The Study Of The Factors Influencing ETF Investors Behavior

ETF index funds (Exchange Traded Fund, referred to as the ETF) combines the dual advantages of closed-end funds and open-end funds. In China, the ETF is still an emerging market financial derivative. With the improvement of China's capital market and financial innovation to further deepen, the ETF will become more active and develop rapidly. Despite the short time in China, it contains huge capital energy. And its development will not only enrich our investment markets a variety of products, so that the stock market index of investment needs to become a reality, but also greatly affect the stable development of securities market. Selecting the factors of investment behavior, this paper studies on the characteristics of behavioral finance of the ETF investment behavior, on the basis of the study of traditional finance and behavioral finance theory.In this paper, with the traditional finance and behavioral finance theory described as a starting point, the behavioral factors of ETF investors is studied from three levels. First, based on demographic characteristics, such as age, sex, marital status and education level, the behavioral characteristics of cognitive deviation, sources of information, choices and decisions from investors are analyzed; secondly, investors' psychology cognitive factors are researched and analyzed for exploring the impacting mechanism of the investors'six cognitive factors, risk attitude, investment expectation, investor sentiment, social trust, herd mentality and overconfidence; and third, by using the collected survey data of micro-individuals and families investment decision-makers, the above-mentioned factors and the degree of influence are empirically tested through factor analysis and regression analysis. And through empirical testing, the study shows that investment rate, education, ETF awarded, investment sentiment and herd behavior of investors will have a significant impact on ETF investment.