投资者有限注意对投资业绩的影响

摘要

利用人人贷平台的交易数据,实证研究了投资者的有限注意对其投资业绩的影响.用投资者在投资时可选信用认证借款笔数表征投资者的注意力有限程度---可选信用认证借款笔数越多,投资者的注意力就越有限.研究发现:随着借款数量的增加,投资者的业绩随着可选借款笔数的增多而呈先改善后恶化的倒U形变化;投资者的实际投资业绩与假设的拥有注意力投资者的差距越来越大.进一步利用平台上两次外生冲击识别投资者有限注意与投资业绩的因果关系.稳健性检验结果显示,在更换了投资者投资业绩的度量指标后,投资者的投资业绩与可选信用认证借款笔数之间仍存在类似的倒U形关系.%This paper conducts a research on how investor's limited attention affects his/her investment performance by using the data from Renrendai.com.It uses the number of available credit loans as the proxy of the extent of limited attention.The investors usually face several loans to choose when making investing decisions,and the attention of investors will be dispersed when the number of available credit loans in-creases.It finds that there exits an inverse U-shaped relationship between investor's investment performance and the number of available credit loans,which means the investment performance will first gets promoted and then deteriorates as the number of loans increases.Moreover,the gap between actual investment performance and investment performance of investors with limitless-attention enlarges as the number of loans in-creases.In addition,it uses some exogenous shocks on Renrendai.com to identify this effect.Finally,it finds the inverse U-shaped relationship still holds when changing the measure of investment performance.