本文關(guān)鍵詞：股災(zāi)經(jīng)歷、職業(yè)身份與投資者風(fēng)險偏好　出處：《昆明理工大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著建國以來我國市場經(jīng)濟(jì)的不斷發(fā)展成熟,我國各地居民在金融資本市場上的投資呈現(xiàn)出極其多樣化的特點,而且,在這過程中往往需要由投資人自行判斷投資的方向并自行承擔(dān)由此帶來的風(fēng)險和收益。在多樣的投資產(chǎn)品品類中,股票投資因其高回報的收益率,越來越成為人們最關(guān)注的投資焦點。受到投資人青睞的原因無非是其雖有高風(fēng)險,可同樣有高回報的可能性的“短、平、快”投資特性。有獲利者就必然有損失者,這是必然相對存在的。對一般我們常說的投資者普羅大眾而言,股齡十年以上的極其可能經(jīng)歷了兩資股災(zāi)的嚴(yán)重沖擊。股災(zāi)作為系統(tǒng)性、全局性、大范圍、外生性的沖擊,傳統(tǒng)意義上的風(fēng)險控制手段往往難以真正保障投資人的權(quán)益和收益,非但如此,我們絕大部分的小中投資人撲普遍缺乏專業(yè)的金融、風(fēng)險、宏觀、微觀經(jīng)濟(jì)知識和理財專業(yè)知識水平,跟風(fēng)者為主,缺乏主動的專業(yè)判斷技能和風(fēng)險規(guī)避的手段。投資者的風(fēng)險偏好并非一成不變,一方面,會依據(jù)投資經(jīng)歷呈現(xiàn)動態(tài)變化,另一方面,不同背景特征的投資者也具有不同的風(fēng)險認(rèn)知或風(fēng)險態(tài)度,比如,公務(wù)員或者事業(yè)單位是否有編制、公司雇員是否有勞動合同、經(jīng)歷股災(zāi)后受到影響的大小,以上不僅僅受收入影響風(fēng)險偏好的差別。本研究首先關(guān)注股災(zāi)經(jīng)歷對投資者風(fēng)險偏好的影響,其次,本研究著重探討不同職業(yè)背景對股災(zāi)影響的調(diào)節(jié)作用。研究不同職業(yè)者的風(fēng)險偏好,有利于給投資個體有針對性地設(shè)計理財產(chǎn)品,實現(xiàn)對不同投資者的識別、追蹤、維護(hù),進(jìn)而實現(xiàn)金融機(jī)構(gòu)提供給投資者智能化且更科學(xué)的綜合理財方案。企業(yè)在此過程種能夠有效提升顧客價值、滿意度和忠誠度,企業(yè)也不需要在無序的價格競爭和商品競爭中疲于應(yīng)戰(zhàn),最終可以做到迅速而有效地提升企業(yè)的市場競爭力。投資的復(fù)雜多變性和客戶極低的轉(zhuǎn)換成本讓金融機(jī)構(gòu)時刻面臨競爭環(huán)境中優(yōu)勝劣汰。金融機(jī)構(gòu)在日常經(jīng)營中獲得大量的客戶銷售數(shù)據(jù),通過數(shù)據(jù)挖掘、描述性統(tǒng)計分析技術(shù)、應(yīng)用數(shù)據(jù)建模分析等方法,制定不同的客戶分類標(biāo)準(zhǔn),對客戶進(jìn)行分類管理。全球化下各國經(jīng)濟(jì)聯(lián)結(jié)日趨緊密,金融市場波動也更加頻繁,考察系統(tǒng)性金融沖擊對投資者風(fēng)險決策的影響有利于從不同的客戶分類中發(fā)現(xiàn)有價值的客戶,并進(jìn)行分類下的管理,用以金融機(jī)構(gòu)的決策支持。不同客戶分類下制定的營銷策略對金融機(jī)構(gòu)實現(xiàn)營銷資源與產(chǎn)品組合的合理配置,獲得穩(wěn)定客源,提高銷售額和利潤額,提升金融機(jī)構(gòu)核心競爭力有重要的意義。本文研究在以下方面略有貢獻(xiàn)。第一,豐富了風(fēng)險與股市投資偏好的理論,為投資理論和實證研究提供了一個新的視角。目前雖有風(fēng)險與股市投資偏好不少研究內(nèi)容,但是基于細(xì)分公務(wù)員客群的針對性研究還相當(dāng)匱乏。第二,本文的結(jié)論落腳在公務(wù)員的投資偏好范疇,且對于經(jīng)歷股災(zāi)的公務(wù)員客戶行為作了下沉式的再度細(xì)分,給指引體制內(nèi)的公務(wù)員投資組合提供了良好的理論基礎(chǔ)和投資方向指引。
[Abstract]:With the continuous development of our country since the founding of the maturity of the market economy, Chinese residents of investment in the financial capital market presents the characteristics of extremely diverse and, in the process often need to determine the direction of investment by the investors themselves and to bear the risks and benefits of the resulting in the variety of investment products, stock investment because of its high rate of return on investment, has increasingly become the focus of concern to most people. The reason favored by investors is nothing but although there is a high risk, high return can also have the possibility of "short, flat, fast" investment characteristics. Profit will inevitably have losses, this is the opposite of necessity there. We often say that the general public investors, shares of more than ten years old may have experienced extremely serious impact. Two capital stock market crash crash as a systemic, global, large range, exogenous impact Hammer, risk control means in the traditional sense is often difficult to really protect the rights and benefits of investors, not only that, most of our small investors on the general lack of professional financial risk, macro micro economic and financial knowledge, professional knowledge, follow the trend, the lack of active professional judgment skills and risk aversion means. The risk appetite of investors is not immutable and frozen, on the one hand, on the basis of the investment will experience changes, on the other hand, investors have different background characteristics have different perceptions of risk or risk attitude, for example, civil servants or institutions are prepared, the employees of the company are affected by the experience of the labor contract, after the stock market crash size. The above is not only affected by the difference of risk preference income effects. In this study, the first concern of crash experience influences the risk preference of investors, secondly, this study To explore the different occupation background to regulate stock market crash impact. The occupation of different risk preferences, conducive to the individual investment in the design of financial products, to achieve the recognition of different investors, tracking, maintenance, and financial institutions to provide investors with more intelligent and scientific comprehensive financial solutions. During the course of enterprise which can effectively improve customer value, satisfaction and loyalty, enterprises need not disorderly price competition and product competition in the struggle to fight, finally can be done quickly and effectively enhance the market competitiveness of enterprises. The complexity and customer investment conversion very low cost to financial institutions faced competitive environment in the survival of the fittest. Financial institutions to obtain the customer a lot of sales data in the daily operation, through data mining, statistical analysis technology, application of data modeling and analysis etc. Methods, different standards of customer classification, classified management of customers. Under the globalization economy increasingly close links, the volatility of financial markets have become more frequent, the effects of systemic financial impact on investors' risk decision-making is conducive to hair existing value from the customer classification in different customers, and classification management, to financial institutions make different decision support. Customer classification of marketing strategies for the realization of the rational allocation of marketing resources and product portfolio of financial institutions, to obtain a stable source, increase sales and profits, has an important significance to enhance the core competitiveness of financial institutions. This paper studies in the following aspects. The first contribution slightly, enrich the risk and investment preference of stock market the theory provides a new perspective for investment theory and empirical research. At present, although the stock market risk and investment preference many contents, but Based on the subdivision of civil servants group specific research is very scarce. In second, the conclusion of this paper based on the civil service preference of investment category, and the experience of customer behavior for the civil servants crash once again broken down sink style, provides a theoretical foundation and a good investment direction guidance for civil servants in the portfolio of pull ups.

【學(xué)位授予單位】：昆明理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832.51

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