Regional Characteristics And Effects Of Investor Composition In China's Securities Market

In real economic activities,people can often observe that the "rule of one pricee cannot be satisfied in economic activities,and this phenomenon,which is obviously contrary to the basic principles of mainstream economics,needs to seek a new theoretical explanation,which is reasonably explained by the theory of market segmentation put forward by behavioral economists,and in the view of behavioral economists.Each market has its own specific traders,each trading only in their own familiar market,they do not interplay with each other,resulting in market segmentation.Market segmentation means that the arbitrage mechanism is completely ineffective.In order to verify the theory of market segmentation,behavioral economists give corresponding empirical evidence from the perspective of "native effect".The essence of the so-called native effect is the regional segmentation effect based on geographical location division,the key to this effect lies in the existence of "familiar preferencee in the economic choice of the perpetrator,and the familiarity preference means that the actor has asymmetric information set.However,with the arrival of the "Global Village" and the Revolution of information transmission and reception technology,whether the trend of economic integration will lead to the disappearance of the local effect,especially in china's securities market investment,whether investors have local effect,the purpose of this study is to answer this question.Based on the systematic combing of relevant research literatures at home and abroad,and based on the basic principle of Markowitz securities portfolio model,this paper introduces the information asymmetry factor of listed companies in the model structure,combined with the selection principle of "familiar sexual preference",Theoretically explains the reasons and effects that may lead to local preferences when investors invest in securities markets.On this basis,this article takes the current administrative division of our country as the research object,takes china's 31 provinces and cities individual investor seturities market account opening quantity from 2005 to 2015,the transaction amount quantity,the regional listed company number,the total share capital and the average stock price and so on related actual data as the sample.By using the method of empirical analysis,this paper probes into the regional differences and characteristics of investor composition in china,s securities market investment,and takes investors as the demand side and the asymmetric information of listed companies as the supply end,and analyzes the local effect of china's securities market investment.The results show that:(1)The regional difference of investor composition in china's securities market investment is obvious,which is basically consistent with the difference of regional economic development level;(2)The number of regional listed companies,the height of stock price,the size of total equity and so on and the eomposition of local investors have a close relationship,and all show the same change relationship;(3)The situation of investor composition is related to the level of regional economic development,and the active participation of local residents in securities market investment should be improved,which is conducive to promoting economic development,and(4)the investment choice of investor securities market has obvious local effect.