【作者】 庄学敏；

【导师】 王华；

【作者基本信息】 暨南大学 ， 会计学， 2008， 博士

【摘要】 本文从全球股灾的教训及近年来我国证券投资者生存现状出发,从理论和实践两个角度论述了加强投资者教育以提高我国投资者在投资过程中的自我保护能力的重要性;采用调查问卷的方法,从投资者的知识、心理、行为三个构面,从入市动机、证券投资知识、风险意识、投资理念、交易行为、投资决策依据及投资业绩等七个影响因素来考察了我国投资者的投资行为;针对这些投资者的行为特征,从情感心理偏差、社会心理偏差和认知心理偏差三个构面,从过度自信、损失厌恶、保守性偏差、过度恐惧、选择性偏差、赌博心理与自我归因、对政策的依赖性偏差以及暴富心理等影响因素出发对我国投资者的认知偏差,以及产生这些偏差的原因进行了分析,探讨了投资者在投资决策时的几个约束条件,即信息约束、知识约束、心理约束、资金约束以及外部条件约束。在对我国投资者认知偏差进行调查分析的基础上,本文对投资者信心、投资者行为与投资者教育三者之间的关系进行了分析,并建立了一个关系模型;以此为基础,本文对我国政府主导的投资者教育及其权益保护的效率进行了一项事件研究,实证分析了当前政府主导的投资者教育模式与投资者权益保护效率的关系,并对其成因进行了辨析。并在此基础上,利用股价信息含量和投资者理性测度数据,对我国投资者教育的效果进行了实证分析。然后,在对成熟市场投资者教育和权益保护经验进行分析的基础上,本文探讨了成熟市场投资者教育体系及其投资者权益保护机制带给我们的启示。以此为基础,本文从组织体系和方法论两个方面探讨了如何加强我国投资者教育和权益保护的问题。在投资者教育组织方面,需要通过构建一个多层次的投资者教育体系,将有偿教育与义务教育结合起来,以满足不同投资者的需要;在投资者教育的方法论方面,需要在教育手段、教育内容和教育形式和手段等方面进行改进,针对不同投资者需求的特点,丰富投资者教育内容,创新教育形式,积极探索采用生动活泼、通俗易懂、寓教于乐的形式开展各项教育活动。更多还原

【Abstract】 Starting from the lessons of the global stock market crash and the survival status of China’s securities investors in recent years,this paper discusses the importance of investor education to strengthen their self-protection from both theoretical and practical points of view. Then we study investors’ behavour in China by using the questionnaire method from three dimensions—investor’s knowledge,psychology and behavior and from seven affecting factors—motive,securities investment Knowledge,awareness of risk,investment philosophy,trading,investment decision-making rule and investment performance.Aiming at these investment characteristics we examines the conservative bias and the reasons for the deviation from mental deviation from the emotional,social psychology and cognitive psychology deviation and from over-confidence,loss aversion,conservatism aversion, excessive fear of selective bias,selecting aversion,gambling psychology,self-attribution,the dependence on the policy bias and rapid money-making psychology.And we analyze investors’ several restrictive conditions during investment decision-making including information and knowledge constraints,psychological constraints,funds constraints and external conditions.On the basis of diagnosing analysis of China’s investors cognitive bias,this paper analyzes the relationship among investor confidence,investor behaoviour and investor education,and establishes their relationship model;and then this paper makes a event study on the relation between China’s government-led investor education and the efficiency of protecting investor’s interests which empirically analyzes of the protection of the rights and interests of investors efficiency;furtherly,this paper discriminates the causes of the situation. On the basis of the ananlysis,the thesis makes an empirical analysis on the effect of investor’s education by using of the information content model of stock.Then,on the basis of ananlyzing their experience of overseas investor education and their equity protection,this paper discusses the inspiration from overseas investor rights protection mechanisms.Then,this paper probes into the topics of how to strengthen our investor education and protection of their equity issue from the organization system and methodology.In investor education organization,we need to build a multi-level investor education system including a combination of compensatory education and compulsory education which will meet the needs of different investors.In the methodology of investor education,the investor education means,educational contents and forms of education need to be improved.For different investor demands and characteristics,rich content and innovative forms of education,and a lively,accessible,entertaining education activities should be explored.更多还原