| “投资者拼图”——个人投资者的多维特征分类 |
| “Investor puzzle” - a classification study of multidimensional characteristics of individual investors |
| 摘要点击 100 全文点击 0 投稿时间：2024-07-19 修订日期：2025-05-09 |
| 查看/发表评论 下载PDF阅读器 |
| 中文关键词 投资者分类；股票市场；投资行为；心理偏差 |
| 英文关键词 Investor Classification; Stock Market; Investment Behavior; Psychological Bias |
| 基金项目 国家自然科学基金项目（面上项目，重点项目，重大项目）(72141304)；科技部重点研发资助项目(2022YFC3303304) |
| 投稿方向 |
| 作者 | 单位 | 邮编 | | 熊熊 | 天津大学 | 300072 | | 张雨萌 | 天津大学 | | | 高雅* | 天津大学 | 116024 | | 陈庆冲 | 天津大学 | |
|
| 中文摘要 |
| 中国股票市场已进入高质量成长时期，作为市场参与主体，投资者交易行为的适当性成为了监管者的关注重点，而合理划分投资者类型并解析交易行为成为关键。为系统梳理投资者分类研究现状, 使用 VOSviewer软件, 对290 篇文献进行计量分析, 构建投资者分类研究框架, 细化归纳各研究子领域内容。本文从个人属性、信息属性和交易属性的角度梳理了近年来关于投资者分类的文献，并提出了一种系统性的投资者分类思想，选取适用于分类的个人属性、信息属性与交易属性，构建群体特征矩阵，选取最优聚类数得到投资者的若干分类。本文提出的分类方法有助于更准确地描绘我国投资者画像，帮助金融机构和监管部门制定更准确的政策措施，提升市场效率和投资者保护水平。 |
| 英文摘要 |
| China's stock market has entered a period of high-quality growth. As a market participant, the appropriateness of investor trading behavior has become the focus of regulation, and it is crucial to reasonably classify investor types and parse trading behavior. In order to systematically sort out the current status of investor classification research, we use VOSviewer software to conduct econometric analysis of 290 pieces of literature, construct a framework for investor classification research, and refine and summarize the contents of each subfield. This paper combs through the literature on investor classification in recent years from the perspectives of personal attributes, information attributes and transaction attributes, and puts forward a systematic idea of investor classification, selects personal attributes, information attributes and transaction attributes applicable to classification, constructs a group characteristic matrix, and selects the optimal number of clusters to obtain several classifications of investors. The classification method proposed in this paper helps to more accurately portray the investor portrait in China, help financial institutions and regulators to formulate more accurate policy measures, and enhance market efficiency and investor protection. |
| 关闭 |
|
|
|
|
|
