经济经纬
經濟經緯
경제경위
Economic Survey
2014年
6期
137~142
,共null页
偏好 期望效用理论 二阶随机占优理论 风险
偏好 期望效用理論 二階隨機佔優理論 風險
편호 기망효용이론 이계수궤점우이론 풍험
Preference; Expected Utility Theory; Second Stochastic Dominance Theory; Risk
笔者利用合期望效用理论与二阶随机占优理论，选取2000年～2011年的彩票、存款、股票等数据样本，对中国居民投资偏好变化规律进行剖析，结果发现当前中国居民投资日趋理性，风险偏好呈现出“风险中性占主导；风险偏好居中；风险回避减弱”的现象，进而指出需要完善和规范资本市场的重要性。
筆者利用閤期望效用理論與二階隨機佔優理論，選取2000年～2011年的綵票、存款、股票等數據樣本，對中國居民投資偏好變化規律進行剖析，結果髮現噹前中國居民投資日趨理性，風險偏好呈現齣“風險中性佔主導；風險偏好居中；風險迴避減弱”的現象，進而指齣需要完善和規範資本市場的重要性。
필자이용합기망효용이론여이계수궤점우이론，선취2000년～2011년적채표、존관、고표등수거양본，대중국거민투자편호변화규률진행부석，결과발현당전중국거민투자일추이성，풍험편호정현출“풍험중성점주도；풍험편호거중；풍험회피감약”적현상，진이지출수요완선화규범자본시장적중요성。
With the growth of Chinese residents wealth, the ability against the risk of Chinese residents is also increasing. Does the Chinese residents＇ investment psychology also follow this rule.9 Based on this point, this paper applies the expected utility theory and second stochastic dominance theory, by using the sample of lottery, deposit and stock datum between 1994 -2011, to analyze the changes of Chinese residents＇ investment preference . At last , we draw a conclusion that the current Chinese household investment is more rational. Then we summarize a phenomenon of risk preference that is ＂risk neutral is dominant; risk preference is central ; risk avoidance is weakened＂. At last we point out the importance of improving and standardizing the capital market.
