我国资本市场中小投资者投资收益、投资理念与改善路径探析

在资本市场和中国企业都经历二十余年快速发展的同时,作为资本市场的主要参与者之一的中小投资者,却未能获得与之贡献相匹配的收益,甚至多数人是亏损的。本文通过对我国资本市场中小投资者的参与程度与收益状况进行分析发现,导致其亏损的根本原因是价值投资理念的缺失,进而从投资回报、政策导向、会计信息质量等方面分析了导致价值投资理念缺失的原因,并提出了改善中小投资者收益状况的对策建议。

Improve of Income,Investment Philosophy Among Small Investors in China＇s Capital Market

During more than twenty years, the capital markets and Chinese companies have experienced rapid develop- ment, but as one of the major players in the market, small investors always failed to get the contribution, or even the majority get loss. This paper focuses on analysis of the participation and earnings situation among small investors, and find that the root cau- ses leading to loss is the missing of value investment philosophy. Then analyzed the causes from many aspects, such as the re- turn on investment, policy-oriented and the quality of accounting information. Finally, we give some suggestions on changing gain status among small investors.