金融创新产品扩散研究——基于复杂投资者网络

Study of Financial Innovation Diffusing:Based on Complex Investor Networks

以复杂投资者网络为载体,通过分析投资者对金融创新产品的投资决策机制,运用基于智能体的仿真计算方法,研究投资者网络拓扑结构、投资行为理性程度、投资者风险偏好异质程度、投资者"羊群效应"异质程度对产品扩散的影响。研究发现,随着投资者网络节点连接随机性的增强,产品扩散深度不断降低;投资者的投资行为越理性,产品扩散深度越高,扩散速度越慢;投资者的风险偏好异质程度和"羊群效应"异质程度越高,产品的扩散深度越高、扩散速度也越快。最后从金融机构的创新产品优化推广角度出发,提出了相应的实施策略。

By introducing the investment decision making mechanisms of a financial innovation and using the agent-based simulation method,this paper studies the influences of investor network topology structures,investment behavior rationality degree, discrepancies of investor r/sk preferences and discrepancies of investor ＂herd effects＂ on the innovation diffusion. The results show that the more random of investor network linkages are, the fewer the diffusion depth of the innovation will be. The more rational of investment behaviors are, the more diffusion depth of the innovation and the slower the diffusion speed will be. The larger the discrepancies of investor risk preferences and＂ herd effects＂ are, the more diffusion depth of the innovation and the faster the diffusion speed will be. At last, some strategies of promoting financial innovations diffusion are proposed.