大股东隧道行为对中小投资者信心及行为的影响研究——基于问卷调查

Study on Influence of Tunneling Behavior of Controlling Shareholders on Confidence and Behavior of Small Shareholders:Based on Questionnaire Survey

本文利用问卷调查的方法,研究了普通中小投资者对大股东隧道行为、投资者保护等问题的认识和理解,以及隧道行为对中小投资者的信心、行为、投资策略等的影响。通过对问卷结果进行统计与分析,发现大股东的隧道行为会造成中小投资者信心缺失,并使投资者做出相应的行为调整,改变他们对市场发展的判断和看法,最终给资本市场带来负面影响。

Based on the questionnaire survey,this paper studies the understanding of small shareholders for tunneling behavior of controlling shareholders,and the impacts of tunneling behavior on their confidence,behavior and investing strategies.The results show that tunneling would weaken small shareholders＇ confidence,and shift their investing decisions and behaviors,and change their judgement about future development of capital market,which ultimately brings negative strike for capital market.