تعاملات سواد مالی، احساسات سرمایه گذاران، ادراک ریسک و تمایل به سرمایه گذاری: شواهدی از بورس اوراق بهادار تهران
الموضوعات : دانش سرمایه‌گذاری
ابوالحسن جلیلوند
1
,
مجتبی رستمی نوروزآباد
2
1 - پروفسور گروه مالی، دانشگاه لویولا شیکاگو، شیکاگو، ایالات متحدۀ آمریکا
2 - کاندیدای دکتری مدیریت مالی، دانشگاه آزاد اسلامی، واحد سنندج، باشگاه پژوهشگران جوان و نخبگان، سنندج، ایران (نویسندۀ مسئول)
الکلمات المفتاحية: سواد مالی, احساسات, ادراک ریسک, بورس اوراق بهادار تهران, تمایل به سرمایه‌گذاری,
ملخص المقالة :
اعتقاد بر این است که سواد مالی نقش مهمی در شناخت رفتار سرمایه گذاران در بازارهای سهام پیشرفته و در حال ظهور دارد. در حالی که مطالعات قبلی ارتباط مثبت بین ارتقای سطح سواد مالی و کیفیت عملکرد تصمیمات سرمایه گذاران را نشان داده اند، پویایی این فرآیند به اندازۀ کافی مورد بررسی قرار نگرفته است. این مطالعه یک مدل تجربی را برای توضیح روند تأثیر سواد مالی سرمایه گذاران، احساسات و ادراک ریسک بر تصمیم گیری های سرمایه گذاری در بورس اوراق بهادار تهران در جمهوری اسلامی ایران مورد بررسی قرار داده است. به طور خاص، یک فرایند سه بعدی برای ارائه یک معیار قوی تر ار ارزیابی سواد مالی توسط نگرش مالی، رفتار مالی و دانش مالی ارائه شده که اندازه گیری هر دو سطح دانش مالی پایه و دانش مالی پیشرفته را پوشش می دهد. نتایج این مطالعه با استفاده از مجموعه داده های گسترده ای در رابطه با رفتار سرمایه گذاران در بورس اوراق بهادار تهران در سال 1395 نشان داد که بر خلاف مطالعات قبلی، شواهدی در مورد تأثیر سواد مالی بر روی ادراک ریسک سرمایه گذاران در ایران مشاهده نمی کنیم. از سوی دیگر، سواد مالی، ادراک ریسک و احساسات به صورت جمعی و به طور قابل توجهی بر تصمیم های سرمایه گذاران در بورس اوراق بهادار تهران تاثیر می گذارند. علاوه بر این، ما شواهدی نیز از تأثیر خاص جنسیت پیدا کردیم.
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