中国证券投资者的投资行为与个性特征

A PSYCHOLOGICAL STUDY OF CHINESE STOCKHOLDERS' BEHAVIOR

本研究采用综合性行为金融学手段 ,探索证券投资者的一般行为特征、心理特征以及行为特征和心理特征之间的关系。本实验首先采用访谈法对专业人士进行访谈 ,了解投资者的基本心理结构、一般的行为方式以及对证券市场的信息进行加工、决策的主要因素。在访谈基础上编制调查问卷 ,在全国 7个城市 (北京、上海、深圳、武汉、成都、西安和沈阳 )对 1 0 6 3名投资者进行了问卷调查 ,从心理学角度对中国证券投资者的行为与心理特征进行了分析。结果表明 :中国股市还是一个政策市 ,投资者对所投资对象的了解程度越高 ,掌握的投资知识越多 ,以及具备较高的独立性和自我效能 。

The main purpose of this study was to investigate Chinese stockholders' multi-dimensional behavior such as how and how much they bought stocks, their information processing, and psychological factors including individual characteristics such as the tendency of conservativeness, openness to change, autonomy and calmness, and the sense of self-efficacy. By using the method of behavioral financing, the research investigated 1063 Chinese stockholders from 7 cities in China. The questionnaire included behavioral surveys and psychological tests. The results revealed a relationship among psychological characteristics, investing behavior and the investment return. The results also revealed a pattern of Chinese stockholders' receiving and analyzing market information and their investment decision-making. Some major reasons for the irrational investment behavior in Chinese stock markets were also discussed.