证券投资中的信任及影响因素研究

An Analysis of Trust in the Securities Market

本文采用Sapienza、Toldra和Zingales等人的研究方法(STZ方法),对社会信任进行经济学诠释,并重点探讨了证券投资中的信任及影响证券信任的重要因素。证券信任包含信念和偏好两方面内容。从信念上看,是对整个证券市场和交易对象的信任水平的预期;从偏好上看,它反映了投资者与风险偏好、利他主义和家庭影响等因素相关的个人和社会特征。

Trust, as an important form of social capital, plays a critical role in the economy. This paper explains the trust from the economic perspective and analyzes the trust in the securities market. Trust is understood as the combination of the belief part and preference part, that is, the belief in the financial institution and in other people＇s trustworthiness, as well as the specific preferences such as risk aversion, unconditional kindness, reciprocity and altruism and etc..