公众投资者绿色投资行为影响因素研究

发布时间：2018-03-26 15:17

本文选题：绿色投资行为　切入点：绿色投资意愿　出处：《江苏大学》2017年硕士论文

【摘要】：近几年来,环境污染对人类造成的伤害日益明显,环境问题已经成为影响经济发展的重要因素之一。大量研究数据表明环境事件对股市的影响显著增强,为此我国引入绿色证券的理念,并鼓励市场主体投资绿色债券。然而,仅仅依靠行政力量无法彻底解决环境问题对经济造成的影响,还需要股票市场中公众投资者参与。随着生活水平的提高,公众对环境的重视程度会越来越高,然而作为投资者的公众在投资过程中是否会进行绿色投资?影响公众投资者进行绿色投资行为的因素有哪些?影响程度如何?这些问题的研究对绿色证券市场的建设无疑具有重要的理论意义和实际价值。因此,本文针对中国股市为研究背景,分析公众投资者对影响其绿色投资行为的不同影响因素的认知情况,并研究各认知因素对公众投资者绿色投资行为的影响程度。本文在梳理国内外文献的基础上,以概念定义及相关理论为支撑,剖析公众投资者绿色投资行为的影响因素,联系实际地考虑社会人口统计学变量、公众投资者环境信息获取途径等因素,建立影响公众投资者绿色投资行为因素的概念模型,提出相关假设;再以调查问卷所获得的相关数据为基础,运用统计软件进行描述性统计分析、量表的信效度检验、相关性分析等;在对数据有效性进行检验的基础上,利用路径分析检验绿色投资行为影响因素模型中的研究假设,对研究结果进行分析。本文通过对股票选择行为和股票持有时间两类绿色投资行为的结构方程模型分析,得出如下结论:(1)个体认知因素对公众投资者的绿色投资意愿以及绿色投资行为均有显著正向影响,但由于个体心理差异和行为的复杂性,在现实情况下,仍可能存在未知因素影响公众投资者的绿色投资行为;(2)信息获取途径对绿色投资意愿作用于绿色投资行为路径具有调节作用,其中公开途径获取环境信息对公众投资者的股票选择行为以及私人途径获取环境信息对公众投资者的股票持有时间均有显著的调节作用,但公开途径获取环境信息对公众投资者的股票持有时间以及私人途径获取环境信息对公众投资者的股票选择行为则不具有显著调节作用;(3)公众投资者的投资总额、进入股市时间以及平均持有一支股票时间这几个因素对公众投资者的绿色投资行为具有显著正向影响。基于以上结论,本文分别从政府、上市公司和公众投资者三个角度提出鼓励公众投资者进行绿色投资行为、构建绿色证券市场、促进绿色经济发展等方面的措施建议。
[Abstract]:In recent years, the harm caused by environmental pollution to human beings has become increasingly obvious. Environmental problems have become one of the important factors affecting economic development. A large number of research data show that the impact of environmental events on the stock market has significantly increased. Therefore, China has introduced the concept of green securities and encouraged market participants to invest in green bonds. However, administrative power alone cannot completely solve the impact of environmental problems on the economy. Public investors are also required to participate in the stock market. With the improvement of living standards, the public will pay more and more attention to the environment. However, will the public, as an investor, make green investments in the investment process? What are the factors that affect the green investment behavior of public investors? What's the impact? The research of these problems is undoubtedly of great theoretical significance and practical value to the construction of green securities market. This paper analyzes the public investors' cognition of the different influencing factors of their green investment behavior, and studies the influence of each cognitive factor on the public investors' green investment behavior. Based on the concept definition and related theories, this paper analyzes the influencing factors of the green investment behavior of public investors, considers the social demographics variables, the ways of obtaining the environmental information of public investors, and so on. Establish the concept model of influencing public investors green investment behavior factors, put forward the relevant assumptions; then based on the relevant data obtained from the questionnaire, use statistical software to carry out descriptive statistical analysis, the reliability and validity of the scale test. On the basis of testing the validity of the data, using path analysis to test the research hypotheses in the model of influencing factors of green investment behavior, This paper analyzes the structure equation model of two kinds of green investment behavior: stock selection behavior and stock holding time. The conclusion is as follows: 1) individual cognitive factors have significant positive effects on the green investment intention and green investment behavior of public investors, but due to the individual psychological differences and the complexity of behavior, in reality, There may still be unknown factors affecting the green investment behavior of public investors. Among them, public access to environmental information has a significant regulatory effect on the stock selection behavior of public investors and private access to environmental information on the stock holding time of public investors. However, public access to environmental information does not play a significant role in regulating the stock holding time of public investors and private access to environmental information to public investors' stock selection behavior. The time to enter the stock market and the average time to hold a stock have a significant positive impact on the green investment behavior of public investors. From three angles, listed companies and public investors put forward measures to encourage public investors to carry out green investment behavior, to construct green securities market and to promote the development of green economy.
【学位授予单位】：江苏大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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