社会与工程心理学研究室知识库

金融领域的投资者作为一个特殊的消费群体，其风险感知较一般的消费者风险感知而言更为复杂。同时，非专家的投资者（外行）由于对金融领域的知识或理解不足，因此他们也可能会寻求专家的帮助，但国外的研究者发现，专家和非专家的金融风险感知具有不同的维度并呈现出一些特征和水平方面的差异，他们在金融产品信息的理解上差异也很大。国内外已有的研究中，甚至对金融风险感知的概念和定义都未达成完全的共识，关于金融投资领域风险感知的系统性研究也不尽完善；而国内关于其维度和结构的研究更少，也未见有关于专家和外行（一般投资者）金融风险感知差异的研究。 本文正是在在综合归纳以往关于金融和投资、消费领域风险感知各类概念的基础上，提出了以“金融风险感知”为主要研究内容；针对个人投资者对金融产品的风险感知及其投资意向展开研究。将被试直接细分为专家投资者、活跃投资者和一般投资者三个群体并针对不同群体的金融风险感知差异进行研究。 研究选取当前中国市场最具代表性的五种产品，并针对中国市场上真实的金融领域323名个人投资者展开一系列问卷调查：一是借助国外常用的问卷调查（开放式与标准化问卷）与因素分析相结合的方式，开展金融风险感知的构面研究，确定了中国个人投资者的金融风险感知维度；二是专门针对专家（金融从业者）和外行（非专家）这两类群体的金融风险感知差异进行调查研究，并进一步将外行群体直接细分为活跃投资者和一般投资者两个不同的群体进行研究；三是研究前两个方面与投资意向的关系，以及人格特质、人口统计学变量与金融风险感知、投资意向之间的关系等。 本研究的结果发现： 1）中国的个人投资者金融风险感知具有五个维度，分别是：损失、收益（涉及产品本身）、态度、能力和信心（涉及投资者自身），这与国外维度研究的结果既有相似之处也有特色之处； 2）被试类型（专家投资者、活跃投资者和一般投资者）和产品类型（定期储蓄、银行理财产品、基金、股票和信托）显著影响金融风险感知，且产品类型调节被试类型对风险感知的影响。不同群体的个体投资者在银行理财产品、股票和信托三个产品上表现出了金融风险感知总体水平的显著差异，其中：专家投资者对银行理财产品的风险感知水平显著高于活跃投资者和一般投资者，一般投资者对股票的风险感知水平显著低于专家投资者和活跃投资者，活跃投资者对信托产品的风险感知水平显著低于专家投资者； 3）被试类型和产品类型显著影响投资意向，且产品类型调节被试类型对投资意向的影响。其中：定期储蓄的投资意向专家投资者<活跃投资者<一般投资者；银行理财产品和基金的投资意向活跃投资者显著低于一般投资者，二者都与专家投资者没有显著性差异； 4）在被试类型和产品类型对投资意向的影响机制中，金融风险感知具有中介作用； 5）信任正向影响投资意向，对产品发行机构的信任度越高，对该产品的投资意向越高。其中信托产品的信任度对投资意向影响最大； 6）投资经验会影响投资意向，已投资过产品的投资意向显著高于未投资产品，但在基金产品中该影响不显著。 这些本土化的研究，来自于中国投资市场上当前最具代表性的投资品种、真实的投资者实践、及其金融风险感知的情况，对中国金融和投资市场的合理健康发展、对中国投资者的理性、成功投资都具有重要意义。

Most researchers agreed that financial products consumers differ from common consumers, which means financial risk perception (FRP) is much more complicated than in other realms. What’s more, lay investors prefer to ask for help from professionals due to lack of financial knowledge or understandings. While researchers found differences between lay investors and professionals in their dimensions of FRP, together with differences in their understandings on information of financial products.Little research about the conceptual definition of risk perception has been examined and there is no universally agreed understanding of how FRP should be conceptualized till now. Even few researches of dimensions analysis in China and there’s not any research on differences between different groups at all. On the basis of previous researches on FRP, this article therefore focuses on FRP of investors and investment intention. Furthermore, on the bases of previous researches, I divided the investors into three groups. My research carries out the investigations especially on 323 Chinese individual investors with five types of financial products typical in today’s financial markets in China. First, dimension analysis by questionnaire survey and factor analysis, trying to find out the dimensions of Chinese investors’ FRP. Secondly, investigation on differences between three groups - professionals, active investors and lay investors. Finally, the relationship between the above. My research find that: 1) five dimensions of FRP of Chinese individual investors, i.e. losses, benefits (related to financial products itself), and affect, abilities, confidence (related to investor himself), which are similar to the foreign research results before in somewhere and dissimilar in another somewhere. 2) Subject group (professionals, active investors and lay investors) and product type (bank saving, bank financing products, fund, share and trust product) have a significant impact on FRP, and the impact of subject group on FRP would be adjusted by product type. Different group of individual investors show a significant difference between their FRP on bank saving, share and trust product: FRP on bank saving of professionals is obviously higher than the others, and FRP on share of lay investors is obviously lower than the others, FRP on trust product of active investors is obviously lower than professionals. 3) subject group and product type have a significant impact on investment intention, and the impact of subject group on investment intention would be adjusted by product type. i.e. investment intention on bank saving: professionals < active investors < lay investors; investment intention on bank financing product and fund: active investors < lay investors (no significant difference with professionals). 4) FRP mediates the impact of subject group and product type on investment intention. 5) trust has a positive impact on investment intention. More trust on product issuer, higher investment intention on this product especially on trust product. 6) investment experience would influence investment intention. Products invested before would be more likely to be reinvested except fund. The research investigates the most typical products from nowadays personal financing and investment market in China, results from the real investors and their investing activities both with their FRP. The research would be important for the healthy development of personal financial market in China, for the rational and successful investment by Chinese individual investors.