中国股票市场个人投资者信息行为研究

发布时间：2018-03-08 10:12

本文选题：股票市场　切入点：个人投资者　出处：《华东师范大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国的股票市场作为一个新兴的资本市场,是中国经济制度变革的一个阶段性标志。从第一只股票发行至今,国内股市通过近几十年的发展,其规模、投资者数目已达到相当水平,监管机制不断完善,市场正在逐步走向成熟。中国的股票投资者中,个人投资者占有绝对多数,掌握中国股票市场个人投资者信息行为的典型特征,改进中国上市公司的信息披露,增强股票市场信息有效性,已显得尤为迫切。研究个人投资者的信息需求、信息获取和信息利用等行为,对于国内股票市场的研究以及上市公司信息披露具有重要的参考意义。本文结合对个人投资者信息行为的理论,通过实证研究,解答个人投资者在进行投资决策时的信息需求、有哪些影响因素以及投资者的具体信息行为过程,并构建中国股票市场个人投资者信息行为模型。首先本文进行了理论研究,描述研究背景和意义,采用文献计量法和文献归纳法,搜集国内外相关文献,总结国内外研究现状。介绍本文的研究架构和研究方法,以及创新点。第二部分,介绍股票市场参与者结构与信息分类；首先对股票市场各参与者的角色扮演和行动分工加以分析,其次对股票市场的信息进行分类,并指出各类信息的提供者,获取渠道和重要性。第三部分,进行实证研究与模型构建；分别采取文本分析法和问卷调查法进行实证研究。通过文本分析法研究股票市场投资者的信息需求,通过问卷调查研究投资者信息行为的影响因素和具体信息行为过程。在实证研究的基础上,结合前人构建的信息行为模型,提出股票市场个人投资者信息行为模型。最后进行总结。论述本文的研究结论和研究不足,并对个人投资者及相关信息提供部门提出建议参考。希望能为“以用户为导向”的信息披露、个人投资者权益保护和上市公司年报改进等课题提供新的事实依据和研究架构。
[Abstract]:China's stock market, as a new capital market, is a stage symbol of China's economic system reform. From the first stock issue to now, the domestic stock market has been developing in recent decades, its scale. The number of investors has reached a considerable level, the regulatory mechanism is constantly improving, and the market is gradually maturing. It is urgent to grasp the typical characteristics of the information behavior of individual investors in China's stock market, to improve the information disclosure of listed companies in China, and to enhance the effectiveness of information in the stock market. The behavior of information acquisition and information utilization has important reference significance for the research of domestic stock market and information disclosure of listed companies. Based on the theory of information behavior of individual investors, this paper, through empirical research, answers the information needs of individual investors when making investment decisions, what influence factors exist and the specific information behavior process of investors. And construct the information behavior model of individual investors in Chinese stock market. First of all, this paper has carried on the theoretical research, described the research background and the significance, used the literature metering method and the literature induction method, collected the domestic and foreign related literature, summarized the domestic and foreign research present situation, introduced this article research structure and the research method, And innovation. The second part introduces the structure and information classification of the participants in the stock market. Firstly, it analyzes the role playing and the division of action among the participants in the stock market, then classifies the information of the stock market, and points out the providers of all kinds of information. Access and importance. In the third part, empirical research and model construction are carried out, respectively, text analysis method and questionnaire method are used to study the information needs of investors in the stock market through text analysis. Based on the empirical research and the information behavior model constructed by predecessors, the information behavior model of individual investors in stock market is put forward. Finally, it summarizes the conclusions and deficiencies of this paper, and gives some suggestions to individual investors and relevant information departments. It is hoped that this paper can be used for the "user-oriented" information disclosure. The protection of the rights and interests of individual investors and the improvement of the annual report of listed companies provide a new factual basis and research framework.
【学位授予单位】：华东师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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