投资者本地偏好行为研究进展

Research Progress on Investor’s Home Bias

本地偏好是投资过程中广泛存在的一种行为现象。投资者本地偏好行为成因复杂,背后涉及诸多关键的经济学机理,蕴含着许多不同的经济效应。深入研究投资者本地偏好行为对于理解资本市场上的投资者行为规律,提升资本市场效率和完善资本市场监管政策具有重要意义。本文对本地偏好的研究和发展动态进行了全面梳理和系统分析。首先,本文总结了投资者本地偏好的计量方法,讨论了本地偏好的制度成因、信息优势成因和投资者偏误成因。然后,本文分析了本地偏好对投资回报、市场效率和宏观经济等方面的影响。最后,本文结合当前研究的不足,展望了该领域未来的研究方向和重点。

Home bias is a widespread behavioral phenomenon in the investment process both globally and domestically.The causes of investors’home bias are complex,which are related with many key economic principles and contain different economic consequences.It is of great significance to deeply study the home bias for understanding the rule of investors’behavior in the capital market as well as improving the efficiency and supervision of the capital market.This paper summarizes the measurement of investors’home bias,discusses the causes of home bias from the perspective of institutions,information advantage and investor bias,and analyzes the influence of home bias on investment return,market efficiency and macroeconomy.Finally,this paper analyzes future research directions in this field with discussions on the shortcomings of current research.