股票型基金投资者主要消费行为影响因素分析.doc

股票型基金投资者主要消费行为影响因素分析 摘要 本文以感知风险及感知利益之二维认知框架来分析股票型基金投资者之主要消费行为影响因素。透过深度访谈及问卷调查，本研究发现，影响投资者最主要的利益感知为：回报利益、节省利益、风险分散利益和从众心理。而对于风险的主要感知则为对本金安全感的担心和对基金运营风险（交易风险、信息风险等）的担忧。根据对上述利益和风险的感知，本研究将投资者划分为6种类别：完全依赖者、苛刻抱怨者、乐观独断者、漠不关心者、积极研究者和随众惧险者；除了投资者自身的人口特征之外，不同的投资群体对基金的选择、投资状况、购买渠道也有各自特点。本文亦总结这些特点并提出相应的营销管理建议。????????关键词? 感知风险 感知利益 股票型基金 消费行为 因素分析 聚类分析????????????????Analysis on the Consumption Behavior Determinants of Stock Mutual Funds Investors Based on the Two-Dimensional Cognitive Framework of Perceived Risks and Benefits????????????????Abstract ??????? This research implements a two-dimensional cognitive framework to investigate the underlying factors that affect stock mutual funds’ investor decision behavior. In-depth interview and survey are conducted to gather information.? Four major perceived benefits are identified to affect consumer: revenue benefit, saving benefit, risk-diversified benefit, and follow-the-norm benefit. From the perceived risks perspective, consumers focus on the safety of the principal and operational risks. According to the differences in both the perceived benefits and perceived risks, we classify the investors into 6 types: totally-dependent investor, harsh investor, optimistic investor, apathetic investor, hard-working investor, and follow-the-trend investor. Various types of investors demonstrate different patterns of choosing the mutual funds, allocating their investment, and selecting buying channels. Managerial implications are introduced based on the findings of the research. ?????????Key Words? Perceived Risk, Perceived Benefit, Stock Mutual Fund, Consumption Behavior, Factor Analysis????????????????1. 引言????????中国的基金投资市场有惊人的潜力，1998年至2007的10年中，认购与申购非货币市场基金的资金共达到27694亿元，这些资金绝大部分被用来购买股票和债券，成为实体投资的重要资金来源。另一方面，证券投资基金历年来优良的投资业绩所带来的财富效应也不可忽视：这十年中，证券投资基金共累计分红了1656亿元，未分配投资收益亦达到7041亿元。中国基金业大发展背后最巨大、直接的推动力为家庭金融资产结构的转型。除了作为家庭理财的主流工具之外，证券投资基金未来还将在退休养老、子女教育、买房置业等家庭长期财务目标上发挥日益重要的作用。????????然而，从2007年末至今，中国A股市场下跌了大约50％，股票型基金也跟随贬值，很多投资者恐慌赎回，新