投资顾问能否帮助个人投资者盈利?——基于A股市场微观调查数据的经验证据  

Can Investment Advisors Help Individual Investors Make Profits?——Empirical Evidences Based on Micro-Survey Data of A-share Market

作　　者：王琳[1] 陈思 WANG Lin;CHEN Si

机构地区：[1]北京邮电大学经济管理学院 [2]中央财经大学财政税务学院,北京100081

出　　处：《金融论坛》2023年第8期35-46,共12页Finance Forum

基　　金：国家社会科学基金重点项目“双向混合所有制改革中非控股股东治理机制对资本配置效率的影响研究”(20AGL015);中央财经大学青年科研创新团队支持计划资助。

摘　　要：本文采用全国范围的A股投资者微观调查数据,探究中国制度背景下投资顾问对个人投资者收益的影响。研究发现,接受投资顾问建议的投资者更有可能实现盈利,且投资顾问和投资者的接触时间越长、互动频率越高,积极作用越显著。异质性分析表明,投资顾问对投资者盈利的积极作用对金融素养更低、投资规模更小的投资者更显著。进一步研究发现,投资顾问通过提升投资者的信息处理能力、优化投资者的理性持股行为提高其盈利可能性。This paper uses micro-survey data of A-share investors nationwide to explore the impact of investment advisors on individual investor returns against the background of China's institutional framework.It is found that the investors who receive investment advisor's advice are more likely to achieve profitability,and the longer the communication time and the higher the frequency of interaction between investment advisors and investors,the more significant the positive effect is.The heterogeneity analysis shows that the positive effect of investment advisor on investor profitability is more significant for investors with lower financial literacy and smaller investment scales.The further research shows that investment advisors enhance investors'information processing capabilities,optimize their rational shareholding behavior,and increase their profitability potential.

关 键 词：投资顾问 个人投资者收益 金融中介 微观调查数据 

分 类 号：G11[文化科学] G20G29