摘要
性别、年龄和认知能力等基本个体特征是形成行为偏好的基础,而风险、时间、模糊等基本行为偏好对个体决策行为产生重要影响.本研究首次对较大样本中国真实投资者的认知能力和行为偏好进行全面测度,并考察其对一系列重要金融决策行为的影响.认知能力低的个体表现为更加厌恶风险和不确定,更加不耐心.认知能力和风险偏好还对于股票投资中的具体行为和其他金融产品的参与决策具有重要的解释力.风险偏好对投资交易风格和是否参与融资融券类高风险金融产品具有解释力,模糊偏好对投资者的投资份额、交易频率、交易风格,以及是否参与贵金属和外汇类金融产品都具有解释力,而时间偏好对投资者交易频率和交易风格,以及是否参与公募基金均具有解释力.认知能力则通过行为偏好的部分中介效应和其他传导途径对特定金融决策产生影响.
Individual characteristics like gender,age and cognitive abilities are the basis of behavioral preferences,while behavioral preferences including risk,time and ambiguity preferences are crucial determinants of individual decision-makings.This research measures individual cognitive abilities and behavioral preferences in a large sample of Chinese stock investors,and investigates their impacts on a series of important financial behaviors.Individuals with lower cognitive abilities are more likely to avoid risks and uncertainties,as well as be more impatient.Cognitive abilities and behavioral preferences also have explanatory power for investors'stock trading behaviors and participation in some other financial products.Further,risk preference is related to investors’stock trading style of"chasing-up"or"bargain-hunting"and participation in high risk financial products like securities margin trading.Ambiguity preference is not only related to investors’stock investment shares,trading frequency and trading style,but also is related to their participation in bullion market and foreign exchange trading.Time preference is related to investors’stock trading frequency and trading style,as well as their participation in mutual fund.Cognitive abilities can impact financial decisions partly through the mediating effects of behavioral preferences and partly through the effects of other channels.
作者
姜树广
韦倩
沈梁军
JIANG Shu-guang;WEI Qian;SHEN Liang-jun(Centre for Economic Research,Shandong University,Jinan 250100,China;Shenzhen Stock Exchange,Shenzhen 518038,China)
出处
《管理科学学报》
CSSCI
CSCD
北大核心
2021年第1期19-32,共14页
Journal of Management Sciences in China
基金
浙江省自然科学基金资助项目(LY18G030033)
国家自然科学基金资助项目(71873076)
国家“万人计划”青年拔尖人才资助项目(W03070176)
山东省“泰山学者”青年专家项目(TSQN20161008)。
关键词
认知能力
时间偏好
模糊偏好
追涨-抄底
金融决策
cognitive ability
time preference
ambiguity preference
"chasing-up"and"bargain-hunting"
financial decision-making
