基于多因素权重模型的证券投资者交易动因的研究

Research on the multi-factors weighting model of investors' behaviors

分析中国证券市场投资者交易动因的影响因素,可构建一个"影响证券投资者投资倾向的多因素权重模型(MWMIB)"。通过154家证券营业部的4858位投资者的问卷调查数据,对我国证券投资者的投资倾向进行实证检验,结果表明:尽管证券投资者总体对我国证券市场的宏观环境评价较高,但普遍对市场政策、上市公司的质地和信息的披露等方面持消极态度,投资意愿不高,证券市场政策干预的特征较明显。

A brief review of the researches made on investors behaviors can lead to the conclusion of five factors that affect Chinese investors' behaviors and the establishment of the multifactors weighting model of investors' behaviors.A questionnaire to 4858 investors in 154 security departments of Jiangsu Province shows that investliabilities exist in stock corporation conditions,stock information publication as well as maket policies.