本地偏好:选择股票还是配置资金

Local Bias:Choose Stocks or Allocate Funds

本文采用2009-2013年中国A股市场的经验数据,以投资行为先选择股票再配置资金的内在顺序为切入点,对中国投资者本地偏好行为进行实证检验。结果表明：中国投资者在投资时普遍存在本地偏好,但这种偏好主要表现在配置资金层面;同时,本地偏好不是基于信息优势的理性行为,而是投资者分散投资意愿与回避悔恨心理相互斗争的结果。

Using the annual data of China's A-share markets from 2009 to 2013,this paper investigates Chinese investors' local bias from two aspects of choosing stocks and allocating funds,and analyzes the reasons causing local bias by empirical research.We find that Chinese investors prefer to invest in local firms,but they exhibit the bias only when allocating funds.Our results suggest local bias is not the rational behavior based on information advantage,but the interactive result of diversification and regret aversion.