个人投资者信息使用与投资者教育效果研究——基于田野实验的证据  

Research on Retail Investors’Information Usage and the Effectiveness of Investor Education:Evidence from Field Experiments

作　　者：国元证券-上海交通大学课题组 范圣兵 石桂峰[2] Research Team of Guoyuan Securities-Shanghai Jiao Tong University

机构地区：[1]国元证券股份有限公司,安徽合肥230022 [2]上海交通大学安泰经济与管理学院,上海200030 [3]国元投资党委

出　　处：《证券市场导报》2024年第10期48-56,共9页Securities Market Herald

基　　金：中国证券业协会2023年度优秀课题“投资者教育与证券公司经纪业务融合发展研究”(2023SACKT172)改编。

摘　　要：探索个人投资者如何使用各类信息以及评估投资者教育效果,对加强中小投资者保护,促进我国资本市场健康稳定发展具有重要意义。本文采用田野实验的方法,使用国元证券脱敏后的投资者相关数据,探究个人投资者的信息使用行为和投资者教育效果,研究发现:个人投资者较多使用公司经营公告信息、历史股价趋势信息、股吧讨论信息进行投资,对公司财务信息、新闻报道中的形势政策信息、分析师研报等使用较少,这可能导致投资者出现追涨杀跌等非理性投资行为。对投资者进行会计知识和投资理念教育能在一定程度上减少投资者的非理性投资行为,为投资者直接提供股票价值相关公开信息可以增强投资者在投资决策中使用价值信息的意愿和能力。同时,投资者教育的效果会受到教育方法与投资者自身异质性特征的影响。基于田野实验的发现,本文提出通过顶层设计深化投资者教育的制度供给和发挥证券公司平台化优势提升投资者教育精准化的政策建议。Exploring how retail investors use various types of information and assessing the effectiveness of investor education are of great significance for strengthening the protection of small and medium-sized investors and promoting the healthy and stable development of China’s capital market.Using investor related data desensitized by Guoyuan securities,we adopt the method of field experiment to explore the information usage behavior of retail investors and the effectiveness of investor education.We find that retail investors rely more on corporate operation announcements,historical stock price trends,and stock forum discussions for their investment decisions while using less corporate financial information,news reports on policies and trends,and analyst reports.This may lead to irrational investment behaviors,such as chasing rising stocks and selling during declines.Educating investors on accounting knowledge and investment principles can reduce irrational investment behaviors to a certain extent.Offering investors direct and public information about stock value can enhance their willingness and ability to use value-related information in their investment decisions.At the same time,the effectiveness of investor education is influenced by the education methods and the heterogeneous characteristics of the investors themselves.Based on the findings of the field experiments,this paper puts forward policy recommendations to deepen the institutional supply of investor education through top-level design and to leverage the platform advantages of securities company to improve the precision of investor education.

关 键 词：个人投资者 信息使用 投资者教育 田野实验 

分 类 号：F832.5[经济管理—金融学]