个体特质、信息获取与风险态度——来自中国股民的调查分析  

Individual Speciality,Information Acquisition and Risk Attitude:Investigation and Analysis from the Chinese Stock Owners

作　　者：尹海员[1] 李忠民[1] 

机构地区：[1]陕西师范大学国际商学院

出　　处：《经济评论》2011年第2期29-37,共9页Economic Review

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

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。This paper utilizes the census data of 733 stock market investors of six cities in China,analzing investors＇ risk partiality state and its influence factor.The result reveals that the overall risk attitude of the investors of our country is of risk evading type.Further Logit regression analysis finds that some individual specialities（for example the schooling,job）,individual wealth state of investor will influence investors＇ risk partiality notably.The accumulation of investment experience will reduce its risk factor.One innovated result of study is that the channel of information and trust intensity of media can have conspicuous effects on investors＇ risk attitude markedly.The channel of information with more abundant source will improve investors＇ risk partiality,and a lower trust intensity to the media also improve investors＇ risk partiality.The conclusion has important policy meanings that it is helpful to securities traders to carry on customer management,and also the securities supervision department can strengthen investors＇ risk and media control.

关 键 词：风险态度 信息获取 投资行为 证券监管 

分 类 号：F832.51[经济管理—金融学] F224