在印度二级股票市场,年收入是否影响决策?

R. Isidore, C. Arun
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引用次数: 0

摘要

年收益在股票投资中起着非常重要的作用,因为它影响着投资过程的几个方面。本研究的主要目的是检验二级股权投资者的年收入在决策过程中的作用。本研究是探索性的,其中对居住在印度金奈市的436名二级股权投资者进行了问卷调查。数据分析使用定量技术,如方差分析,多项逻辑回归,判别和交叉表。方差分析结果显示,除经济分析和公司分析外,不同收入群体的投资者在其他所有决策技术上都存在差异。当按性别和年龄划分时,结果是显著的。多项logistic回归分析结果显示,行业分析、技术分析、性别倡导者推荐和性别股权投资知识是年度收益的显著预测因子。运用判别模型对股权投资收益进行预测,发现只有行业分析和公司分析与股权收益呈正相关。在交叉表分析中检查了高收入和低收入投资者的人口和财务状况。研究的主要结果是:(1)与平均收入群体相比,老年投资者不太可能属于低收入群体;(2)低收入投资者多为男性,股权投资知识水平较低;(iii)采用行业分析的投资者更有可能属于高收入群体,而采用技术分析的投资者与平均收入群体相比更不可能属于高收入群体;(iv)拥有更多股权投资知识的投资者与平均收入群体相比更有可能属于高收入群体。结果还表明,采用行业分析和/或公司分析可能导致更高的概率在股票市场获得更高的回报,而采用经济分析,技术分析和/或倡导者推荐导致较低的回报。本研究将指导投资者和顾问检视所得收益的直接和间接影响。政府机构和投资者协会需要关注低收入投资者,因为他们的财务问题更容易受到金融失误的影响。
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Does the annual income earned influence the decision-making in the Indian Secondary equity market?
The annual income earned plays a very important role in stock investing as it influences several dimensions of the investment process. The main goal of this research was to examine the role of the annual income earned by the secondary equity investors in the decision- making process. The research is exploratory in nature where a questionnaire survey was conducted on a sample of 436 secondary equity investors residing in the Chennai city of India. The data was analysed using quantitative techniques like ANOVA, Multinomial Logistic Regression, Discriminant and Cross Tabulation. The ANOVA results revealed that except in economy analysis and company analysis, the investors belonging to the various income groups differed in all the other decision-making techniques. When divided in terms of gender and age as well, the results were significant. The Multinomial logistic regression analysis resulted in a robust model which showed that industry analysis, technical analysis, gender*advocate recommendation and gender*equity investment knowledge are significant predictors of the annual income. The Discriminant model developed to predict the returns earned in equity investments showed that only the industry analysis and company analysis have a positive relationship with the equity returns. The demographic and financial profile of the high- and low-income investors were examined in the Cross-tabulation analysis. The main outcomes of the study are (i) older investors are less likely to belong to the low income group compared to the average income group; (ii) the low-income investors are likely to be male investors with decreased equity investment knowledge; (iii) investors who employ industry analysis are more likely to belong to the high income group and those who employ technical analysis are less likely to belong to the high income group compared to the average income group and (iv) investors with more equity investment knowledge are more likely to belong to the high income group compared to the average income group. The results also show that adopting industry analysis and/or company analysis may lead to a higher probability of earning higher returns in the equity market whereas the adoption of economy analysis, technical analysis and/or advocate recommendation lead to lower returns. This study would guide investors and advisors to examine the direct and indirect influences of the income earned. Government bodies and investor associations need to focus on the low income investors who are more vulnerable to financial blunders owing to their financial issues.
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22
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