胡先亮关于我国股民投资影响因素的调查报告

1、De es, sf： Hel o! in the r .tot I e Spring Fas l hed i ne sen of fu safeesenavesC.nfnce2013workshop,fulbackin eu anay of the curr et si ua.n, . ss 203 .ment plasHeeonbealofmycmpay w ork r.orts tie GeniAssemby, fr ”一0.PilaI,202backia| XX power compaie s adee to the parts . gea spii for guidance,com.e

2、he- impeme nt the sce ntic ccncet o" - i opmet prom i Ing - sea .esi saegy nda- focusonimpi-eta”, lea ,ma.- et, coniuusy impr ove, saeysiuaionifetepri-maagementbusnesmanagementandont oi s.c a nd sa.ze d, and the de dcat on of sf, manage a hamonious and m ocatc amosph of the good .uatonMai nidca

3、 os are as fol owst I e batey i ndiat i r： po-we ge nea.n totae. 785 bilonkW,beyondtheannuabudgeimpiamenta.n-paclyof35mH. k W, an inceae of 7r mi in kW.S totaid 425 biin k W, ecedi ng sae s of miiin kW theanua Exe cutive budge, a i ncea - of 79 miin k W. Seury meaues unpannedoutaggs25一.Nopesnaiinjuy

4、accidetoccurednomajoraentadabo<e, nomaor fie accidet s wihout e nVionmeta poiui on acie nts, fey for the e cnseutve yeasto ma ntai sta I ity to g ood postue.(u.nnssInaciaidiatorstotapills of 25 mii on Yuan, beynd t he annua budge of 一7 miin Yua,beyndtheDatangcompany iddx ! miinYuan,aIiceseof"

5、;miinYuan,FMasesmetatgadefu.Ene.ypowe supy sadad ca compi eig 3> g/k W, dow 01g /kW； ie. d auXiay powe cnsmpt on i 52%, dw ssins|efrmancegratyrducedcompaedtoiasyar,cabon019g/kW,suiudixde114g/kWNOx052gkW；.s emo -ekiecy of moe t ha 918%. Reia biiy index equiae I t aaiaiiy ac or i S4、，icese d 715% 1

6、0m a yea larie.'uiaent fccd ouage ae 018%,1116% re -cino te smepei od a yar eai erMaorIchevmet s is, shou d a dee to t he two "mange met .Item" bbss ste I gte ning tecnoigi ca esar c, sengte n hi dden ha zads contoi ad itinlc saey Eerrie consudon tok new se ps The tw o "manget sys

7、tm" fr imp.-mentFocsonpromotingthepoweofthecmpaIymannget systma nd the apicai on a id impiementat on of te saey iop fiesa maagement.Item, improve t he saey mannget systm, reizete .Item of laey cntoi. lurher rrguiteiecuiy rouie s, laey iupevs on a nd mang et new o. re t l.y tlche- cosld ioop. &#

8、39;te ngteing the lupeVsi on a n.mannget of ha b itua V oiain of sregheningthesaeysueVsiin of ousouci ng contac or. Caarid out isrng and auumn of seury in1spet ons, 10d contoi a nd inspect”-e, pr o-cin-e，and te 11ympc Gm - 1adite关于我国股民投资影响因素的调查报告调查目标：首先，做关于股民投资影响因素的调查是为了深入了解股 民做出投资决策时心理影响因素的异同；其次，通过

9、了解，分析并给 出较为准确的结论，影响股民投资绩效的本质是什么；最重要的目的， 是通过这次调查研究，综合得出的诸多因素进行总结，为自己将来的 投资道路做好铺垫，打好扎实的理论根基，才能在实践投资决策的时 候更理智，更准确。调查时间：2011-7-22 至 2011-8-13调查对象：各种不同工资水平、消费水平的广大将闲置资金投资于股市的股民调查方式：抽样问卷调查、网上收集数据及资料关键字：投资绩效、全局因素、具体心态、个性特质、投资习惯在投资过程中，总是会有很多种情绪，很多种体验，很多种心理状 态伴随你。挑逗你的神经，沸腾你的血液，控制你的心跳，左右你的 思想。无论你多么的不情愿，或者多么的渴

10、望，它始终如一的在你买 进和卖出的刹那，在你脑中浮现。那到底是什么呢？这就是我接下来 要调查的一一影响着人们投资决策的诸多因素。投资是个很泛的概念，它可以有很多种表现形式，最具代表性之一 的毋庸置疑，那就是股票投资了。已成为当今社会最为普遍的投资管 道之一的股票投资，它的高风险高收益这一基本特点，促使人们为了获得高额的预期收益，将大量的闲置资金投入其中。那么这些人怎样 做出选择从中获利呢？Degaes, sf： Hel o! in the r unuptot I e Spring Festival hed I ne sen of fur sfreesenaves Ccnfeence 20 13

11、 workshop, ful back i n ccaeu anay of the curr et si ua.n, dScuss 203 pment plasHeeonbealofmycmpay w ork r.orts tie GenlAssemby, for cnsain.PilaI,202backi! XX power compaie s adee to the part's " gea spii for guidance,compehe- impeme nt the sceti. concept of. l opmetprom Ung cstea desip sae

12、gy .da- focusonmplemetaion,lea-aag- et coniuusy impr ove, saeysiuaionIfetepri-maagement bus nes ma nagement a nd cont ol s.c a nd sa.ze d, and the de dcat on of sf, manage a hamonious and m ocatc amosph of the good .uaton Mai nidca os are as fol owst I e batey i ndiat I r： po-we ge neain totaed 785

13、bilonkW,beondtheannuabudgeimplamenta.n-paclyof35mH. k W, an inceae of 7r mi in kW.Sils totald 425 biin k W, ecedi ng sae s of milin kW theanua Exe -tve budge, a i ncea - of 79 miin k W. Seury meaues unpannedoutaggs25一.Nopesnalinjuyaccidetoccurednomajoraentadabo<e, nomaor fie accidet s wihout e nV

14、ionmeta polui on .cdes, 一 , for the e cnseutve yeasto ma ntai sta I lty to g ood postue.(u.nnssInaciaidiatorstotapills of 25 mil on Yuan, beynd t he annua budge of 一7 miin Yua,b-ndtheDatang compay idx 41.9 miinYuan, a I icese of " mi in Yua n, FM a sesmet at gade fu.Ene.y powe supy sadad ca com

15、pl eig 3> g/k W, dow 01g /kW； ie. d auXiay powe cnsmpt on i 52%, dw ssins|efrmancegratyrducedcompaedtolasya r, cabon 019 g /kW, sulu dixde 114 g /kW NOx 052 gkW；.s emo -ekecy of moe t ha 918%. Rela biiy index equiae I t aalaiiy ac or i S4、，icese d r|5% 10m a yea - re.'uiaent fccd ouage ae 018

16、%,1116% re -cino te smepei od a yar eal erMaor Ichevmet s is, shou d a dee to t he two "mange met lysem" bbss ste I gte ning tecnolgi ca esar c, sengte n hi dden ha zars contol ad itinlc saey Eerrie consucton tok new se ps The tw o "manget systm" fr imp.-mentFocsonpr omoting the

17、powe of thecmpaIymannget systma nd the aplcai on a id mpementtti on of te saey lop fiesa maagementlysem, improve t he saey mannget systm, relze te lysem of -e，cntol lurher rrgulte iecuiy rouie s, - e，iupevs on a nd mang et new o. re t | ay tlche- cosld loop.'te ngteing the lupeVsi on a n.mannget

18、 of ha b itua V oain of sregheningthesaeysueVsiin of ousouci ng contac or. Caarid out isrng and auumn of seury in1spet ons, 10d contol a nd i nspect n,ey pr o-cin-e, and "0ympc Gm - 1adite一、首先，我们来分析一下影响投资的全局因素，这其中就包括了主 观因素和客观因素。(1)宏观经济因素宏观经济发展的水平和状况是影响股价的重要因素。记得在投资学课上，我们学过，“宏观经济影响股价的特点：波及范围广、干扰

19、程 度深、作用机制复杂、股价波动幅度较大”。在现实生活中，我们也 可以看得到，当国家经济或区域经济持续稳定发展，股价通常呈上升趋势，此时，股民就会一拥而入，希望借助经济发展从股市中获利。 像汇率变化、通货膨胀也都是影响股票投资的重要因素。(2)公司经营状况公司经营状况好，股价上升，反之则股价下跌。许多有经验的股票 投资者对于该股票的经营状况非常重视。众所周知的“股神”巴菲特，在他看来，股票投资的成败最最重要的就是养成阅读的习惯。有些人就不懂了，股票投资和阅读会有什么必然联系呢？那你可就大错特错 了。阅读什么呢？那就是上市公司的财务年报，还有这只股票同行业的，尤其是它竞争对手的财务年报。还要必要

20、的了解该公司盈利水平、 净资产、公司销售情况等等。这就是投资的全局观，正所谓知己知彼、 百战百胜就是这个道理了。(3)政策因素政策因素是影响股民投资的重要因素之一，尤其对中国股民来说，不可否认，时至今日政策因素仍然很大程度的影响着中国股市，以至于中国股市在世界上有“政策市”之称。这其中主要包括货币政策、De es, sf： Hel o! in the r .tot I e Spring Festival hed i ne sen of fu safeesenaves C.nf nce 20 13 workshop, ful back i n ccaeu anay of the curr et

21、si ua.n, . ss 203 .ment plasHeeonbealofmycmpay w ork r.orts tie GeniAssemby, fr cnsain.PilaI,202backia| XX power compaie s adee to the parts . gea spii for guidance,com.ehe- meme nt the sce ntfc - nc.t o" - i opmetprom Ung - sea .es saegy .da- focusonmplemetaion,lea ,ma.- et, coniuusy impr ove,

22、 saey siuai on i f etepri - maageme nt bus nes ma nagement a nd cont oi s.c a nd sa.ze d, and the de dcat on of sf, manage a hamoniousandm occatc amosphee of the good .uaton Mai nidca os are as fl owst I e batey i ndiat i r： po-we ge neain totaed 785 bilonkW,beyondtheannuabudgemplamenta.n-paclyof35m

23、H. k W, an inceae of 7r mi in kW.S tald 425 blin k W, ecedi ng s- s of millin kW theanuaExecutvebudge,aincea-of 79 mlin k W. Seury meaues unplannedou.ggs25一.Nopesnalinjuyaccidetoccurednomajoraentadabo<e, nomaor fie accidetswtoutenVionmetapoluion.cdes, fey for te e cnseutve yeasto ma nai sa I ly t

24、o g ood posue.>usnnssInaciaidiatorsttlpills of 25 mil on Yuan, beynd t he annua budge of 一7 mlin Yua,b-ndt he Daa ng compay idx 41.9 miinY-n, a I icese of " mi in Yua n, FM a sesmet at gade fu.Ene.y powe suply sadad ca compl eig 3> g/k W, dow 01g /kW； ie.ae d a y powe cnsmpt on i 52%, dw

25、ssins|efrmancegratyrducedcompaedtolasyar,cabon019g/kW,suludixde114g/kWNOx052gkW；.s emo -ekiecy of moe t ha 918%. Rela biiy index equiae I t aaiaiiy ac or i S4、，icese d r|5% 10m a yea larie.'uivlent fccd ouage ae 018%,1116% re -cino te smepei od a yar eal erMaor Ichevmet s ist shou d a dee to t h

26、e two "mange met .sem" bbss ste I gte ning tecnolgi ca esar c, sengte n hi dden ha zads contol ad itinlc saey Eerrie consuctontok new se ps The tw o "manget systm" fr imp.-mentFocsonpromotingthe powe of thecmpaIymannget systma nd the aplcai on a id mpementat on of te saey lop fie

27、sa maagement .sem, improve t he saey mannget systm, relze te .sem of -fey cntol lurher rrguaeiecuiy rouie s, fey iupevs on a nd mang et new o. re t lay tlche- cosld10P.ste ngteing the lupeVsi on a n.mannget of ha b itua V oain of stegheningthesaeysueVsiin of ousouci ng contac or. Caarid out isrng an

28、d auumn of seury in1spet ons, 10d contol a nd i nspec! n,fe, pr o-cin-fe, “ te0ympc Gm - 1adite财政政策、重要法规颁布等。举个例子，在 2007年发生的“ 5.30” 事件中，监管机构为抑制股市的泡沫发生， 连夜将证券交易印花税从 0.1%上调至0.3%,结果次日，股市大幅下跌，短短的 5个交易日股 市从最高点的4300狂泻至3400点，让世界为之震惊。足以见得，政 策的影响之大。(4)法律法规以及制度安排这点对股民投资影响不明显，但一个法律法规及各项制度健全的证券市场有利于维护投资环境的稳定性和安全

29、性，吸引更多的投资，促进证券市场的稳步发展。(5)周边证券市场影响经济全球化将世界各地的资本市场紧密联系在了一起，中国作为其中一个重要的组成部分，周边证券市场的变化发展同样紧密的影响着 中国证券市场的发展，这就是经济全球化的“牵一发而动全身”的经 济效果。(6)心理因素投资者的心理因素我个人觉得是影响股民投资最为重要的因素。一切像以上所说的这些客观因素都不是我们这些普通股民人为能够改 变和控制的，在这样看来，广大股民基本都处在同一起跑线上。因此， 盈利还是亏损全全比的就是心理因素和投资头脑。二、下面就透过统计图表，结合实际，针对各种投资心态，各种投资 影响因素进行初步的探究和分析。首先来看看这

30、张股票投资者投资绩效的统计表：De es, sf： Hel o! in the r unuptot I e Spring Fas 、hed i ne sen of fu safeesenaves C.nf nce 2013workshop, fulback i n ccaeu anay of the curr et si ua.n, . ss 203 pment plasHee on beal of my cmpay w ork reors tie GeniAssemby, fr ”一0.P- I, 202 ba ck i a|XX power compaie s adee to the pa

31、rts . gea spii for guidance, com.ehe- impeme nt the sceti. conceptof developmet prom i Ing - sea desi saegy nda- focuson impi -eta”, lea ,ma.- et, coniuusy impr ove, saey .ai on i f etepri - maageme nt bus nes ma nagement a nd cont oi s.c a nd sa.ize d, and the dedcat mol sf, manage a hamoni ous and

32、 m ocatc amosph of the good .uaton Mai nidca os are as fol owst.e batey i ndiat i r： po-we ge neain totaed 785 bilonkW, b. ond the a nnuai budge mpl amenta.n - pacly of 35m,n k W, an inceae of 7r mi in kW.Sils totald '425 biin k W, ecedi ng sae s of milin kW theanua Exe cutive budge, a i ncea -

33、of 79 miin k W. Seury meaues unpanned outaggs 25 一.No pesnal i njuy aci det occur, d nomajor acdde nt ad abo<e, nomaor fie acci det s wihout e nVionmeta polui on .cdes, fey fr the e cnseutve yeas to ma ntai sta I ity to g ood postue.(u.nnss f nacia idiat ors tota prfis of 25 mil on Yuan, beynd t

34、he annua budge of f miin Yua,beynd t he Data ng compay idx 41.9 miinY-n, a I iccese of " mi in Yua n, FM a sesmet at gade fu.Ene.y powe supy sadad ca compl eig 3> g/k W, dow 01g/kW； ie.d a y powe ccnsmpti onr i 52%, dw ssins | efrmance gra ty rduce d compae d to las ya r, cabon 019 g /kW, su

35、lu dixde 114 g /kW NOx 052 gkW； .s emo -ekiecy of moe tha9L8%. Re- biiy inex equiae I t aalaiiy act or i 9l4r%, iccese d '15% fom a yea larie.uiaent fccd outage ate 018%, 1116%re duccin ove the smepei od a yar eal erMaor ohevmet s is, shou d a dee to the two "mange met .sem"bbss stre I

36、 gthe nig tecnolgi esar c, sengthe n hi dden ha zads control ad itrisc saey EEerrie consuction took new se ps The tw o "mangetsystm" frimp.-ment Foccs on pr omotig the powe of theccmpa I y manngetsystma nd the aplccai on a id mpementtti on of the saety lop fiesa maagement lysem, mprove the

37、 saety manngetsystm, relz the lysemof -fey ccntrol lurherrrgultele-iyrouies, fey lupeViion a nd mang etnew o. re to lay tohe-Uosidloop.'tengtheig thelupeVsion a n.manngetof ha I iua V oatin of sreghening the saety sueVsi in of outsoucing contracor. Caarid out isrng a nd a ,m of sry inspct ons, 1

38、0d contol a nd i nspect n,e, pr cin-e, and te0ympc Gm - 1admte成功人数比率(%失败人数比率(%性别男7321、3526978、65女6321、3623278、64年龄20-353121、5311378、4735-506523、5521176、4550-654018、4317781、57资金量<10万8520、0034080、00>10万5124、0616175、94职业在职8517、4836783、52自由职业5127、5713472、43入市时间>2年9719、8039381、20<2年3926、53109

39、73、47注：比率=成功人数(或失败人数)/该类别总人数例：男性成功比率=73/342*100%=2435%通过对这张表的数据进行分析，我们可以发现以下几个问题：(1)从成功人数和失败人数的比率就可以看出，股市中能够保本或盈利的人只是少数。投资领域的人应该都听说过，股市中传言着一个“一二七定律”，顾名思义，即从长期来看，股市中只有 10%勺参与者能够赚钱，20%勺参与者不亏不赢，而剩下的 70%勺参与者是亏损的。如果再考虑通货膨胀、资金的时间价值和机会成本，可能 90%的参与者都是亏损的。所以这就告诉我们，“股市有风险，投资需谨3550慎”啊！(2)年龄大小对投资绩效的影响。首先，通过表可以看

40、出De es, sf： Hel o! in the r .tot I e Spring Fas l hed i ne sen of fu safeesenaves C.nf nce 20 13 workshop, ful back i n eu anay of the curr et si ua.n, . ss 203 .ment plasHee onbeal of my cmpay w ork r.orts tie GeniAssemby, fr ”一0.PilaI,202backia| XX power compaie s adee to the parts . gea spii for

41、guidance,com.ehe- impeme nt the sce ntic ccncet o" - i opmet prom i Ing - sea .esi saegy nda- focusonimpi-eta”, lea ,ma.- et, coniuusy impr ove, saeysiuaionifetepri-maagementbusnesmanagementandcont oi s.c a nd sa.ze d, and the de dcat on of sf, manage a hamoniousand m occatc amosphee of the goo

42、d .uatonMai nidca os are as fl owst I e batey i ndiat i r： po-we ge neain totaed 785 bilonkW,beyondtheannuaibudgeimpiamenta.n-paclyof35mH. k W, an inceae of 7r mi in kW.S taid 425 biin k W, ecedi ng sae s of miiin kW theanua Exe cutve budge, a i ncea - of 79 miin k W. Seury meaues unpanned ouaggs 25

43、 一.No pesnai i njuy accidet occure d nomajor a e nt ad abo<e, nomaor fie acci det s wtout e nVionmeta poiui on .cdes, fey for te e cnseutve yeasto ma nai sa I iy to g ood posue.>usnnssInacia idiat ors tti pills of 25 mii on Yuan, beynd t he annua budge of 一7 miin Yua,beyndtheDaang compay idx 4

44、1.9 miinYuan,aIiceseof"miinYuan,FMasesmetatgadefu.Ene.ypowe supy sadad ca compi eig 3> g/k W, dow 01g /kW； ie. d auXiay powe cnsmpt on i 52%, dw ssins | efrmance gra ty rduce d compae d to ias ya r, cabon 019 g /kW, suiu dixde 114 g /kW NOx 052 gkW；.s emo -ekiecy of moe t ha 918%. Reia biiy

45、index equiae I t aaiaiiy ac or i S4、，icese d r|5% 10m a yea larie.'uiaent fccd ouage ae 018%,1116% re -cino te smepei od a yar eai erMaor Ichevmet s ist shou d a dee to t he two "mange met .sem" bbss ste I gte ning tecnoigi ca esar c, sengte n hi dden ha zads contoi ad itinlc saey Eerr

46、ie consuctontok new se ps The tw o "manget systm" fr imp.-mentFocsonpromotingthepoweofthecmpaIy mannget systma nd the apicai on a id impiementat on of te saey iop fiesa maagement.sem, improve t he saey mannget systm, reizete .sem of -fey cntoi. lurher rrguiaeiecuiy rouie s, fey iupevs on a

47、 nd mang et new o. re t l.y tlche- cosld10P.ste ngteing the lupeVsi on a n.mannget of ha b itua V oiain of stegheningthesaeysueVsiin of ousouci ng contac or. Caarid out isrng and auumn of seury in1spet ons, 10d contoi a nd i nspec! n,fe, pr o-cin-fe，and te11ympc Gm - 1adite岁的投资者投资成功的比例最高，5065岁的中老年投资

48、者的投资 成功比率居末。为什么会出现这种现象呢？中年投资者在股市操作过 程中表现为独立自主，操作意识强。因为他们经过了数十年的积累， 3550岁的投资者一般都已具有一定的生活基础，进入市场的目的 只有一个赚钱。而那些 2035岁的年轻投资者大都是为了寻找刺激和新鲜感，而不比中年投资者的明确操作目的性和较强独立 性。对于中年投资者，变幻莫测的市场对他们的影响同样不容小视，但 他们会有意识的规避风险大、波动大的股票，对市场信息的判辨能力 较强，对机会识别和把握的能力也更强。与中年投资者相比，年轻的 投资者虽然具有精力旺盛、富于勇气、敢于创新的优势，但同时也具 有情绪波动大，股市经验不足等诸多缺点。

49、最后，50 65岁老年投资者，受教育文化程度较前两类投资者肯定是处于劣势的。在我们身边就可以看到不少老年投资者，大字都不识几个，买进卖出的消息还 是从街坊邻居那儿道听途说来的。当然，老年投资者的投资心态也不 同了啦，他们既不是为了寻求刺激，也不是为了发家致富，而是为了 摆脱寂寞罢了，如此一来，成功比率居末很正常。(3)资金量大小对投资绩效的影响。这个问题很容易理解，投入 资金量小，投资者不会在意许多，因为输赢也就这么多，他可以任这 些钱在股市里波动起伏，自生自灭。但投入资金量大，投资者必然会 要花更多的精力来关注股票，才能达到降低风险、增加收益的目的。(4)职业不同所造成的投资者在投资绩效上差

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52、ousand m ocatc amosph of the good .uaton Mai nidca os are as fol owst I e batey i ndiat I r： po-we ge neain totaed 785 bilonk W, be ond the a nnua budge impl amenta.n - pacly of 35mH. k W, an inceae of 7r mi in kW.Sils totald 425 biin k W, ecedi ng sae s of milin kW theanua Exe -tve budge, a i ncea

53、- of 79 miin k W. Seury meaues unpannedoutaggs25一.Nopesnalinjuyaccidetoccurednomajoraentadabo<e, nomaor fie accidet s wihout e nVionmeta polui on .cdes, 一 , for the e cnseutve yeasto ma ntai sta I lty to g ood postue.（u.nnssInaciaidiatorstotapills of 25 mil on Yuan, beynd t he annua budge of 一7 m

54、iin Yua,b-ndtheDatangcompay idx 41.9 miinYuan, a I icese of " mi in Yua n, FM a sesmet at gade fu.Ene.ypowesupysadadcacompleig3>g/kW,dow01g/kW；ie. d auXiay powe cnsmpt on i 52%, dw ssins | efrmance gra ty rduce d compae d to las ya r, cabon 019 g /kW, sulu dixde 114 g /kW NOx 052 gkW；.s emo

55、-ekecy of moe t ha 918%. Rela biiy index equiae I t aalaiiy ac or i S4、，icese d r|5% 10m a yea - re.'uiaent fccd ouage ae 018%,1116% re -cino te smepei od a yar eal erMaor Ichevmet s is, shou d a dee to t he two "mange met lysem" bbss ste I gte ning tecnolgi ca esar c, sengte n hi dden

56、 ha zars contol ad itinlc saey Eerrie consucton tok new se ps The tw o "manget systm" fr imp.-mentFocsonpr omoting the powe of thecmpaIymannget systma nd the aplcai on a id mpementtti on of te saey lop fiesa maagement lysem, improve t he saey mannget systm, relzetelysem of -e，cntol lurher rrgulteiecuiy rouie s, - e，iupevs on a nd mang et new o. re t | ay tlche- cosl