使用logistic回归模型确定投资者的风险资产配置——基于个人投资者问卷调查数据的实证分析

该文基于中国国内基金公司对个人投资者所作的调查问卷数据,使用对比分析和多元logistic回归模型,研究了中国个人投资者风险资产的配置。通过考察投资者的个人特征、行为金融因素、投资经历和变现要求等因素对其风险资产配置的影响,发现中国个人投资者风险资产配置受个体特征影响较大。相对于基金投资而言,更偏爱股票投资的个人投资者具有如下特征:年龄为40岁左右,具有本科学历、高收入,职业为国企员工、管理人员或自雇人士,性别为男性。同时,在基金投资中的行为偏差比较严重、非理性程度较高的投资者也会更偏爱股票投资。

Applying the logistic model to the risky asset allocation:An empirical study on the questionnaires of the mutual fund investors

The risky asset allocation in China was studied using the comparison method and the logistic model based on the questionnaires for the individual investors to explore the relationship between the asset allocation and the investor characteristics including personality,behavioral finance factors and the investment experience.The results show that investors who prefer the stocks are those who are around 40 years old with bachelor’s degree and wealthy,and work as government employees and managers with some being self-employed.Those having more behavioral biases also prefer the stocks.