本文關鍵詞：我國股市中小投資者風險承受能力影響因素研究　出處：《中南民族大學》2013年碩士論文　論文類型：學位論文

  更多相關文章： 投資者風險承受能力 最優(yōu)尺度回歸 風險偏好 風險認識 安全邊際

【摘要】：我國證券市場從20世紀90年代起步至今已有二十余年的發(fā)展歷史。盡管如此，與發(fā)達國家證券市場相比較，我國的證券市場仍是一個新興的市場，機制尚不完善，制度尚不健全，投資理念尚不成熟。 證券市場上的投資者有兩類，一類是機構投資者，另一類是普通投資者。機構投資者占盡先機，在資金實力、技術手段及信息的獲取與把握上都具備絕對優(yōu)勢；而后者則往往由于勢單力薄，通過揣摩、打聽前者的消息或動態(tài)，作為參考依據(jù)進行決策。在我國證券市場上，中小投資者占到投資者的絕大部分，其決策行為在很大的程度上決定著市場的發(fā)展狀況。然而在這場博弈中他們又屬于于弱勢群體，其非理性的決策行為往往導致了股市的不穩(wěn)定。 在我國這種明顯的非有效市場中，以“理性人”假設作為基礎的傳統(tǒng)行為金融學理論在多大程度上能解釋具有中國特色股票市場還存在疑問。從某種程度上來說，行為金融理論為我們更好地去理解中國證券市場上的異象，提供了一個獨特的研究視角及強有力的研究工具。以市場的參與主體——“投資者”的實際決策為出發(fā)點，探尋市場價格的發(fā)生機制，無疑要比一系列的理論推導來得有意義。作為行為金融學理論的重要組成部分的投資者風險承受能力是影響投資者制定投資目標，進行投資決策的關鍵因素之一，對投資者行為有著重要的影響。 由于中國證券市場與西方發(fā)達國家證券市場有著較大異質性，因此影響西方投資者投資行為的因素和影響我國投資者行為的因素之間存在較大的差異，西方的一些風險承受能力理論和實證檢驗結果對我國投資市場而言也未必適用，因此有必要對驅使投資者行為的風險承受能力的影響因素進行分析。 研究投資者風險承受能力的大小以及投資者風險承受能力的影響因素，實踐上，可以幫助投資者選擇適合于自身的投資品種，，合理的進行資源的配置，從而實現(xiàn)投資自身的投資目標。同時也有利于投資經理人員對投資者進行投資教育，幫助客戶制定投資策略，向客戶推介合適的投資產品。理論上，可以完善行為金融學的相關理論，并為解釋行為金融領域出現(xiàn)的一些市場異象提供參考。當前有關風險承受能力問題的研究都集中在人口統(tǒng)計特征方面，主要是判斷風險承受能力是否受這些表征的影響，以及影響程度，然而卻并未對投資者風險承受能力的影響因素得出一致的結論。大量的研究甚至得出了相反的結論，考慮到投資者風險承受能力對保護證券市場中小投資者的重要意義，本文通過分析投資者風險承受能力的影響因素進而探究風險承受能力的內部結構，希望能對這些矛盾的研究結論提供可靠的解釋。 本文以一份問卷調查為基礎，通過交叉列聯(lián)表頻數(shù)分析，卡方檢驗，最優(yōu)尺度回歸模型分析對影響投資者風險承受能力的因素進行了深層次的探究并得出：人口統(tǒng)計特征只是間接的影響投資者風險承受能力的因素，只能解釋投資者風險承受能力的一小部分。而投資者風險偏好，投資者的家庭負擔情況，投資者所受的教育及所擁有的投資知識等是影響投資者風險承受能力的主要因素，能夠解釋投資者風險承受能力的68.1%。 基于問卷調查的研究結論，本文提出投資者風險承受能力的內部結構模型，投資者風險承受能力主要包括三個要素：風險的認知度，風險的偏好性以及個人的安全邊際。風險偏好較高的投資者往往會設定較高的安全邊際；安全邊界較高的投資者風險偏好也相對較高，同時風險認識度較高的投資者則會設置較高的安全邊際，而投資者的風險承受能力除了強調其主觀偏好性以外應該同時考慮其客觀能力。其中風險認知主要受教育水平，股齡的影響，而風險偏好主要受性格，年齡，性別，遺傳，生活環(huán)境等的影響，安全邊界與一個人的收入水平，家庭負擔，職業(yè)，健康等因素有關。 運用這一理論，我們對以往研究中風險承受能力影響因素中一些存在置疑的地方嘗試性的進行了解釋，認為年齡是一個綜合性的變量，剔除其他因素的聯(lián)動影響，則年齡與風險承受能力之間存在負相關性。但是年齡的變化往往伴隨著收入，投資知識的變化，因此以往的研究中出現(xiàn)了相矛盾的結論。 同時提出職業(yè)與風險承受能力之間相互影響的問題，由于不同的風險偏好會選擇的不同類型的職業(yè)，與此同時不同的職業(yè)又會影響收入等其他變量，因此不是職業(yè)影響風險承受能力而是二者相互影響。
[Abstract]:China's securities market has been developing for more than twenty years since its start in 1990s. Despite this, compared with developed countries, China's securities market is still an emerging market, and its mechanism is not yet perfect, the system is not yet sound, and the investment idea is not yet mature.
Investors in the stock market has two kinds, one is institutional investors, a class of ordinary investors. Institutional investors to take the lead in financial strength, acquisition and grasp have absolute advantage in technology and information; the latter is often due to the weak, try to figure out, inquiring about the former news or dynamic, as a reference on the basis of decision-making. In China's stock market, small investors accounted for the vast majority of investors, the decision-making behavior determines the development of the market to a great extent. However, in this game they belong to vulnerable groups, the irrational decision behavior often leads to instability in the stock market.
In the non effective market of our country this apparent, with the assumption of "rational man" as the basis of the traditional behavioral finance theory can explain the characteristics of the stock market has China there is still doubt the extent. To some extent, the theory of financial behavior better for us to understand China anomalies of stock market. Provides a unique perspective and powerful research tool. The actual decision in the main market, "investors" as the starting point, to explore the mechanism of market price, will undoubtedly have a theoretical significance than a series of it. As an important part of the theory of behavioral finance investors risk tolerance influence of investors to make investment targets, one of the key factors of the investment decision, has an important influence on the behavior of investors.
Due to the stock market China securities market and the western developed countries have great heterogeneity, so the factors that affect the investment behavior of investors in the West and there is a big difference between the influencing factors of Chinese investors' behavior. Some of the Western risk theory and empirical test results may not be applicable to China's investment market, it is necessary to carry out the influencing factors of the driving behavior of investors risk tolerance analysis.
Study on the influence factors of practice, investors risk tolerance size and risk tolerance of investors, investors can choose suitable for their own investment varieties, reasonable allocation of resources, so as to realize their own investment investment objectives. At the same time also help investment managers to educating investors, make the investment strategy to help customers introducing suitable investment products to customers. In theory, it can improve the theory of behavioral finance, provide some reference to explain the behavior of financial market anomalies and field. When relevant risk tolerance problem of the research has focused on the demographic characteristics, is mainly to determine risk tolerance is affected by these characters. As well as the influence, but did not affect the risk tolerance of investors factors reached the same conclusion. A large amount of research It even reached the opposite conclusion, considering the risk tolerance of investors on the significance of protecting small investors of the securities market, the internal structure by analyzing the factors influencing the risk tolerance of investors and explore the risk tolerance, hoping to study these contradictory conclusions provide a reliable explanation.
This paper is based on a questionnaire, through crosstables frequency analysis, chi square test, optimal scaling regression analysis on the factors influencing the risk tolerance of investors further explore and draw: the impact of investor risk tolerance wind indirect factor is the demographic characteristics, can only explain a small part of investors the risk tolerance and risk preferences of investors, family burden of investors, investors are educated and have knowledge of investment are the main factors influencing the risk tolerance of investors, investors can explain the risk tolerance of 68.1%.
Conclusion the study based on questionnaire survey, this paper internal structure models of risk tolerance of investors, investors risk tolerance includes three factors: risk awareness, risk preference and personal safety margin. The higher the risk appetite of investors to set a higher safety margin; higher investor risk appetite is also a security boundary relatively high, while the risk awareness of higher investor will set a higher margin of safety, and the risk tolerance of investors in addition to emphasize the subjective preference should also consider beyond its objective ability. The risk cognition is mainly affected by the level of education, and the effect of the age of shares, risk preference is mainly influenced by personality, age, gender, genetic effect, living environment, income level, security boundary with one's family, occupation, health and other factors.
Using this theory, we risk factors of bearing capacity in previous studies in some places that influence tentatively explained, that age is a comprehensive variable linkage, eliminating the effect of other factors, there is a negative correlation between age and risk tolerance. But the changing age is often accompanied by income therefore, changes in investment knowledge, previous studies appeared contradictory conclusions.
At the same time put forward the mutual influence between occupation and risk tolerance of the problem, because of the different risk preferences will choose different types of occupation, at the same time different occupation will affect the income and other variables, so the effect of risk tolerance but not occupation two mutual influence.

【學位授予單位】：中南民族大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F832.51

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