中小投资者的风险态度与市场环境

按照期望效用理论所揭示的风险厌恶、风险中性和风险追逐的3种风险态度的划分以及前景理论中投资者损失规避风险态度的特征,我们对我国A股市场投资者的风险偏好进行研究,发现在我国A股市场中小投资者风险态度受获得收益的显著影响,当投资者获得正收益时,总体呈现风险追逐,收益越高风险追逐的倾向越明显;当投资者获得负收益时,总体呈现风险中性,收益率与后市判断没有明显关系。我国中小投资者的风险态度不符合损失规避的特征。牛市环境下中小投资者总体呈现风险追逐,熊市环境下中小投资者总体风险中性。

The Risk Preference of Medium and Small Investors under the Different Market Condition

according to the expected utility theory the risk preference of different investors can be divided into risk aversion,risk neutral and risk seeking.In the prospect theory the risk preference is described as loss aversion.According to the empirical study on the risk preference of medium and small investors in Chinese A share market we find the risk preference of medium and small investors is affected by their gain or loss.The investors are risk seeking when they have a gain and are risk neutral when they hav...