provides a unique perspective and powerful research tool. The actual decision in the main market, "investors" as the starting point, to explore the mechanism of market price, will undoubtedly have a theoretical significance than a series of it. As an important part of the theory of behavioral finance investors risk tolerance influence of investors to make investment targets, one of the key factors of the investment decision, has an important influence on the behavior of investors.
Due to the stock market China securities market and the western developed countries have great heterogeneity, so the factors that affect the investment behavior of investors in the West and there is a big difference between the influencing factors of Chinese investors' behavior. Some of the Western risk theory and empirical test results may not be applicable to China's investment market, it is necessary to carry out the influencing factors of the driving behavior of investors risk tolerance analysis.
Study on the influence factors of practice, investors risk tolerance size and risk tolerance of investors, investors can choose suitable for their own investment varieties, reasonable allocation of resources, so as to realize their own investment investment objectives. At the same time also help investment managers to educating investors, make the investment strategy to help customers introducing suitable investment products to customers. In theory, it can improve the theory of behavioral finance, provide some reference to explain the behavior of financial market anomalies and field. When relevant risk tolerance problem of the research has focused on the demographic characteristics, is mainly to determine risk tolerance is affected by these characters. As well as the influence, but did not affect the risk tolerance of investors factors reached the same conclusion. A large amount of research It even reached the opposite conclusion, considering the risk tolerance of investors on the significance of protecting small investors of the securities market, the internal structure by analyzing the factors influencing the risk tolerance of investors and explore the risk tolerance, hoping to study these contradictory conclusions provide a reliable explanation.
This paper is based on a questionnaire, through crosstables frequency analysis, chi square test, optimal scaling regression analysis on the factors influencing the risk tolerance of investors further explore and draw: the impact of investor risk tolerance wind indirect factor is the demographic characteristics, can only explain a small part of investors the risk tolerance and risk preferences of investors, family burden of investors, investors are educated and have knowledge of investment are the main factors influencing the risk tolerance of investors, investors can explain the risk tolerance of 68.1%.
Conclusion the study based on questionnaire survey, this paper internal structure models of risk tolerance of investors, investors risk tolerance includes three factors: risk awareness, risk preference and personal safety margin. The higher the risk appetite of investors to set a higher safety margin; higher investor risk appetite is also a security boundary relatively high, while the risk awareness of higher investor will set a higher margin of safety, and the risk tolerance of investors in addition to emphasize the subjective preference should also consider beyond its objective ability. The risk cognition is mainly affected by the level of education, and the effect of the age of shares, risk preference is mainly influenced by personality, age, gender, genetic effect, living environment, income level, security boundary with one's family, occupation, health and other factors.
Using this theory, we risk factors of bearing capacity in previous studies in some places that influence tentatively explained, that age is a comprehensive variable linkage, eliminating the effect of other factors, there is a negative correlation between age and risk tolerance. But the changing age is often accompanied by income therefore, changes in investment knowledge, previous studies appeared contradictory conclusions.
At the same time put forward the mutual influence between occupation and risk tolerance of the problem, because of the different risk preferences will choose different types of occupation, at the same time different occupation will affect the income and other variables, so the effect of risk tolerance but not occupation two mutual influence.

【学位授予单位】：中南民族大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【参考文献】