个人投资者参与融资融券交易的概率计量研究

发布时间：2018-01-14 05:30

本文关键词：个人投资者参与融资融券交易的概率计量研究　出处：《湖南大学学报(社会科学版)》2017年05期 　论文类型：期刊论文

【摘要】：利用我国某证券公司个人投资者基本信息以及股票交易数据,采用多元logistic模型,分析了个人投资者的人口统计学特征、财富特征、交易行为特征等对个人投资者参与融资融券交易的概率计量。实证研究发现:个人投资者的人口学特征、财富特征、交易行为特征等指标可被用于投资者参与融资融券的概率计量;年龄越大的投资者、学历越高的投资者参与融资融券交易的概率越大,男性投资者以及职业为个体、文教科卫专业人员、行政企事业单位工人、企事业单位干部的投资者参与融资融券交易的概率更大;总资产越高的个人投资者参与融资融券交易的概率越大;换手率越高的个人投资者参与融资融券交易的概率越大。
[Abstract]:Based on the basic information of individual investors and stock trading data of a securities company in China, the demographics and wealth characteristics of individual investors are analyzed by using the multivariate logistic model. The probabilistic measurement of individual investors' participation in margin trading. The empirical study found that the demographic characteristics and wealth characteristics of individual investors. The characteristics of trading behavior can be used to measure the probability of investors' participation in margin trading. The older the investors, the higher the degree of investors to participate in margin trading probability, male investors as well as the occupation for individual, cultural and educational science and health professionals, administrative enterprises and institutions of workers. Investors of cadres of enterprises and institutions are more likely to participate in margin trading; The higher the total assets, the greater the probability of individual investors participating in margin trading; The higher the turnover rate, the greater the probability of individual investors participating in margin trading.
【作者单位】：中南财经政法大学金融学院;
【基金】：国家自然科学基金资助项目(71271214)
【分类号】：F832.51
【正文快照】： 一引言与文献综述2010年3月21日融资融券试点交易。试点初期,监管层要求投资者开通融资融券交易的条件为投资者从事证券交易时间6个月以上,资产不低于50万元。2013年3月监管层取消了开设“两融”账户资产规模下限的窗口指导,证券公司可根据监管要求及业务开展需要对客户适当性

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