CAJ | 학술논문

采用模拟投资任务和问卷测查的方式，考察了投资者的风险感知、风险倾向对其风险决策的影响，并对风险感知与风险倾向的交互作用进行分析。结果发现：①投资者的风险感知对其风险决策有显著的负向作用；②投资者的风险倾向对其风险决策有显著的正向作用；③风险感知对风险决策的影响作用部分通过风险倾向这一中介完成。
채용모의투자임무화문권측사적방식，고찰료투자자적풍험감지、풍험경향대기풍험결책적영향，병대풍험감지여풍험경향적교호작용진행분석。결과발현：①투자자적풍험감지대기풍험결책유현저적부향작용；②투자자적풍험경향대기풍험결책유현저적정향작용；③풍험감지대풍험결책적영향작용부분통과풍험경향저일중개완성。
The investors＇ risk perception and risk propensity play an important role in the system of risk decision- making. Previous research grouped risk perception and risk propensity into the study of the organization- al decision making system, which revealed that the risk propensity played an important effect on risk perception and risk decision making, however, other scholars found different results. To investigate the relationship among risk perception, risk propensity, risk decision-making, this study adopted the method of simulated investment with a sample of private in-vestors. With common method biases test, mediating effects test, correlation analysis and regression anal- ysis, the study concludes that：（I） investor＇s risk perception has a significant negative effect on their risk decision making; （2） investors＇ risk propensity has a significant positive effect on their risk deci- sions; （3） part of the effect of risk perception on risk decision-making is carried out through mediary of risk propensity. inter-