摘要
目前学术界已有研究多以个人投资者为整体,探究散户损失及其原因,对盈利散户群体关注较少。本文以某国有券商2018年1月至2020年6月个人账户交易数据为样本,从选股能力、择时能力和行为偏误三个层面,分析了高收益率投资者的收益情况与盈利原因。与中低收益率投资者对比发现,高收益率投资者具有以下交易特征:(1)具备良好的选股能力,偏好配置小盘股、成长股和执行动量交易策略;(2)较好地控制了过度交易、处置效应和博彩偏好等行为偏误。此外,本文研究结论表明各组别投资者均未表现出明显的择时能力,并且组合分散化程度较低,所以重视以选股能力培养和行为偏误修正为导向的投资者教育,对增加居民财富、促进证券市场健康发展具有重要意义。
Existing literature primarily considers retail investors as a whole and explores the theoretical causes of their stock market losses,with high-yield retail investors receiving less attention.Based on a large state-owned securities company’s transaction data from January 2018 to June 2020,this paper analyzes the profitability and behavior of high-yield retail investors in China's securities market from three perspectives,including stock selection ability,timing abilty,and behavioral biases.We find that high-yield investors have the following trading characteristics:①They have good stock selection ability and prefer to allocate small-cap stocks,growth stocks,and momentum trading strategies;②They effectively control behavioral biases such as overtrading,disposition effect,and gambling preferences.In addition,investors in all groups show no significant market timing ability,with low levels of portfolio diversification.The results of this study indicate the importance of investor education focused on cultivating stock selection abilities and correcting behavioral biases,which is crucial for increasing household wealth and promoting the healthy development of the securities market.
作者
杜君
王陈豪
Du Jun;Wang Chenhao
出处
《金融学季刊》
2023年第3期123-149,共27页
Quarterly Journal of Finance
基金
中国博士后科学基金面上项目(2023M743072)的资助
关键词
投资者教育
选股能力
择时能力
行为偏误
investor education
stock selection ability
timing ability
behavioral bias
