证券市场导报Issue(10)：48-56,9.
个人投资者信息使用与投资者教育效果研究
摘要
Abstract
Exploring how retail investors use various types of information and assessing the effectiveness of investor education are of great significance for strengthening the protection of small and medium-sized investors and promoting the healthy and stable development of China's capital market.Using investor related data desensitized by Guoyuan securities,we adopt the method of field experiment to explore the information usage behavior of retail investors and the effectiveness of investor education.We find that retail investors rely more on corporate operation announcements,historical stock price trends,and stock forum discussions for their investment decisions while using less corporate financial information,news reports on policies and trends,and analyst reports.This may lead to irrational investment behaviors,such as chasing rising stocks and selling during declines.Educating investors on accounting knowledge and investment principles can reduce irrational investment behaviors to a certain extent.Offering investors direct and public information about stock value can enhance their willingness and ability to use value-related information in their investment decisions.At the same time,the effectiveness of investor education is influenced by the education methods and the heterogeneous characteristics of the investors themselves.Based on the findings of the field experiments,this paper puts forward policy recommendations to deepen the institutional supply of investor education through top-level design and to leverage the platform advantages of securities company to improve the precision of investor education.关键词
个人投资者/信息使用/投资者教育/田野实验Key words
retail investor/information usage/investor education/field experiment分类
管理科学引用本文复制引用
国元证券-上海交通大学课题组,奚忆洋,张羿,纪富强,胡汤磊,戴乐,饶戈文,范圣兵,石桂峰,张括,张书博,郭平,李娜,李开顺,李蕙均..个人投资者信息使用与投资者教育效果研究[J].证券市场导报,2024,(10):48-56,9.基金项目
此文由中国证券业协会2023年度优秀课题"投资者教育与证券公司经纪业务融合发展研究"(2023SACKT172)改编 （2023SACKT172）
