Psychological mechanisms of investors in Chinese Stock Markets
Wang, Xiao Lu; Shi, Kan; Fan, Hong Xia; X. L. Wang
2006-12-01
发表期刊JOURNAL OF ECONOMIC PSYCHOLOGY
ISSN0167-4870
文章类型Article
卷号27期号:6页码:762-780
摘要The study investigated the psychological mechanisms of risky investment behaviors in Chinese Stock Markets. A 42-item questionnaire was developed and distributed to 1547 individual investors recruited by stratified random sampling from Nan Fang Bond Company. A speculative orientation and a low level of risk perception among Chinese investors were revealed. The results also showed that investors were deficient in investment knowledge and skills. Structural equation modeling was used to generate a risk perception-mediated model for investment behaviors. We found that information from organizational/institutional level can precipitate low risk perception and policy-oriented speculation of investors, which could be accounted for by the collectivistic culture in China and may not be beneficial to risk management in Chinese Stock Markets. Suggestions were made regarding the further development of stock markets in China.; The study investigated the psychological mechanisms of risky investment behaviors in Chinese Stock Markets. A 42-item questionnaire was developed and distributed to 1547 individual investors recruited by stratified random sampling from Nan Fang Bond Company. A speculative orientation and a low level of risk perception among Chinese investors were revealed. The results also showed that investors were deficient in investment knowledge and skills. Structural equation modeling was used to generate a risk perception-mediated model for investment behaviors. We found that information from organizational/institutional level can precipitate low risk perception and policy-oriented speculation of investors, which could be accounted for by the collectivistic culture in China and may not be beneficial to risk management in Chinese Stock Markets. Suggestions were made regarding the further development of stock markets in China. (c) 2006 Elsevier B.V. All rights reserved.
关键词Chinese Stock Markets psychological mechanisms investment behaviors risk perception individual investors
学科领域经济心理学
收录类别SSCI
语种英语
WOS记录号WOS:000243178700003
引用统计
被引频次:20[WOS]   [WOS记录]     [WOS相关记录]
文献类型期刊论文
条目标识符http://ir.psych.ac.cn/handle/311026/5643
专题中国科学院心理研究所回溯数据库(1956-2010)
通讯作者X. L. Wang
作者单位1.Chinese Acad Sci, Inst Psychol, Beijing, Peoples R China
2.Grad Univ, Chinese Acad Sci, Beijing, Peoples R China
3.Univ Illinois, Inst Labor & Ind Relat, Urbana, IL 61801 USA
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GB/T 7714
Wang, Xiao Lu,Shi, Kan,Fan, Hong Xia,et al. Psychological mechanisms of investors in Chinese Stock Markets[J]. JOURNAL OF ECONOMIC PSYCHOLOGY,2006,27(6):762-780.
APA Wang, Xiao Lu,Shi, Kan,Fan, Hong Xia,&X. L. Wang.(2006).Psychological mechanisms of investors in Chinese Stock Markets.JOURNAL OF ECONOMIC PSYCHOLOGY,27(6),762-780.
MLA Wang, Xiao Lu,et al."Psychological mechanisms of investors in Chinese Stock Markets".JOURNAL OF ECONOMIC PSYCHOLOGY 27.6(2006):762-780.
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