信托投资者决策行为影响因素的实证分析

研究我国信托投资者的投资决策行为是否理性，都受那些因素的影响，是一项有利于信托市场的稳定及维护信托投资者利益的重要课题。本文首先从理论上分析了信托投资者决策行为的影响因素；然后采用Logit模型对特定信托投资公司发行特定信托产品时投资者所填写的问卷调查表数据进行了实证检验，结果表明：信托投资者的投资决策行为与信托产品的预期收益率．风险控制力度、信托期限、资金规模和合同起点金额显著相关，而与受托人报酬率、受托人资信状况无关，投资决策行为未考虑潜在的风险因素，盲目性较大；最后就如何减少信托投资者的决策行为盲目性提出了一些建议。

An Empirical Analysis on the Influence of the Decision-making Behavior of Trust Investors

It is an important subject for trust market stability and trust investors' interests to study on whether the investment decision-making behavior of trust investors of our country is rational and what it is affected by.This article analyzes the factors that influence trust investor's decision theoretically at first.Then this article adopts Logit model to examine(investor's) questionnaire data filled by investors when specific trust and investment corporation issued the specific trust(product.) The result shows:the investment decision of trust investors is notably correlated with anticipated earning ratio,risk control dynamics,trust term,fund scale and least amount of the contract of trust products,but not correlated with trustee's rate of returns and trustee's credit state.Not considering the potential risk factors,trust investors' decision is relatively blind.Finally this article puts forward some suggestions on how to reduce the blindness of the decision-making behavior of trust investors.