基于访问深度的互联网金融产品投资风险偏好研究

Research on Risk Preference of Internet Finance Investment Based on Depth of View

基于风险认知与风险偏好理论,利用一个P2P网络借贷平台中独特的用户行为轨迹追踪数据集,以投资人网站访问深度作为网络互动程度的代理,以选择投资不同风险属性的互联网金融产品作为投资偏好的表现,考虑投资人投资前的相对风险偏好系数和期望收益率,实证研究访问深度与投资风险偏好之间关系及其在不同群体中的异质性。研究发现:(1)访问深度越深,投资人越偏好于选择投资低风险的金融产品;(2)IV Probit估计结果进一步表明,访问深度每增加一单位,投资人选择高风险金融产品的概率下降5.18%;(3)访问深度对投资风险偏好的影响在不同性别、资产特征、账户特征和历史投资特征的群体中均存在异质性。本文研究可应用于智能投资顾问领域,研究结论对于引导投资人合理投资,防范互联网金融风险,促进互联网金融理财市场健康发展具有一定的现实意义。

Based on the theory of risk perception and risk preference,this paper empirically studies the impact of depth of view on investment risk preference of Internet financial products and its heterogeneity in different groups by using the unique user behavior trajectory tracking data set in the Internet lending platform.The results show that:(1)the deeper the depth of the view,the more investors prefer to invest in low-risk financial products;(2)the IV Probit estimation results further show that the probability of investors choosing high-risk financial products decreases by 5.18%with each increase of the depth of view;(3)the impact of depth of view on investment risk preference of Internet financial products is heterogeneous in different gender,amount of account assets,registration time and number of investments.This study can be applied to the intelligent investment consulting field.In addition,the research conclusion has certain practical significance for guiding investors to invest rationally,preventing Internet financial risks and promoting the healthy development of Internet financial market.