有获利者就必然有损失者,这是必然相对存在的。对一般我们常说的投资者普罗
大众而言,股龄十年以上的极其可能经历了两资股灾的严重冲击。股灾作为系统性、
全局性、大范围、外生性的冲击,传统意义上的风险控制手段往往难以真正保障投资
人的权益和收益,非但如此,我们绝大部分的小中投资人扑普遍缺乏专业的金融、风
险、宏观、微观经济知识和理财专业知识水平,跟风者为主,缺乏主动的专业判断技
能和风险规避的手段
投资者的风险偏好并非一成不变,一方面,会依据投资经历呈现动态变化,另一
方面,不同背景特征的投资者也具有不同的风险认知或风险态度,比如,公务员或者
事业单位是否有编制、公司雇员是否有劳动合同、经历股灾后受到影响的大小,以上
不仅仅受收入影响风险偏好的差别。本研究首先关注股灾经历对投资者风险偏好的影
响,其次,本研究着重探讨不同职业背景对股灾影响的调节作用
研究不同职业者的风险偏好,有利于给投资个体有针对性地设计理财产品,实现
对不同投资者的识别、追踪、维护,进而实现金融机构提供给投资者智能化且更科学
的综合理财方案。企业在此过程种能够有效提升顾客价值、满意度和忠诚度,企业也
不需要在无序的价格竞争和商品竞争中疲于应战,最终可以做到迅速而有效地提升企
业的市场竞争力。投资的复杂多变性和客户极低的转换成本让金融机构时刻面临竞争
环境中优胜劣汰。金融机构在日常经营中获得大量的客户销售数据,通过数据挖掘、
描述性统计分析技术、应用数据建模分析等方法,制定不同的客户分类标准,对客户
进行分类管理。全球化下各国经济联结日趋紧密,金融市场波动也更加频繁,考察系
统性金融冲击对投资者风险决策的影响有利于从不同的客户分类中发现有价值的客
户,并进行分类下的管理,用以金融机构的决策支持。不同客户分类下制定的营销策
略对金融机构实现营销资源与产品组合的合理配置,获得稳定客源,提高销售额和利
润额,提升金融机构核心竞争力有重要的意义
I -
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歷灾鈴S、职旮3 W 4投资者Rfeft好
本文研究在以下方面略有贡献。第一,丰富了风险与股市投资偏好的理论,为投
资理论和实证研究提供了一个新的视角。目前虽有风险与股市投资偏好不少研究内容,
但是基于细分公务员客群的针对性研究还相当匮乏。第二,本文的结论落脚在公务员
的投资偏好范畴,且对于经历股灾的公务员客户行为作了下沉式的再度细分,给指引
体制内的公务员投资组合提供了良好的理论基础和投资方向指引
关键词:Probit模型;边际效应;家庭资产配置;风险容忍度
II 人学专彳k学位M士学E论文
: -&39;i;r T ~..T
Abstract
With the continuous development of market economy in China has mature, residents
in every province of our country&39;s investment in the financial capital market presents the
characteristics of extremely diverse, and often need to judge for themselves by the investors
in the process of the investment direction and the resulting&39;s own risk and benefits. In a
variety of investment products category, the yield of stock investment because of its high
returns, more and more become the focus of investment of the people most attention.
Attract investors reason is although it has high risk, but also has the possibility of high
returns short, flat, fast&39;1 investment properties.
Have profit is bound to have a loss, this is inevitable exist relatively. In general we
often say that investors in terms of the general public, shares of age more than a decade of
extremely likely experienced two serious impact of a crash. Crash as a systematic, holistic,
a wide range, exogenous shock, in the traditional sense of risk control methods are often
difficult to truly safeguard the rights and interests of investors and benefits, instead, we in
the vast majority of small investors rush toward general lack of professional financial
knowledge, risk, macro and micro economic and financial professional knowledge level,
the follower is given priority to, the lack of initiative professional judgment skills, and the
means of risk aversion.
Investor risk appetite is not fixed, on the other hand, is on the basis of dynamic change
appears investment experience, on the other hand, the investors in different background
characteristics also have different cognitive or risk attitude, for example, civil servants have
preparation, employee of the company or institution whether there is the size of the labor
contract, after a crash affected, more than the difference not only affected by income risk
appetite. First of all, this study focus on crash impact on risk appetite, and second, this
study discusses the impact of different professional background on a crash.
Research the risk preference of different professionals, be helpful for individual wealth
management products targeted design to investment, to realize the recognition of different
in - 入学专也学位W士学泣论文
段灭经W、职迚3汾3投资风__好
investors,tracking, maintenance,and provide the intelligent to investors and financial
institutions more scientific comprehensive financial plans. Enterprises in the process can
effectively improve customer value, satisfaction and loyalty, companies also do not need in
the competition of the commodity price competition and disordered much, finally can be
done quickly and effectively improve the market competitiveness of enterprises. The
complex dynamics of investment and low customer switching costs for financial
institutions face competition environments evolution. Financial institutions in the
day-to-day operations of a large number of customer sales dataj through the data mining,
descriptive statistics analysis technology, the application methods of data modeling analysis,
for different customer classification standards, classification management for the client. All
countries increasingly close economic connection under globalization, financial market
volatility and more frequently, studying the effect of impact systemic financial risk decision
for investors benefit from different finds the value of the customer, customer classification
and classified management, decision support to financial institutions. Develop marketing
strategies under different customer classification for financial institutions to realize
reasonable allocation of marketing resources and product mix, obtain stable customers,
increase sales and profits,enhancing core competitiveness of financial institutions has
important significance.
In this paper, we study a little contribution in the following respects. First, enrich the
theory of risk and stock market investment preferences, for investment theories and
empirical research provides a new perspective. At present although have a lot of risk and
investing in the stock market preference research content, but based on the segmentation of
civil servants of targeted research is still quite scarce. Second, this article conclusion arrival
in investment preference category of civil servants,and to experience a crash the customer
behavior of civ
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