| 摘要: |
| 对上海证券交易所A股市场的分析表明，牛市行情时代码尾数为“4”的股票组合资产收益低于给定风险水平下的市场必要收益，而其他组的表现不明显。说明我国投资者对股票代码表现出部分数字偏好：对“4”存在刻意回避的现象，进而对代码以“4”结尾的股票的投资收益产生显著影响；但对“8”、“6”等吉利数字的偏好并不显著。同时，投资者回避“4”的行为只在牛市行情时表现明显，在熊市行情时趋向消失，说明投资者在熊市行情下的投资行为更为理性。 |
| 关键词: 数字偏好 股票代码 投资决策 股票收益 金融异象 牛市行情 熊市行情 价格聚类效应 行为金融学 |
| DOI： |
| 分类号: |
| 基金项目: |
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| China’s Investors’ Numeric Bias on a Stock Trading Code and Its Influence |
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SHENG Wei feng，ZHANG Bing，XIE Shi hong
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| Abstract: |
| Analysis of A share market of Shanghai Stock Exchange shows that, in bullish market, the returns of stock portfolio capital with trading codes ended with “4” are lower than necessary returns of the market under allowed risk level and that the display of other portfolios is not obvious, which indicates that China’s investors have bias on stock trading codes and deliberately avoid the stock trading codes ended with “4” , and, furthermore, the return on the portfolio constituted by stocks with trading codes ended with “4” is significantly impacted, however, the bias on the propitious numbers such as “8” and “6” is not marked, meanwhile, the behaviors that the investors shun “4” are clearly displayed when stock market is bullish but trend to disappear when stock market is bearish, which demonstrates that the investment behaviors of the investors are rational under bearish market. |
| Key words: numeric bias stock trading code investment decision stock return financial market anomaly bullish market bearish market price clustering effect Behavioral Finance |
