【作者】 李琦；

【导师】 李国秋；

【作者基本信息】 华东师范大学 ， 图书馆学， 2012， 硕士

【摘要】 我国的股票市场作为一个新兴的资本市场,是中国经济制度变革的一个阶段性标志。从第一只股票发行至今,国内股市通过近几十年的发展,其规模、投资者数目已达到相当水平,监管机制不断完善,市场正在逐步走向成熟。中国的股票投资者中,个人投资者占有绝对多数,掌握中国股票市场个人投资者信息行为的典型特征,改进中国上市公司的信息披露,增强股票市场信息有效性,已显得尤为迫切。研究个人投资者的信息需求、信息获取和信息利用等行为,对于国内股票市场的研究以及上市公司信息披露具有重要的参考意义。本文结合对个人投资者信息行为的理论,通过实证研究,解答个人投资者在进行投资决策时的信息需求、有哪些影响因素以及投资者的具体信息行为过程,并构建中国股票市场个人投资者信息行为模型。首先本文进行了理论研究,描述研究背景和意义,采用文献计量法和文献归纳法,搜集国内外相关文献,总结国内外研究现状。介绍本文的研究架构和研究方法,以及创新点。第二部分,介绍股票市场参与者结构与信息分类；首先对股票市场各参与者的角色扮演和行动分工加以分析,其次对股票市场的信息进行分类,并指出各类信息的提供者,获取渠道和重要性。第三部分,进行实证研究与模型构建；分别采取文本分析法和问卷调查法进行实证研究。通过文本分析法研究股票市场投资者的信息需求,通过问卷调查研究投资者信息行为的影响因素和具体信息行为过程。在实证研究的基础上,结合前人构建的信息行为模型,提出股票市场个人投资者信息行为模型。最后进行总结。论述本文的研究结论和研究不足,并对个人投资者及相关信息提供部门提出建议参考。希望能为“以用户为导向”的信息披露、个人投资者权益保护和上市公司年报改进等课题提供新的事实依据和研究架构。更多还原

【Abstract】 As an emerging capital market, the stock market of China is a stage signs of the Chinese economic system reform. From the first stock issued, the domestic stock market has great development for decades. The scale of stock market and the number of investors have reached a considerable level. The regulatory mechanism has been improved, as the market is gradually maturing. Among Chinese stock investors, the individual investor is the absolute majority. It has become particularly urgent to grasp the typical characteristics of the Chinese individual investors’ behavior, to improve the information disclosure of listed companies in China, and enhance the validity of stock market information. It is important reference for the study of the domestic stock market and listed companies’ information disclosure, to study the behavior of individual investors, such as the information needs, access to information and use of information.In this paper, the author use the theory of information behavior of individual investors with empirical research, to find the answer to the information needs of individual investors, influencing factor and the information behavior process when they are making investment decisions. Another purpose is to build information behavioral model of the individual investors in Chinese stock market.In the first part, this paper has a theory research to describe the background and significance, using bibliometric and literature induction to collect relevant literature and summarizes the research situation. And this part introduces the research structure, methods, and innovation.The second part introduces the stock market participants and information classification; firstly the author analyzes the role and action classification of stock market participants, and then classifies the information of the stock market, pointing out the supplier, access channels and importance of various types of information.The third part has the empirical research and model building; the author use text analysis and questionnaires for empirical research:Test analysis for the information needs of stock market investors, and questionnaire survey for influencing factors of investor behavior and specific action process. On the basis of empirical research, combined with the previous build behavioral models, the author introduces information behavior model for individual investors.Finally, it is summary. The author introduces the conclusions of the study and research of the exposition in this article, and gives the suggestion to individual investors and the department who provide relevant information. Hopefully, the paper can provide new facts and research framework for the topics, such as user-oriented information disclosure, rights protection of individual investors and annual reports improvement of listed companies.更多还原