本文選題：財務(wù)信息 + 投資績效　； 參考：《哈爾濱工業(yè)大學(xué)》2013年碩士論文

【摘要】：股票市場個人投資者應(yīng)如何通過合理決策獲得超額收益，是一直以來備受國內(nèi)外學(xué)者青睞的重要課題。行為金融理論從研究投資者投資心理入手，突破傳統(tǒng)金融理論的局限，成為研究投資者非理性決策的重要基礎(chǔ)。投資策略方面，價值投資理論認(rèn)為，理性的投資行為應(yīng)該是注重公司基本面狀況的長期投資，財務(wù)信息作為反映股票基本面的關(guān)鍵信息，對其利用程度直接關(guān)系到股票選擇的理性程度。然而，傳統(tǒng)的實(shí)證會計在研究財務(wù)信息與股票投資績效的關(guān)系時，通常致力于從整個市場的角度出發(fā)，缺乏從微觀上對個人投資者投資效果的研究。那么，財務(wù)信息對我國股票市場個人投資者的投資行為產(chǎn)生怎樣的影響，究竟能否通過對財務(wù)信息的利用提高投資收益，成為本文研究的主要問題。 本文從行為分析的角度切入，探討在股票選擇中財務(wù)信息利用程度與個人投資者投資績效之間的關(guān)系。結(jié)合行為金融學(xué)理論和投資者信息偏好理論，，在對投資者非理性認(rèn)知偏差進(jìn)行分析的基礎(chǔ)上，將個人投資者的股票選擇行為分為高財務(wù)信息利用度和低財務(wù)信息利用度兩種模式，從價值投資、財務(wù)信息價值相關(guān)性、交易頻率和羊群行為的角度，對這兩種模式下投資者的投資績效分別進(jìn)行理論分析，據(jù)此提出研究假設(shè)。采用問卷調(diào)查法收集數(shù)據(jù)，對調(diào)查問卷結(jié)果進(jìn)行可靠性和有效性檢驗(yàn)，并對個人投資者的財務(wù)信息利用程度、投資行為和投資績效情況進(jìn)行統(tǒng)計分析。建立有序logistic模型，對樣本進(jìn)行實(shí)證檢驗(yàn)，得到的結(jié)論是對財務(wù)信息利用程度較高的投資者更注重股票的基本面情況，更具有價值投資傾向。提高對財務(wù)信息的利用程度能夠幫助個人投資者取得更好的投資績效，降低交易頻繁和羊群行為等非理性投資行為對投資收益的負(fù)面影響。
[Abstract]:How individual investors in stock market should obtain excess returns through rational decision has been an important topic favored by scholars both at home and abroad. Behavioral finance theory starts with the study of investor's investment psychology, breaks through the limitation of traditional financial theory, and becomes the important foundation of investor's irrational decision. In terms of investment strategy, the theory of value investment holds that rational investment behavior should be a long-term investment focusing on the fundamental situation of the company, and financial information is the key information to reflect the stock fundamentals. The degree of its utilization is directly related to the rational degree of stock selection. However, when the traditional empirical accounting studies the relationship between financial information and stock investment performance, it usually focuses on the whole market, and lacks the research on the investment effect of individual investors from the micro perspective. So, how does financial information affect the investment behavior of individual investors in our stock market, and whether the utilization of financial information can improve the investment returns becomes the main problem of this paper. From the perspective of behavioral analysis, this paper explores the relationship between the degree of financial information utilization and the investment performance of individual investors in stock selection. Based on the behavioral finance theory and investor information preference theory, this paper analyzes the irrational cognitive bias of investors. The stock selection behavior of individual investors is divided into two models: high utilization of financial information and low utilization of financial information. From the perspective of value investment, correlation of financial information value, trading frequency and herd behavior, the stock selection behavior of individual investors is divided into two models: high utilization of financial information and low utilization of financial information. On the basis of theoretical analysis of investors' investment performance in these two models, the research hypotheses are put forward. The data were collected by questionnaire, the reliability and validity of the questionnaire were tested, and the degree of financial information utilization, investment behavior and investment performance of individual investors were analyzed statistically. An orderly logistic model is established to test the samples. The conclusion is that the investors with higher utilization of financial information pay more attention to the fundamental situation of the stock and have the tendency of value investment. Improving the use of financial information can help individual investors to achieve better investment performance and reduce the negative impact of irrational investment behavior such as frequent trading and herd behavior on investment returns.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F830.42;F832.51

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