投资者教育能提高投资者理性水平吗?  

Can Education Improve the Investors'Rational Level?

作　　者：庄学敏[1] 

机构地区：[1]广东商学院,广东广州510310

出　　处：《证券市场导报》2012年第1期19-24,共6页Securities Market Herald

基　　金：教育部人文社会科学青年项目(09YJC630040)

摘　　要：本文以投资者对公允价值的认知偏差程度作为理性水平的替代指标,在进行调查研究的基础上,使用李克量表对投资者的理性水平进行了分析。根据关于对投资者理性水平调查结果,本文对投资者进行了关于公允价值信息的教育和模拟投资实验;通过对比投资者接受教育前后的理性水平,并以之为解释变量,对实验过程中的股价信息含量进行了检验。实证研究发现,投资者对公允价值的认知水平的变化能够显著影响股价信息含量,说明加强投资者对于市场环境的认识有助于提高投资者的理性水平,从而有助于增强我国证券市场的有效性。Using the degree of investor cognitive biases as a proxy for rational level of investors, this paper analyzes investors＇ rational level by Likert scale based on investigations. According to the division of knowledge on the investor, this paper conducts education on explicit knowledge and tacit knowledge, and investment simulation experiments. By comparing and using the rational levels of investors before and after the rational investor education as the explanatory variables, this paper examines the stock price information content. The empirical study finds out that investor education can significantly affect the stock price information content indicating that investor education helps to improve investors＇ rational level, thus to enhance the effectiveness of China＇s securities market.

关 键 词：投资者教育 公允价值 信息含量 

分 类 号：F832.5[经济管理—金融学]