投资者人格特质与股票市场参与的关系研究

论文总字数：27746字

摘 要

关键词…………………………………………………………………………4

Abstract…………………………………………………………………………5

Key words…………………………………………………………………………5

1导论……………………………………………………………………………6

1.1 提出研究问题…………………………………………………………………6

1.1.1 研究背景 ……………………………………………………………6

1.1.2 研究意义……………………………………………………………6

1.2 研究方法……………………………………………………………………………7

1.3 研究关键点和难点………………………………………………………………… 7

2 文献综述……………………………………………………………………………8

2.1 传统金融理论总数…………………………………………………………………9

2.2 人格特质经济学理论 ………………………………………………………………8

2.2.1 人格特质经济学……………………………………………………8

2.2.2 人格特质度量方法…………………………………………………9

2.2.3 人格特质具有稳定性…………………………………………… 11

2.2.4 人格特质对投资行为的影响……………………………………11

3 理论分析及研究设计………………………………………………………………………12

3.1 理论分析 ………………………………………………………………12

3.2 假设检验…………………………………………………………………13

3.3 模型设计………………………………………………………………13

3.4 研究样本和问卷设计…………………………………………………………… 14

4 实证分析和统计结果…………………………………………………………………………16

4.1 样本来源和描述性统计 …………………………………………………………16

4.1.1 样本来源………………………………………………………16

4.1.2 描述性统计分析………………………………………………16

4.2 实证分析…………………………………………………………… 17

5 研究结论及建议…………………………………………………………………………23

5.1研究结论分析………………………………………………………………23

5.2 政策建议…………………………………………………………… 23

致谢……………………………………………………………………………………………25

参考文献………………………………………………………………………………………26

附录 大五人格特质调查问卷………………………………………………………………27

投资者人格特质与股票市场参与的关系研究

14512132 魏成

指导教师 朱涛

摘要：传统金融理论主要建立在“有效市场假说”和“完全理性的投资人”这两个假设之上。然而资本市场尤其是股票市场主体的行为大多是动态，不稳定，不连续，不可逆的，稳定与均衡只是少数、暂时的现象。从理论与实证上都对经典金融理论发起了冲击，也激发了人们对“理性人”假设的反思与修正。经过20世纪后期心理学的极大发展，经济学家们将市场参与者的投资行为同不同投资者的心理联系起来，从而发展成了如今的人格经济学。本文首先回顾了传统金融理论，行为金融理论和股市参与行为之间的关系，并尝试利用投资者的人格特质来解释股市参与中发生的投资行为产生原因。本文利用“大五”人格特质度量方法，将股票市场投资者的心理细分为神经质（N），外向性（E），开放性（0），宜人性（A）和尽责性（C）五大分量，而这五大分量又可以根据不同人格特质描述细分而成众多的分量形式。将这些分量对应用一定的分值度量，并用回归统计软件进行相关性分析，初步的出的结论是，神经质这一人格特质同股市参与呈现负相关性，相反，外向性和开放性与股市参与呈现正相关性，尤其在发生股市危机时，相关性更为明显。而在参与股市中的受访者中，神经质，开放性与外向性的投资者同一些非理性的投资行为（例如羊群效应，过度交易等）呈现显著关系。

关键词：传统金融理论；人格特质经济学；“大五”人格特质

Research on the Relationships between Personality Traits and Stock Market Participation

14512132 Wei Cheng

Supervised by Zhu Tao

Abstract： Traditional financial theory is mainly based on these two assumptions,‘efficient market hypothesis’ and ‘perfectly rational investor’. However, capital market, especially the behavior of the stock market players are mostly dynamic, unstable, continuous, irreversible, on the other words, table and balanced are just a few temporary phenomenon. Classical finance theory are impacted by both from the theoretical and empirical, but also inspired people to "rational man" hypothesis reflection and revision . After the great development of the psychology in the late 20th century, economists connected the investment behavior of market participants with different investors’ personality traits. Then, it turns out to be the psychology economy. This paper reviews the relationship among the traditional financial theory, behavioral finance and stock market participation, and try to use personality traits to explain the investors' participation in stock market. In this paper, the "Big Five" personality traits measure the psychological breakdown of stock market investors for neuroticism (N), extraversion (E), openness (0), agreeableness (A) and conscientiousness (C) .These five component, which in turn can be described as the five components made of numerous components in the form of segments according to different personality traits. These components measure the application of a certain score, and use regression statistic to research the correlation analysis, we get a preliminary conclusion that the neurotic personality traits with the participation of the stock market showed a negative correlation, on the contrary, extraversion and openness showed a positive correlation on the participation in the stock market, especially in the event of a stock market crisis, the correlation is more obvious.

Key words: Traditional financial theory; personality economics; "Big Five" personality traits

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