女性是出色的股票交易者吗?一个实验研究

Are Women Better Traders?An Experimental Study

金融市场存在性别比例失衡问题,男性在金融行业中占有主导地位。虽然现有行为金融文献研究发现男性与女性投资者在金融市场中的一些行为存在差异,比如股票交易频率(Fellner and Maciejovsky,2007)和股票投资意愿(Bannier and Neuberty,2016),但是,男性与女性投资者股票交易决策偏见特征及其影响机理还尚不明晰。为此,文章以处置效应为研究视角,依据Frydman and Rangel(2014)的实验设计,实验检验了男性和女性投资者的处置效应差异及其内在影响机理,旨在回答女性投资者的股票交易决策是否优于男性。实验结果显示:女性投资者的股票交易决策并不优于男性,这主要表现为女性的处置效应显著高于男性;女性更多地非理性持有亏损股票,而男性较多地理性持有盈利股票;女性投资者的感知后悔与处置效应显著正相关,而男性投资者的感知后悔与处置效应不具有显著相关关系;与男性相比,女性投资者的感知后悔对处置效应的影响更强。这表明女性投资者的股票交易决策更容易受到后悔情绪的影响,偏离理性决策。文章厘清了处置效应的性别差异及其影响机理,丰富了处置效应性别差异的理论解释。相关部门应该加强女性投资者的宣传教育工作,倡导理性投资。女性投资者应该树立理性的投资理念,采取措施减少情绪体验对股票交易决策的不利影响。

There is a gender imbalance in financial markets,and men dominate in the financial sector.The prior behavioral finance literature has found some differences in the behavior of male and female investors in the financial market,such as stock trading frequency(Fellner and Maciejovsky,2007)and stock investment willingness(Bannier and Neuberty,2016);however,the characteristics of male and female investors stock trading decision bias and its influencing mechanism are still unclear.Following the experimental design of Frydman and Rangel(2014),this paper,from the perspective of disposition effect,examines the gender differences of disposition effect and its influence mechanism.The aim of this paper is to answer whether female investors make better stock trading decisions than male.Experimental results show that female investors stock trading decisions are not better than male investors,which is mainly reflected in female investors exhibiting a more disposition effect than male;Female investors irrationally hold more loser stocks,while male investors rationally hold more winner stocks;Female investors perceived regret is positively correlated with disposition effect,while male investors perceived regret is not significantly correlated with disposition effect.Compared with male,female investors perceived regret has a stronger influence on disposition effect.These results indicate that female investors stock trading decisions are more likely to be affected by regret and deviate from rationality.This paper clarifies the gender difference of disposition effect and its influencing mechanism;it enriches the theoretical explanation of the gender difference of disposition effect.Relevant departments should strengthen the propaganda and education of female investors and advocate rational investment.Female investors should establish a rational investment philosophy and take measures to reduce the negative impact of emotional experience on stock trading decisions.