低利率影响中国个人投资者风险承担的实证分析  

Empirical Study on Low Interest Rates and Risk Taking of China's Individual Investors

作　　者：苑春荟[1] 刘达 陈曦[2] YUAN Chunhui;LIU Da;CHEN Xi(School of Economics and Management, Beijing University of Posts and Telecommunications, Beijing 100876, China;School of Business and Tourism Management, Yunnan University, Kunming 650091, China)

机构地区：[1]北京邮电大学经济管理学院,北京100876 [2]云南大学工商管理与旅游管理学院,云南昆明650091

出　　处：《北京邮电大学学报（社会科学版）》2021年第3期55-66,共12页Journal of Beijing University of Posts and Telecommunications(Social Sciences Edition)

摘　　要：为验证利率对中国个人投资者风险承担的影响,从个体投资决策层面支持我国货币政策风险承担渠道的存在性,基于我国个体投资者样本开展低利率环境下的投资行为随机实验。实证结果显示:(1)利率对中国个人投资者风险资产配置比例呈显著负向影响,且在低利率环境中,这种影响是非线性的。随着利率的下降,个人投资者的心理预期发生变化,投资决策因价值函数机制而发生改变。(2)低利率对中美个人投资者风险承担的影响没有明显差异。中美之间虽然在文化和体制等方面存在差异,但追求收益行为在中美两国受访者群体样本中具备一致性。A randomized investment experiment is made based on a China's individual investor sample under the circumstance of low interest rates,in order to verify the impact of interest rates on the risk taking of China's individual investors,and to support the existence of China's monetary policy risk-taking channels from the individual level of investment decision.The results show that:(1)Interest rates have a significantly negative effect on risky-assets allocation of China's individual investors,and the effect is non-linear under the circumstance of low interest rates.The falling interest rates influences individual investors'psychological expectation,which makes investment decision change with the changes of value function mechanism.(2)There is no obvious difference in risk taking of Chinese and American individual investors,although there are differences in culture and state systems,searching-for-yield behavior is consistent between Chinese and American investors.

关 键 词：利率 风险承担 个人投资者 追求收益 

分 类 号：F821.0[经济管理—财政学]