禀赋效应、管理层沟通与个人投资者耐心行为  

The Endowment Effect,Management Communication and Individual Investors'Patient Behavior

作　　者：周耿 麦子麟[2] 范从来 ZHOU Geng;MAI Zi-lin;FAN Cong-lai(Yangtze River Delta Economic and Social Development Research Center,Nanjing University,Nanjing,Jiangsu210093,China;School of Business,Nanjing University,Nanjing,Jiangsu 210093,China)

机构地区：[1]南京大学长江三角洲经济社会发展研究中心,江苏南京210093 [2]南京大学商学院,江苏南京210093

出　　处：《现代财经(天津财经大学学报)》2025年第4期95-113,共19页Modern Finance and Economics:Journal of Tianjin University of Finance and Economics

基　　金：国家自然科学基金面上项目(72173063);国家社会科学基金重大项目(23&ZD059)。

摘　　要：在中国A股市场个人投资者占绝大多数,其高换手率反映出持股耐心普遍不足。提高个人投资者的耐心行为对扩大耐心资本具有重要意义。本文基于2011-2023年深市股票大数据,揭示了禀赋效应、管理层沟通与个人投资者耐心行为之间的复杂关系,主要结论如下:第一,禀赋效应正向影响个人投资者的耐心行为,禀赋效应越强,长期持股倾向越明显。第二,管理层正式沟通通过提供权威的信息,增强投资者对上市公司的信任与了解,从而有效提升耐心行为。第三,非正式沟通虽难以直接影响耐心行为,但通过禀赋效应间接强化了持股耐心。第四,异质性分析表明,相较非国有企业,国有企业更能激发投资者的耐心持股行为;在禀赋效应为反向的极端情况下,其对耐心行为的影响可能发生反转。In Chinese A-share market,individual investors account for the majority,and high turnover rates reflect a general lack of holding patience.Enhancing the patience of individual investors is crucial for expanding the scope of patience capital.Based on large-scale stock market data from 2011 to 2023 on the Shenzhen Stock Exchange,this study reveals the complex interplay among the endowment effect,managerial communication,and individual investors'holding patience.The key findings are as follows:First,the endowment effect positively influences individual investors'holding patience,with stronger endowment effects associated with a greater tendency for long-term holding.Second,formal communication by company management enhances investors'trust and understanding of listed companies through the provision of authoritative and reliable information,effectively promoting holding patience.Third,while informal communication cannot directly affect holding patience,it indirectly strengthens holding patience by the endowment effect.Last,heterogeneity analysis indicates that,compared to non-state-owned enterprises,state-owned enterprises are better at fostering investors'holding patience.However,in extreme cases where the endowment effect is reversed,its impact on patient behavior may also be reversed.

关 键 词：耐心资本 禀赋效应 管理层沟通 互动易 大数据 

分 类 号：F832[经济管理—金融学]