网络安全风险感知与互联网金融的资产定价  

Network Security Risk Perception and Asset Pricing of Internet Finance

作　　者：曾建光[1] 

机构地区：[1]西南财经大学会计学院,邮政编码611130

出　　处：《经济研究》2015年第7期131-145,共15页Economic Research Journal

基　　金：国家自然科学基金项目(71172029);中央高校基本科研业务费专项资金项目(JBK150206);四川省教育厅人文社科项目(14SB0573)的资助

摘　　要：本文采用百度大数据构建互联网金融的投资者网络安全风险感知,以考察互联网金融特有风险的定价问题。研究发现,投资者的网络安全风险感知越高,要求获得的风险补偿也越高;并且移动互联网端较PC端投资者的网络安全风险感知,要求的风险补偿更高。进一步研究发现:阿里巴巴在美上市之前、基金经理人采用激进投资策略时,以及市场资金面宽松情景下,投资者网络风险感知程度与要求获得的风险补偿之间存在更显著的正相关性;对于使用非苹果智能手机的投资者以及PC端的女性投资者而言,网络风险感知程度与要求获得的风险补偿之间也存在更显著的正相关性。本文的研究表明,网络安全风险感知,特别是移动互联网的网络安全感知有助于我们更好地观察"互联网+"产业的风险特征、资产定价及其市场行为等。With the rapid development of Internet finance, more and more Internet users with a little money pay more and more attention to the risk that the money would be stolen away, because Internet would facilitate matters if an ill-disposed hacker looks for and discovers a vulnerability in the security meehanism that allows him to break through the authentication, or he is able to exploits some unknown limitations of the security mechanism without the need to know the required user＇s authentication information. These make up of the investors＇ perceived network security risks. And this attention reflects the status quo of investors＇ perceived network seeurity risks. This paper investigates whether the investors＇ perceived network security risks to YuEBao has an effeet on the return of Internet finance. We find that more attentions paid to perceived network security risk signifleantly increase the risk compensation, and more attention from mobile Internet is significantly able to increase the more risk compensation.

关 键 词：互联网金融 大数据 网络安全风险感知 期望理论 风险补偿 

分 类 号：F49[经济管理—产业经济] F832