CAJ | 학술논문

对2007年1月1日至2011年12月31日五年的登记结算数据进行分析显示：五年间深市证券账户盈利621.95亿元,所有账户中仅机构账户总体盈利。从盈亏账户比重来看,机构账户盈利占比最高,个人账户中,微型市值账户盈利占比最高。个人账户尤其是小微市值账户ST股持股比重高于机构账户,而深成指持股占比远低于中大市值账户和机构账户。并且,小微市值账户的交易频率远低于中大市值账户,而持股集中度高于中大市值账户与机构账户。小微市值账户的开户时间越早、投资经验越丰富、年龄越大,其盈利能力相对越强;反之,交易越频繁、投资越分散,盈利能力则随之降低。其他类型账户与小微市值账户的情况大致相同。
대2007년1월1일지2011년12월31일오년적등기결산수거진행분석현시：오년간심시증권장호영리621.95억원,소유장호중부궤구장호총체영리。종영우장호비중래간,궤구장호영리점비최고,개인장호중,미형시치장호영리점비최고。개인장호우기시소미시치장호ST고지고비중고우궤구장호,이심성지지고점비원저우중대시치장호화궤구장호。병차,소미시치장호적교역빈솔원저우중대시치장호,이지고집중도고우중대시치장호여궤구장호。소미시치장호적개호시간월조、투자경험월봉부、년령월대,기영리능력상대월강;반지,교역월빈번、투자월분산,영리능력칙수지강저。기타류형장호여소미시치장호적정황대치상동。
By analyzing the registry and settlement data from 1st Jan 2007 to 31th Dec 2011, the following conclusions can be drawn： in the past five years, the investors of the Shenzhen market have made profit of 62.2 billion and only acquired by institutional accounts. As to the proportion of the profit accounts, institutional accounts are the highest, and the tiny market value accounts are the highest among the individual accounts. The individual accounts, especially the small and tiny market value accounts, hold more ST stocks than institutional accounts, but they hold much less Shenzhen Compositional Index stocks than other accounts. They also have a lower trading frequency and a higher holding concentration. The earlier small and tiny market value accounts opened account, the more experience they have and the older they are, they are more likely to make profit; otherwise, the more frequently they trade, the more diverse of their holdings, they are more likely to make loss. Other types of accounts are similar to the small and tiny market value accounts.