证券交易的移动化:眼球效应与乐观偏差

Mobile trading trend in the stock market:Attention-grabbing effect and optimistic bias

以我国证券市场上移动终端交易的迅速普及为背景,探讨了这种趋势对投资者行为及其投资损益的影响.研究发现:1)移动端投资者,尤其是占据其主导地位的移动端个人投资者,更加倾向于买入具有眼球吸引力的股票;2)移动端投资者相较于固定端投资者产生的乐观偏差对未来股票价格存在负面影响,且这种负面影响在具有眼球吸引力的股票中更为显著;3)从中短期投资表现来看,移动端投资者获得的收益率显著低于固定端投资者.研究结果表明:交易终端的差异会导致投资者的决策分歧,移动交易在一定程度上加剧了投资者的非理性行为,潜在降低了投资者的交易表现.

Based on the rapid popularity of mobile terminal trading in China’s stock market,this article discusses the influence of this trend on investor behavior and related investment performance.The study shows the following results.1)Mobile terminal investors,especially individual investors based on the mobile terminal who dominates the mobile trading activity,significantly net purchase attention-grabbing stocks.2)Optimistic bias exhibited by mobile terminal investors,relative to fixed terminal investors,can negatively and significantly influence future stock prices.This negative influence is more predominant among the attention-grabbing stocks.3)Mobile terminal investors perform worse than fixed terminal investors over either the short or medium horizon.The results indicate that the difference of trading terminals will lead to investor opinion divergence.Mobile trading aggravates investor irrational trading to a certain extent,and thus potentially reduces their investment performance.