基于Logit建模的投资者交易行为的实证检验

A Demonstration on Investment Inclinations of Investors Based on Logit Model

我国的证券投资者究竟为何进行投资交易活动?本文简要回顾了国内外有关影响证券投资者交易行为的成因及作用效果研究的现状,采用Logit模型对3家证券营业部的400位个人投资者的问卷调查数据进行了实证检验,结果表明:投资者投资意愿的强弱与其对市场前景预期值、宏观环境满意度、政策监管满意度、上市公司认同度等因素有着密切的关系,并就如何增强投资者的投资意愿提出一些政策建议。

What makes investors trade in our country? A brief introduction of the research status of the influential factors on the investors is initially made in this paper. A model is also constructed by means of the Logistic regressive method. On the basis of the data from 400 investors questionnaires, it shows that the investment inclination relates greatly to the satisfactions on the economic environment, the policymaking and market management, the quality of companies,the information issue etc. Finally,some suggestions are recommended on enhancing the enthusiasm of the investors transaction inclinations.