投资经验能够改善股民的收益状况吗--基于股民交易记录数据的研究被引量：49

Do Individual Investors Learn From Their Trading Experience?

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摘要本文利用中国某证券营业厅个体股民的交易记录数据考察了股民的投资经验对其投资收益的影响以及这种影响可能的产生途径。利用股民的股龄、累计持有股票数及累计交易股票次数作为投资经验的度量指标,我们发现上述经验指标对于股民的收益状况都有着显著的改善作用。随着经验的增加,股民的投资收益显著上升。而且这一结论对于不同性别、不同年龄投资者都是成立的。另一方面,通过对股民选股能力和择时能力的考察,我们发现,随着投资经验的增加,股民上述两种能力均有显著地提高。以上结论意味着投资经验通过对股民选股和择时能力的提升改善了股民的投资收益状况。 Abstract：The paper investigates whether individual investors are able to and how to improve their return rates as their trading experience increases. Trading experience, measured by the age of trading, the number transac- tions, and the number of different stocks purchased, significantly help to improve investor＇s portfolio perform- ance. This result holds for male and female investors and for different age investors. We also find that investors ability of choosing right stock at the right time is improving as their experience increases.

作者谭松涛陈玉宇

机构地区中国人民大学财政金融政策研究中心北京大学光华管理学院

出处《金融研究》 CSSCI 北大核心 2012年第5期164-178,共15页 Journal of Financial Research

基金教育部社科研究青年基金项目(项目批准号:10YJC790233)资助国家自然科学基金项目“政治关联、外部融资约束与企业投资:基于地级市政府换届数据的研究”(项目批准号:71102109)的资助

关键词投资经验选股能力择时能力 rading Experience, Market Timing

分类号 F832.51 [经济管理—金融学]

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参考文献18

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