Research On The Influence From Investors’ Motivations To Stock Investment Decision In China

Stock investment has become an important form of investment in the current China.Chinese stock market，is casting a lot of upstart myth，also make tens of millions ofinvestors in inextricably bogged down in. Why are there so many people into thestock market? Why there are so many people willing to stay in the stock market?What is it，let common people to share love and hate with stock? Behavioral financetheory points out that，due to the age，occupation，education and capital differences，the medium and small shareholders and investors have different motivations ofinvestment. What is the common shareholders’ investment motivation? There is acomplex motivation system behind any human behavior，and need undertakesthorough research. Stock investment behavior also the same，its motivation is alsoworthy of further study.In the present stage of China stock market， because of serious informationasymmetry exists in the market，so many institutions and the bankers by manipulatingof information asymmetry to affect asset price formation，thereby obtaining profits ortransfer risk. And in actual，information will not only influence the investors’expectation of the asset’s future earnings，can also affect the decision and psychologyof investors，and by more complex ways to affect the equilibrium asset priceformation. The medium and small investors，who access to information in differentways and obtain the different quality information，while the information’s noise levelis also not the same. It will have an important impact on investment decision. On one hand，this thesis will deepen understanding of the motivations ofshareholders， while through in-depth theoretical analysis and empirical research toknow the influence of difference motivation on stock investment decision. On theother hand，through the empirical analysis this thesis will analyze and test themoderate effects of different access to information on the stock purchase decision.In order to carry out the research，the author reviews the related theory. First ofall， the author system reviews the motivation and stock investment motivationtheory， focusing on the concept of motivation，the historical evolution of motivationstudy of，motivation category，motivation function，motivation measurement andstock investment motivation. Secondly，the author reviewed stock decision behaviortheory，with emphasis on the definition and basic characteristics of investors，stockinvestment decision behavior，the basic Chinese investors’ behaviors. In third，thispaper reviews the stock market information and related theories，with emphasis on theinformation and information behavior，information in the securities market， theimportance of information in securities investment. Fourth，the theory of asymmetricinformation and security information access are reviewed，with emphasis on thetheory of asymmetric information，access to information，the influence of securitiesinformation access. Through the theoretical review，we laid a theoretical basis for thisstudy.Based on the theoretical review and analysis of the relationship between therelated theories，this paper proposes the theoretical framework and hypotheses. Theaspects include the hypothesis of different motivations influence shareholder’s stockinvestment decision and hypothesis of information access’s moderating effects instock motivation and stock investment decision. Different motivations influenceinvestors’ stock investment decision-making，including overall relations betweenstock motivation and stock investment; hypothesis between investors assume intrinsicmotivation and stock investment decision， hypothesis between stock extrinsicmotivation and the stock investment decision. Information access’s moderating effects in stock motivation and stock investment decision including hypothesis of theoverall relationship between information access on stock motivation and stockinvestment decision， hypothesis of information channels in the stock intrinsicmotivation and stock investment decision，hypothesis of information pathways instock extrinsic motivation and the stock investment decision. Finally，it formed28research hypotheses.In order to carry out empirical research，this paper designed specific researchmethods， including in-depth interviews and questionnaires. And we carefullydesigned the interview questionnaire and survey questionnaire. And we prepared thedata analysis methods，including qualitative analysis method and quantitative dataanalysis methods.This thesis based on the basic process of empirical research. First of all，wecarried out interview research and data analysis，laid the foundation for questionnairesurvey. Secondly，through the questionnaire survey and data analysis，we test thequality of questionnaire，and adjust the dimension structure and item design of thescale. Then，we using a large sample of questionnaire survey and a series of strict dataanalysis method，the paper test the proposed hypotheses. This paper studies the28hypothesis，3hypotheses were not supported，5hypotheses are removed as the scaleadjustment，20research hypotheses are received support.The hypotheses of shareholders’ different investment motivations on stockinvestment decision behavior which supported are：the positive influence betweeninvestors stock investment motivation and stock investment decision; the positiveinfluence between investors’ intrinsic motivation and stock investment decision; thepositive influence between achievement motivation and stock adjust decision; thepositive influence between achievement motivation investors holding period of theshares; the positive influence between experience motivation and stock adjustdecision; the positive influence between experience motivation and investors holdingperiod of the shares; the positive influence between extrinsic motivation and stockinvestment decision; the positive influence between extrinsic regulation motivation and stock choice behavior; the positive influence between extrinsic regulationmotivation and stock adjustment decision; the positive influence between introjectedregulation motivation and stock adjustment decision. The positive effects between theoverall level of motivation or dimension motive on the overall or specific stockinvestment decision behavior.The significant moderating effects of stock information source on the stockmotivation and stock investment decision including：the significant moderatingeffects of stock information source on the stock motivation and stock investmentdecision; the significant moderating effects of stock information source on Intrinsicmotivation to know and stock investment decision; the significant moderating effectsof stock information open source on Intrinsic motivation to know and stockinvestment decision; the significant moderating effects of stock information privatesources on Intrinsic motivation to know and stock investment decision; the significantmoderating effects of stock information private sources on Intrinsic motivationtoward accomplishments and stock investment decision; the significant moderatingeffects of stock information private sources on Intrinsic motivation to experiencestimulation and stock investment decision; the significant moderating effects of stockinformation source on extrinsic regulation motivation and stock investment decision;the significant moderating effects of stock open information source on extrinsicregulation motivation and stock investment decision; the significant moderatingeffects of stock private information sources on extrinsic regulation motivation andstock investment decision; the significant moderating effects of stock privateinformation sources on introjected regulation motivation and stock investmentdecision.Through the study of the relationship between motivation and investmentbehavior，we have certain theoretical guidance for the stock management and stocksales organizations. For example，it contributes to these institutions to deepenunderstanding of investors’ psychology and behavior， it contributes to theseinstitutions to take appropriate marketing strategy to affect investors behaviors ofspecific motivation types. Through the study of the moderating effect of information sources on the relationship between motivation and the investment behavior，we havecertain theoretical guidance for the stock management and stock sales organizations.First of all，it contributes to these institutions to deepen understanding of investors’access to stock informations. Secondly，it contributes to these institutions to takeappropriate marketing strategy to influence investors’ ways and means of obtaininformation， thereby affecting investor’s investment decision-making behavior.