Investigation And Research On Risk Tolerance And Its Influencing Factors Of Small And Medium Shareholders In Chongqing

China's securities market started late.Shenzhen Stock Exchange and Shanghai Stock Exchange,which had been prepared for a long time in December 1990,officially started trading.This is a sign of the development of China's securities market.Up to now,China's securities market has developed for nearly 30 years.In this process,China's securities market has developed rapidly.The relevant laws and regulations and market supervision of China's securities market are not perfect,there are market phenomena such as insider trading and information fraud,and the market maturity is relatively low.Small and medium-sized investors are the main part of the stock market investors in China.Their investment choices and mood changes have a significant impact on the market trend.When small and medium-sized retail investors make investment choices in the stock market,they often make irrational investment behaviors such as blindly chasing the high,panicking and killing the low.This kind of irrational investment behavior will cause the stock market of our country to soar and plummet,fluctuate greatly,even induce financial crisis,and seriously hinder the long-term healthy development of the stock market of our country.This paper takes small and medium-sized shareholders in Chongqing as the research object,studies the influencing factors of risk tolerance,and finds out the factors ignored by previous scholars.From the practical point of view,it can improve the investment ability of small and medium-sized retail investors,form a perfect investment system,reduce irrational investment behavior;put forward suggestions to relevant departments,strengthen market supervision,establish a sound legal system,regulate market behavior,and create a good market environment for investors.From the theoretical point of view,this paper makes an in-depth study on the influencing factors of small and medium-sized investors' risk tolerance,and makes contributions to the research of behavioral finance theory in this part.This paper combs the relevant domestic and foreign literature on the risk tolerance factors,and then analyzes the risk tolerance and its influencing factors of small and medium-sized shareholders in China from the perspective of irrational investment in behavioral finance.The research object of this paper is the small and medium-sized retail investors in Chongqing,using the method of questionnaire Star online and offline field survey to get the corresponding first-hand data,so as to analyze the influencing factors of risk tolerance of small and medium-sized shareholders in Chongqing.Through descriptive analysis and empirical analysis,it is observed that small and medium-sized shareholders in Chongqing have the characteristics of short investment time,lack of experience,excessive trading and so on.Referring to the relevant research of domestic risk tolerance factors,and according to the actual situation of small and medium-sized retail investors in Chongqing,this paper considers that the risk preference,investment confidence,investment term preference and income level of small and medium-sized investors are the main factors affecting risk tolerance.In the empirical analysis,this paper selects multiple logistic regression model to analyze the factors that affect the risk tolerance of investors.Based on the above research,the following three conclusions are drawn:(1)the results of questionnaire survey show that the age structure of small and medium-sized shareholders in Chongqing tends to be younger,the education background is mainly diploma and undergraduate diploma,and most of them are middle and low-income people;(2)the emotions of small and medium-sized shareholders in Chongqing are easily affected by the fluctuation of the stock market,there are irrational investment behaviors,and the overall risk tolerance is relatively high Low level;(3)the investment preference,investment period and income level of small and medium-sized shareholders in Chongqing have a significant positive impact on their risk tolerance,and the level of investment confidence has a significant positive impact on their risk tolerance.This paper puts forward corresponding suggestions from three aspects of investors themselves,government behavior and securities intermediary institutions:(1)small and medium-sized shareholders should strive to improve their professional ability,combine investment theory with investment practice,improve their own investment system,and reduce irrational investment;(2)establish and perfect the information disclosure system,establish and perfect the system and mechanism,reduce the government's ineffective intervention,and give full play to the market Third,securities intermediaries should deal with the relationship with customers and establish a sound risk warning system.