地区金融发展与股票盈利——来自个人投资者调查数据的证据  

Regional Financial Development and Stock Earnings:Evidence from the Survey Data of Individual Investors

作　　者：张勇 路晓蒙[2] ZHANG Yong;LU Xiao-meng(School of Finance,Southwestern University of Finance and Economics Chengdu 611130;Survey and Research Center for China Household Finance,Southwestern University of Finance and Economics,Chengdu 610074,China)

机构地区：[1]西南财经大学金融学院,成都611130 [2]西南财经大学中国家庭金融调查与研究中心,成都610074

出　　处：《云南财经大学学报》2021年第9期46-62,共17页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金青年项目“风险经历与中国家庭金融行为研究——基于群体性和个体性的视角”(72003149);教育部“高等学校学科创新引智计划”(B16040)。

摘　　要：采用2018—2020年中国个人投资者大型微观调查数据,探究地区金融发展对个人投资者股票盈利的影响。研究发现,地区金融发展能够显著改善个人投资者股票盈利状况。机制分析表明,地区金融发展主要通过提高个人投资者的投资分散化水平、培育良好的止盈止损投资习惯,从而促进股票盈利。进一步分析发现,地区金融发展对股票盈利的改善作用在金融市场化程度较低、家庭可投资资产较低、40岁以上的投资者群体中表现得更为明显。研究表明,持续推进金融供给侧结构性改革,促进地区金融发展,不仅对金融支持中国实体经济高质量发展意义重大,而且对改善家庭或个人投资者金融福利也具有重要意义。Using the large-scale micro survey data of Chinese individual investors from 2018 to 2020,this paper explores the impact of regional financial development on the stock earnings of individual investors.Study finds that regional financial development can significantly improve the stock earnings of individual investors.Mechanism analysis shows that the development of regional finance promotes the stock earnings of individual investors mainly by improving the level of investment diversification of individual investors and cultivating a good investment habit of stopping loss and taking profit.Further analysis shows that the improvement effect of regional financial development on stock earnings is more obvious among investors with low degree of financial marketization,low household investable assets and over 40 years old.The conclusion of this paper shows that the continuous promotion of financial supply side structural reform to promote regional financial development is not only of great significance to financial support for the high-quality development of China’s real economy,but also of great significance in improving the financial welfare of households or individual investors.

关 键 词：金融发展 行为偏差 投资收益 

分 类 号：F830.9[经济管理—金融学]