投资者本土偏差投资行为的生成机制探源

Origins of Formation Mechanism of Investment Behavior of Home Bias

实证研究表明,投资者往往呈现出对本土市场股票的偏好,这一欠分散化投资行为的产生既有其制度方面成因也存在行为方面的因素.传统金融理论认为:资本管制、风险规避、信息不对称和交易成本是投资者本土偏差行为可能的引致因素,而行为金融理论则认为熟悉、临近性、相对乐观以及语言和文化使得投资者偏好于本土股票投资.

Empirical study shows that investors prefer home stock. There are both institutional factors and behavioral factors which cause the undiversified inverstment. Traditional finance theory suggests that capital controll,risk hedging,information asymmetry and trade costs, etc may arouse the home bias. But the behavioral finance theory shows that familiarity,language and culture,proximateness,relatively optimistie,ete,ean explain the home bias.