Research On Individual Behavior Characteristics And Psychological Influencing Factors Of Stock Market Investors

This paper adopts semi-structured in-depth interviews of qualitative research, aims to explorer the internal experience of shareholders and reaches the explanatory understood of them. I use theoretical sampling while choosing the research objects. With at least three years of independent investment experiences in stock market as selection criteria, I finally chose six shareholders as my interviewees. Then I interviewed everyone of my research objects three times, each interview was last about60-90minutes, and contents of the interviews were about experience of their stock market investment, what they had been through now and before, how did stock market investment affect their daily life. During the interview, I used an electronic device to record the whole talking process between me and the research objects, while writing down some nonverbal information on interview paper. It took me about hours to translate these recording into written materials. After reading these materials several times, I coded them by different meanings, then I started to do generic analysis work, figured out the core categories between, tried to write the whole process down.I found out the following conclusions in this study:Firstly, there were three key actions during the stock market investment, which were focusing on information, risk decision and self-inventory. These three actions had special connections.Secondly, the behavior and psychological characteristics of shareholders showed four developmental stages, which include trying first time stage, explorering stage, testing stage and steady stage. These four appeared on every interviewee one by one, and each of them had different duration.Thirdly, the forming of the behavior and psychological characteristics of shareholders was affected by three main factors, which were emotions, risk attitude and needs.