股灾经历、职业身份与投资者风险偏好

发布时间：2018-01-09 11:32

本文关键词：股灾经历、职业身份与投资者风险偏好　出处：《昆明理工大学》2017年硕士论文　论文类型：学位论文

【摘要】：随着建国以来我国市场经济的不断发展成熟,我国各地居民在金融资本市场上的投资呈现出极其多样化的特点,而且,在这过程中往往需要由投资人自行判断投资的方向并自行承担由此带来的风险和收益。在多样的投资产品品类中,股票投资因其高回报的收益率,越来越成为人们最关注的投资焦点。受到投资人青睐的原因无非是其虽有高风险,可同样有高回报的可能性的“短、平、快”投资特性。有获利者就必然有损失者,这是必然相对存在的。对一般我们常说的投资者普罗大众而言,股龄十年以上的极其可能经历了两资股灾的严重冲击。股灾作为系统性、全局性、大范围、外生性的冲击,传统意义上的风险控制手段往往难以真正保障投资人的权益和收益,非但如此,我们绝大部分的小中投资人扑普遍缺乏专业的金融、风险、宏观、微观经济知识和理财专业知识水平,跟风者为主,缺乏主动的专业判断技能和风险规避的手段。投资者的风险偏好并非一成不变,一方面,会依据投资经历呈现动态变化,另一方面,不同背景特征的投资者也具有不同的风险认知或风险态度,比如,公务员或者事业单位是否有编制、公司雇员是否有劳动合同、经历股灾后受到影响的大小,以上不仅仅受收入影响风险偏好的差别。本研究首先关注股灾经历对投资者风险偏好的影响,其次,本研究着重探讨不同职业背景对股灾影响的调节作用。研究不同职业者的风险偏好,有利于给投资个体有针对性地设计理财产品,实现对不同投资者的识别、追踪、维护,进而实现金融机构提供给投资者智能化且更科学的综合理财方案。企业在此过程种能够有效提升顾客价值、满意度和忠诚度,企业也不需要在无序的价格竞争和商品竞争中疲于应战,最终可以做到迅速而有效地提升企业的市场竞争力。投资的复杂多变性和客户极低的转换成本让金融机构时刻面临竞争环境中优胜劣汰。金融机构在日常经营中获得大量的客户销售数据,通过数据挖掘、描述性统计分析技术、应用数据建模分析等方法,制定不同的客户分类标准,对客户进行分类管理。全球化下各国经济联结日趋紧密,金融市场波动也更加频繁,考察系统性金融冲击对投资者风险决策的影响有利于从不同的客户分类中发现有价值的客户,并进行分类下的管理,用以金融机构的决策支持。不同客户分类下制定的营销策略对金融机构实现营销资源与产品组合的合理配置,获得稳定客源,提高销售额和利润额,提升金融机构核心竞争力有重要的意义。本文研究在以下方面略有贡献。第一,丰富了风险与股市投资偏好的理论,为投资理论和实证研究提供了一个新的视角。目前虽有风险与股市投资偏好不少研究内容,但是基于细分公务员客群的针对性研究还相当匮乏。第二,本文的结论落脚在公务员的投资偏好范畴,且对于经历股灾的公务员客户行为作了下沉式的再度细分,给指引体制内的公务员投资组合提供了良好的理论基础和投资方向指引。
[Abstract]:With the continuous development of our country since the founding of the maturity of the market economy, Chinese residents of investment in the financial capital market presents the characteristics of extremely diverse and, in the process often need to determine the direction of investment by the investors themselves and to bear the risks and benefits of the resulting in the variety of investment products, stock investment because of its high rate of return on investment, has increasingly become the focus of concern to most people. The reason favored by investors is nothing but although there is a high risk, high return can also have the possibility of "short, flat, fast" investment characteristics. Profit will inevitably have losses, this is the opposite of necessity there. We often say that the general public investors, shares of more than ten years old may have experienced extremely serious impact. Two capital stock market crash crash as a systemic, global, large range, exogenous impact Hammer, risk control means in the traditional sense is often difficult to really protect the rights and benefits of investors, not only that, most of our small investors on the general lack of professional financial risk, macro micro economic and financial knowledge, professional knowledge, follow the trend, the lack of active professional judgment skills and risk aversion means. The risk appetite of investors is not immutable and frozen, on the one hand, on the basis of the investment will experience changes, on the other hand, investors have different background characteristics have different perceptions of risk or risk attitude, for example, civil servants or institutions are prepared, the employees of the company are affected by the experience of the labor contract, after the stock market crash size. The above is not only affected by the difference of risk preference income effects. In this study, the first concern of crash experience influences the risk preference of investors, secondly, this study To explore the different occupation background to regulate stock market crash impact. The occupation of different risk preferences, conducive to the individual investment in the design of financial products, to achieve the recognition of different investors, tracking, maintenance, and financial institutions to provide investors with more intelligent and scientific comprehensive financial solutions. During the course of enterprise which can effectively improve customer value, satisfaction and loyalty, enterprises need not disorderly price competition and product competition in the struggle to fight, finally can be done quickly and effectively enhance the market competitiveness of enterprises. The complexity and customer investment conversion very low cost to financial institutions faced competitive environment in the survival of the fittest. Financial institutions to obtain the customer a lot of sales data in the daily operation, through data mining, statistical analysis technology, application of data modeling and analysis etc. Methods, different standards of customer classification, classified management of customers. Under the globalization economy increasingly close links, the volatility of financial markets have become more frequent, the effects of systemic financial impact on investors' risk decision-making is conducive to hair existing value from the customer classification in different customers, and classification management, to financial institutions make different decision support. Customer classification of marketing strategies for the realization of the rational allocation of marketing resources and product portfolio of financial institutions, to obtain a stable source, increase sales and profits, has an important significance to enhance the core competitiveness of financial institutions. This paper studies in the following aspects. The first contribution slightly, enrich the risk and investment preference of stock market the theory provides a new perspective for investment theory and empirical research. At present, although the stock market risk and investment preference many contents, but Based on the subdivision of civil servants group specific research is very scarce. In second, the conclusion of this paper based on the civil service preference of investment category, and the experience of customer behavior for the civil servants crash once again broken down sink style, provides a theoretical foundation and a good investment direction guidance for civil servants in the portfolio of pull ups.

【学位授予单位】：昆明理工大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51

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