Psychological mechanisms of investors in Chinese Stock Markets

CORC > 心理研究所 > 中国科学院心理研究所 > 中国科学院心理研究所回溯数据库(1956-2010)

	Psychological mechanisms of investors in Chinese Stock Markets
	Wang, Xiao Lu ; Shi, Kan ; Fan, Hong Xia ; X. L. Wang
刊名	JOURNAL OF ECONOMIC PSYCHOLOGY
	2006-12-01
卷号	27 期号:6 页码:762-780
关键词	Chinese Stock Markets psychological mechanisms investment behaviors risk perception individual investors
ISSN号	0167-4870
文献子类	Article
英文摘要	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.
学科主题	经济心理学
语种	英语
WOS记录号	WOS:000243178700003
公开日期	2011-08-22
内容类型	期刊论文
源URL	[http://ir.psych.ac.cn/handle/311026/5644]
专题	心理研究所_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.