摘要
就数字普惠金融发展对投资者“炒新”的影响进行的理论探讨和实证检验表明:总体上,数字普惠金融的发展加剧投资者“炒新”;数字普惠金融通过降低信息不对称机制缓解投资者“炒新”;数字普惠金融通过激发投资者乐观情绪机制刺激投资者“炒新”。现阶段,数字普惠金融对投资者乐观情绪的刺激程度相较降低信息不对称程度更明显,因此,在积极推动数字普惠金融发展时,需强化其缓解信息不对称功能,同时注意防范投资者情绪和过度反应引发的风险。
This paper makes a theoretical discussion and an empirical test on the influence of development of digital inclusive finance on investors’“speculation”.The research results show that:(1)Overall,the development of digital inclusive finance intensifies investors’“speculation”.(2)The development of digital inclusive finance alleviates investors’“speculation”by reducing the information asymmetry mechanism.(3)Digital inclusive finance stimulates investors to“speculate”through the mechanism of stimulating investors’optimism.At the present stage,digital inclusive finance stimulates investors’optimism more obviously than reducing information asymmetry.Therefore,while actively promoting the development of digital financial inclusion,it’s necessary to strengthen its function of alleviating information asymmetry,and pay attention to risks caused by investor sentiment and overreaction.
作者
吴桐桐
王仁曾
WU TongTong;WANG RenZeng(School of Economics and Trade, South China University of Technology, Guangzhou 510006)
出处
《财贸研究》
CSSCI
北大核心
2020年第11期53-64,共12页
Finance and Trade Research
基金
国家社会科学基金重点项目“金融科技驱动金融市场结构演进、效率变迁及金融稳定性演化研究”(19AJY025)。
关键词
数字普惠金融
投资者“炒新”
信息不对称
投资者情绪
digital inclusive finance
investors’“speculation”
information asymmetry
investor sentiment
