宝类基金的感知风险与投资行为

Perceived Risk and Investment Behavior of the Payment Fund

针对宝类基金风险感知对投资行为影响问题,首先从总体感知风险角度,用平滑转换模型探索宝类基金投资者风险感知对投资意向与行为的负向影响,其次剖析宝类基金感知风险不同构面。基于技术接受模型和计划行为理论,在控制知觉行为变量后,探索投资意向对促进投资的行为。结果显示:投资主体心理和财务方面风险感知大于产品层面功能风险感知;高等教育对风险感知有明显改善;低收入群体相对高收入对风险感知更敏感;对比网络与基金类,银行宝类基金投资风险感知和行为的关系不显著。

Focused on the impact of perceived risk on investment behavior,we firstly use Smooth Transition Regression to explore the negative impact of risk perception on investment intention and behavior from the perspective of overall perceived risk. Secondly,we analyze the different aspects of the perceived risk of the payment fund based on the technology acceptance model and the theory of planned behavior. Through controlling the variables of perceived behavior,we explore the effect of investment intention on investment behavior. The results show that investors' psychological and financial risk perception is greater than the functional risk perception from products level; higher education has a significant improvement in risk perception; lower income groups are more sensitive to the risk compared with higher income groups. Compared with network and fund class,the relationship between risk perception of the bank class fund and its investment behavior is not significant.