投资者情绪既会受到投资者个体特征的影响,也会在社会网络中演化并传播扩散。基于对个体投资者在线问卷调查数据,文章分析了投资者个体特征、社会网络关系对其情绪状态及其扩散的影响机制。研究发现,从投资者个体特征看,投资者学历和收入水平、投资经验、家庭资产规模和股票投资比重等变量对其情绪状态呈现正面作用,投资者党员身份则呈现显著负面作用,而年龄与情绪状态呈倒U形关系;从社会网络关系看,较弱或较强社会网络关系的投资者的情绪状态比较平和。从扩散渠道看,社会网络内的群体情绪会影响个体情绪,情绪主要基于社会互动机制、信息机制和资金机制在网络内相互影响,并且在社会网络关系偏弱、信息互动程度偏低的投资者群体中更易传播扩散。文章有助于多维度认识投资者情绪的影响因素和扩散机制,为监管者制定政策、引导并规范个体投资者行为提供参考。
个体特征、社会网络关系与投资者情绪
摘要
参考文献
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引用本文
尹海员. 个体特征、社会网络关系与投资者情绪[J]. 上海财经大学学报, 2020, 22(5): 109-123.
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