| As an emerging capital market, the stock market of China is a stage signs of the Chinese economic system reform. From the first stock issued, the domestic stock market has great development for decades. The scale of stock market and the number of investors have reached a considerable level. The regulatory mechanism has been improved, as the market is gradually maturing. Among Chinese stock investors, the individual investor is the absolute majority. It has become particularly urgent to grasp the typical characteristics of the Chinese individual investors’ behavior, to improve the information disclosure of listed companies in China, and enhance the validity of stock market information. It is important reference for the study of the domestic stock market and listed companies’ information disclosure, to study the behavior of individual investors, such as the information needs, access to information and use of information.In this paper, the author use the theory of information behavior of individual investors with empirical research, to find the answer to the information needs of individual investors, influencing factor and the information behavior process when they are making investment decisions. Another purpose is to build information behavioral model of the individual investors in Chinese stock market.In the first part, this paper has a theory research to describe the background and significance, using bibliometric and literature induction to collect relevant literature and summarizes the research situation. And this part introduces the research structure, methods, and innovation.The second part introduces the stock market participants and information classification; firstly the author analyzes the role and action classification of stock market participants, and then classifies the information of the stock market, pointing out the supplier, access channels and importance of various types of information.The third part has the empirical research and model building; the author use text analysis and questionnaires for empirical research:Test analysis for the information needs of stock market investors, and questionnaire survey for influencing factors of investor behavior and specific action process. On the basis of empirical research, combined with the previous build behavioral models, the author introduces information behavior model for individual investors.Finally, it is summary. The author introduces the conclusions of the study and research of the exposition in this article, and gives the suggestion to individual investors and the department who provide relevant information. Hopefully, the paper can provide new facts and research framework for the topics, such as user-oriented information disclosure, rights protection of individual investors and annual reports improvement of listed companies. |
