The Empirical Analysis Of Influence Factors Of Individual Investment Decision Based On Micro Data

After entering the 21 st century,the network popularize rapidly.Under the background of network informationization,the traditional financial model has already can not meet the requirements of modern financial development.Financial network arises at the historic moment and develops rapidly.Diversified financial products have made individual investment decisions face a variety of choices,investment behavior is converted to choice behavior.Investment decision-making is a highly regarded topic in economics research,its research has at least experienced three stages:Neoclassical Theory,Expected Utility Theory and Prospect Theory.These theoretical studies show that the factors influencing investment decisions has the following characteristics: First,complexity.In addition to the value and utility,such as,mental accounting and emotions,extending from the field of economics to the field of psychology;Second,uncertainty.People's rationality is limited,it is almost impossible to form a complete understanding of investment risk.The complexity and uncertainty increases the difficulty of theoretical and empirical research in this field.Problems of this study are: at the micro level,whether the variables reflecting the individual socio-economic status and demographic characteristics impact on investment decision-making behavior,such as: income,education,age and gender.In reality,what factors have influence on individual investment decisions? What is the impact? To this end,during October to November 2014,we issued 1200 questionnaires,obtaining 1086 valid questionnaires,and use Ordered-probit model to analyze the collected data.This paper regarded individual investment decision-making behavior as the research target,considering five individual characteristic variables,including gender,age,etc.,and two family characteristic variables,three professional background variables and two economic status variables,and study the influence of these total 12 explanatory variables on individual investment decision-making behavior.From three aspects of traditional financial products,network financial products and private lending,the paper subdivided traditional financial products into traditional currency,traditional securities,traditional security and traditional wealth management,subdivided network financial products into network securities,network security,third-party payment,network wealth management.Ordered-probit model wasestablished for each type of financial products,and through the analysis of the model coefficients and marginal effects of the explanatory variables,the following conclusions were got:First,the impact of financial literacy on individual investment decisions is very important.Although individual characteristic variables and family characteristic variables have impact on individual investment decisions,but its potential impact factors are: knowledge is the key to influence individual investment decisions.Second,the proportion of urban population to invest in various financial products is higher than rural population and the proportion of married people is higher than unmarried people.Financial institutions service objects are given priority to urban population and married people.At the moment of meet their requirements,financial institutions should pay attention to develop new products suitable for the rural population,unmarried people.Third,in the individual investment decision-making analysis of traditional financial products and private lending,parents' financial management experience should be paid special attention.But in the analysis of network financial investment,this variable should be out of concern.Fourth,in the analysis of investment decision-making analysis,we should focus on gender,age,education and proportion of investment.It should also be noted that the investment risk appetite of male preference is not simple concave or convex,hey both like securities products and security products.