信任、投资者行为与股票市场的发展:一个概念性分析框架

Trust,Investor Behaviors and Stock Market Development:A Conceptual Analysis Framework

在投资者行为和股票市场发展的分析中引入信任因素引发了金融理论范式的"文化革命"。从投资者的参与成本和风险感受两个角度系统地梳理了信任对于投资者行为的影响机制,归纳了在投资者长期社会交往和市场交易过程中影响信任水平的市场、社会和制度因素。从信任分析视角来看,信任的缺失是投资者对中国股票市场缺乏长期信心、盛行"短期投机"的根本原因。如何采取有效的措施重建投资者的信任,是中国股票市场目前最迫切的任务。

Introducing trust in the analysis of investor behaviors and stock market development has triggered the cultural revolution of the financial theory paradigm.Based on the latest literatures,from the perspectives of investors′participation cost and risk perception,this paper systematically combed the influence mechanism of trust on the behavior of investors,summarized market,social and institutional factors that affect the level of trust in the process of long-term social exchanges and market transactions.Trust analysis perspective tells us,lack of trust is the fundamental cause of the low level of investor′s long-term confidence and the prevalence of short-term speculation in China′s stock market.Therefore how to take effective measures to rebuild trust is the most urgent task of China′s stock market.