【摘要】：投資者的行為偏差一直是行為金融學(xué)理論研究的核心問題之一,投資者在進(jìn)行投資決策時(shí)所表現(xiàn)出來的地域性偏好,就屬于一種行為偏差,對(duì)股票價(jià)格變動(dòng)和投資者的投資收益都有非常重要的影響。 首先以山東省青島市投資者為例,使用賬戶數(shù)據(jù)對(duì)投資者是否存在地域性偏好進(jìn)行了測量,并對(duì)投資者地域性偏好與投資者交易金額之間的關(guān)系進(jìn)行了分析。然后選取2000-2010年之間的A股數(shù)據(jù),采用面板數(shù)據(jù)的個(gè)體固定效應(yīng)模型進(jìn)行實(shí)證檢驗(yàn),分析當(dāng)投資者存在地域性偏好時(shí),會(huì)對(duì)股票價(jià)格變動(dòng)產(chǎn)生的影響。最后,將中國東部、中部、西部地區(qū)的實(shí)證結(jié)果進(jìn)行對(duì)比分析,并采用公司股東人數(shù)作為衡量公司知名度的指標(biāo),驗(yàn)證公司知名度、利率、存款準(zhǔn)備金率以及股權(quán)集中度等因素能否對(duì)上述的結(jié)論產(chǎn)生影響。 實(shí)證結(jié)果表明：投資者的地域性偏好會(huì)引起股票價(jià)格反向變動(dòng),即如果投資者具有強(qiáng)烈的地域性偏好,就會(huì)引起股票價(jià)格下降,而這種現(xiàn)象對(duì)于知名度越小的公司,就會(huì)越明顯。如果考慮了利率、存款準(zhǔn)備金以及股權(quán)集中度這三個(gè)因素,地域性偏好與股票價(jià)格之間的反向變動(dòng)的關(guān)系就會(huì)消失,即相比較利率、存款準(zhǔn)備金和股權(quán)集中度,地域性偏好對(duì)股票價(jià)格的影響并不顯著。
[Abstract]:The behavior deviation of investors has always been one of the core problems in the theory of behavioral finance. The regional preference of investors in investment decision-making belongs to a kind of behavior deviation. It has a very important impact on stock price changes and investors' investment returns. Firstly, taking Qingdao investors in Shandong Province as an example, this paper uses account data to measure whether investors have regional preference, and analyzes the relationship between investors' regional preference and investor transaction amount. Then the A-share data from 2000 to 2010 are selected and the individual fixed effect model of panel data is used for empirical test to analyze the impact on stock price changes when investors have regional preferences. Finally, the empirical results of eastern, central and western China are compared and analyzed, and the number of shareholders of the company is used as an indicator to measure the popularity of the company to verify the popularity and interest rate of the company. Whether such factors as reserve requirement ratio and equity concentration can influence the above conclusions. The empirical results show that investors' regional preference will cause reverse changes in stock prices, that is, if investors have strong regional preferences, they will cause stock prices to fall, and this phenomenon for the less well-known companies, The more obvious it will be. If three factors such as interest rate, deposit reserve and equity concentration are taken into account, the reverse relationship between regional preference and stock price will disappear, that is, comparative interest rate, deposit reserve and equity concentration. The influence of regional preference on stock price is not significant.
【學(xué)位授予單位】：青島大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F224

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