摘要
采用选择实验法对商业银行理财产品市场投资者的投资行为进行调查和分析,研究投资者风险态度异质性对其选择偏好的影响,以及风险态度对投资者选择行为的作用机制。研究结果表明:投资者对理财产品的起购金额、期限和收益类型三个属性的偏好存在异质性,而对发行银行和收益率偏好的异质性不显著;异质风险态度的投资者通过对理财产品特征属性不同偏好产生的效用大小来决定其投资选择行为。对理财产品市场领域的投资者行为进行实证分析,能更好地了解投资者的投资行为,同时也能为理财产品的设计提供参考。
Based on the investment behavior of Wealth Management Products (WMPs) investigated with the method of Selection Experiment,this paper analyzes the different preferences of investors with heterogeneous risk attitudes and the mechanism of risk attitudes towards investors’ choices. The results show that there are heterogeneities in investors’ preferences for the three attributes of minimum amount,term and return type of WMPs,while there is no heterogeneity in preferences for issuing bank and Yield to Maturity;the investors with heterogeneous risk attitudes depend on the effect of different attributes of the securities to make their decisions. This paper empirically analyzes the investor behavior in the WMPs market,and also provides reference for the design of financial products.
作者
刘伟
左鹏飞
高志峰
LIU Wei;ZUO Peng-fei;GAO Zhi-feng(School of Economics and Management,Weifang University,Weifang 261061,China;Institute of Quantitative and Technical Economics,Chinese Academy of Social Sciences,Beijing 100732,China;Food and Resource Economics Department,University of Florida,Gainesville 32607,USA)
出处
《广东财经大学学报》
CSSCI
北大核心
2019年第4期60-71,共12页
Journal of Guangdong University of Finance & Economics
基金
国家社会科学基金项目(15BJL055)
中国社会科学院数量经济与技术经济研究所青年科研项目(IQTE2018QN-07)
关键词
风险态度
理财产品
投资者
投资行为
选择行为
选择实验
异质性
risk attitude
WMPs
investors
investment behavior
optional behavior
selection experiment
heterogeneity
