تعاملات سواد مالی، احساسات سرمایه گذاران، ادراک ریسک و تمایل به سرمایه گذاری: شواهدی از بورس اوراق بهادار تهران
محورهای موضوعی : دانش سرمایه‌گذاری
ابوالحسن جلیلوند
1
(پروفسور گروه مالی، دانشگاه لویولا شیکاگو، شیکاگو، ایالات متحدۀ آمریکا)
مجتبی رستمی نوروزآباد
2
(کاندیدای دکتری مدیریت مالی، دانشگاه آزاد اسلامی، واحد سنندج، باشگاه پژوهشگران جوان و نخبگان، سنندج، ایران (نویسندۀ مسئول))
کلید واژه: سواد مالی, احساسات, ادراک ریسک, بورس اوراق بهادار تهران, تمایل به سرمایه‌گذاری,
چکیده مقاله :
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.
Financial literacy is believed to play an important role in understanding investors’ behavior both in advanced and emerging stock markets. While previous studies have shown a positive association between improved financial literacy levels and the quality and performance of investors’ decisions, the dynamics of this process has not been adequately examined. This study develops an empirical model explaining the decision-making process that integrates the impact of investors’ financial literacy, emotions, and risk perceptions on investment decisions focusing on the financial markets of the Islamic Republic of Iran, mainly represented by the Tehran Stock Exchange (TSE). In particular, a three-dimensional process is used to provide a more robust measure of financial literacy represented by financial attitude, financial behavior and financial knowledge covering both basic and advanced financial knowledge levels. Using a large data set on investment behavior at the TSE in 2016, we find, unlike previous studies, no evidence on the impact of financial literacy on investors’ risk perception in Iran. On the other hand, financial literacy, risk perception and emotions collectively and significantly affect investors’ decisions at the TSE. We further find some evidence of gender specific effects.
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