Psychological mechanisms of investors in Chinese Stock Markets

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	Psychological mechanisms of investors in Chinese Stock Markets
	Wang, Xiao Lu ; Shi, Kan; Fan, Hong Xia ; X. L. Wang
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
	2006-12-01
语种	英语
发表期刊	JOURNAL OF ECONOMIC PSYCHOLOGY
ISSN	0167-4870
卷号	27 期号:6 页码:762-780
期刊论文类型	Article
收录类别	SSCI
WOS记录号	WOS:000243178700003
引用统计	被引频次：46[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
推荐引用方式 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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