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Psychological mechanisms of investors in Chinese Stock Markets
Wang, Xiao Lu; Shi, Kan; Fan, Hong Xia; X. L. Wang
2006-12-01
Source PublicationJOURNAL OF ECONOMIC PSYCHOLOGY
ISSN0167-4870
SubtypeArticle
Volume27Issue:6Pages:762-780
AbstractThe 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.
KeywordChinese Stock Markets psychological mechanisms investment behaviors risk perception individual investors
Subject Area经济心理学
Indexed BySSCI
Language英语
WOS IDWOS:000243178700003
Citation statistics
Cited Times:24[WOS]   [WOS Record]     [Related Records in WOS]
Document Type期刊论文
Identifierhttp://ir.psych.ac.cn/handle/311026/5643
Collection中国科学院心理研究所回溯数据库(1956-2010)
Corresponding AuthorX. L. Wang
Affiliation1.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
Recommended Citation
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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