社会学特质、信息处理与投资者行为

Sociology Characteristics,Information Processing and Investor Behaviors

利用我国7个城市843位股民的问卷调查数据,运用相关性检验和多元应变量Logit模型探讨投资者社会学特质、信息处理与非理性行为的相互关系和影响机制。结果表明,投资者的部分社会学特征变量会显著影响信息处理行为,投资者素质和信息处理能力的提高会显著降低投资者非理性行为的倾向,信息处理能力的提高会降低部分社会学特征变量对非理性行为的影响程度。监管部门应制订相应的法律法规,从提高投资者素质和加强信息监管两方面入手,有效降低投资者非理性行为发生的概率,提高市场运行效率。

Using the survey data from 843 shareholders of 7 cities in China, the paper analyzes the rela- tionship and influence mechanism between investors＇ sociological character, information processing behavior and irrational behavior by the correlation test and multiple variable Logit model. The results show that, some feature variables of investors may obviously influence their information processing behaviors, and their invest- ment quality and information processing capability will significantly reduce the tendency of irrational behav- iors. Their information processing capacity will also reduce the degree of irrational behaviors. Supervision departments should formulate relevant laws and regulations to improve the quality of investors, and enhance information supervision. These polices can effectively improve the efficiency of securities market and reduce the probability of investors＇ irrational behaviors in China.