投资决策中地区偏好与地区规避的实证研究

本地人是否更加倾向于购买本地股、或者正好相反?如何解读其中蕴含的经济学含义和行为金融学含义?论文以北京、上海、深圳开放式基金为例,对上述问题进行了研究。结果发现,第一,北京基金和上海基金低配本地股,表现为本地规避,深圳基金高配本地股,表现为本地偏好。第二,北京基金、上海基金和深圳基金都拥有不为外地投资者知晓的本地上市公司私人信息,其中北京基金获取本地私人信息的能力最为显著(对应的则意味着北京本地股信息最不透明)。第三,北京基金和上海基金没有表现出明显的本地情结,而深圳基金表现出了一定程度的本地情结。上述结果证实了地域因素是影响投资行为和投资绩效的重要因素,这一影响体现为"本地信息优势"和"本地情结"两个方面上。论文的研究结论,对资产定价的信息假说、对金融的文化意义、对行为金融的地区因素等诸多方面,均有一定的参考意义。

An Empirical Study on the Local Bias of Investment Decisions

Do investors tend to buy local stocks or the other way round? How to explain these behaviors from an economic and behavior finance perspective? Taking the open-end funds in Beijing, Shanghai and Shenzhen as samples, this paper tries to answer these questions. We discover: funds based in Beijing and Shanghai have evident local stock evasions while funds in Shenzhen have evident local stock preference; funds in Beijing gain the strongest local information advantage, followed by Shanghai and Shenzhen the weakest; and funds in Shenzhen show the strongest"local complex", while funds in Beijing and Shanghai basically show no evidence of"local complex". The above observations indicate: location plays an important role in investment behaviors and investment performances which is embodied in"local information advantage"and"local complex". Our findings provide some valuable clues for the study of information hypothesis in asset pricing, cultural implication in finance and regional factors in behavior finance.