CAJ | 학술논문

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。
대상해증권교역소A고시장적분석표명,우시행정시대마미수위＂4＂적고표조합자산수익저우급정풍험수평하적시장필요수익,이기타조적표현불명현。설명아국투자자대고표대마표현출부분수자편호：대＂4＂존재각의회피적현상,진이대대마이＂4＂결미적고표적투자수익산생현저영향;단대＂8＂、＂6＂등길리수자적편호병불현저。동시,투자자회피＂4＂적행위지재우시행정시표현명현,재웅시행정시추향소실,설명투자자재웅시행정하적투자행위경위이성。
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.