投资经验能够改善股民的收益状况吗——基于股民交易记录数据的研究

摘要

Abstract：The paper investigates whether individual investors are able to and how to improve their return rates as their trading experience increases. Trading experience, measured by the age of trading, the number transac- tions, and the number of different stocks purchased, significantly help to improve investor＇s portfolio perform- ance. This result holds for male and female investors and for different age investors. We also find that investors ability of choosing right stock at the right time is improving as their experience increases.%本文利用中国某证券营业厅个体股民的交易记录数据考察了股民的投资经验对其投资收益的影响以及这种影响可能的产生途径。利用股民的股龄、累计持有股票数及累计交易股票次数作为投资经验的度量指标，我们发现上述经验指标对于股民的收益状况都有着显著的改善作用。随着经验的增加，股民的投资收益显著上升。而且这一结论对于不同性别、不同年龄投资者都是成立的。另一方面，通过对股民选股能力和择时能力的考察，我们发现，随着投资经验的增加，股民上述两种能力均有显著地提高。以上结论意味着投资经验通过对股民选股和择时能力的提升改善了股民的投资收益状况。