个体投资者自尊与羊群行为:特质愤怒和他人评价的作用

Individual Investors' Self-esteem and Herding Behavior:The Effect of Trait Anger and Others' Assessment

以个体投资者为研究对象,本研究基于个体内部异质性和外部决策情境相整合的视角,构建了一个被调节的中介作用,以探讨自尊与羊群行为的关系以及特质愤怒和他人评价在其中的作用。研究结果表明,自尊对特质愤怒、羊群行为均有显著负向影响;特质愤怒在自尊与羊群行为间起中介作用;他人评价对特质愤怒与羊群行为间关系以及对自尊通过特质愤怒影响羊群行为的间接效应均具有调节作用,无他人评价时特质愤怒在自尊对羊群行为负向影响中具有完全中介效应,该中介作用在存在他人评价时变得不显著。这些结论对于我国建设理性投资者队伍、开展投资者教育实践具有启示作用。

Using a sample of individual investors in the Chinese stock market,this study proposes and empirically tests a moderated mediation model for understanding the relationship between self-esteem and herding behavior and studying the mechanism of trait anger and others' assessment from the perspective of integrating individual internal het- erogeneity and external decision-making situation. It shows that self-esteem had a significant negative impact on trait an- ger and herding behavior,trait anger mediated the relationship between self-esteem and herding behavior. It also indi- cates that others' assessment moderated the relationship between trait anger and herding behavior, and the assessment also moderated the indirect effect of self-esteem on herding behavior,trait anger fully mediated the negative effect of self-esteem on herding behavior without others' assessment,but the mediating effect became insignificant with others' assessment. These conclusions have implications for building a rational investor team and developing investor education practices in China.