Exploring how retail investors use various types of information and assessing the effectiveness of investor education are of great significance for strengthening the protection of small and medium-sized investors and promoting the healthy and stable development of China's capital market.Using investor related data desensitized by Guoyuan securities,we adopt the method of field experiment to explore the information usage behavior of retail investors and the effectiveness of investor education.We find that retail investors rely more on corporate operation announcements,historical stock price trends,and stock forum discussions for their investment decisions while using less corporate financial information,news reports on policies and trends,and analyst reports.This may lead to irrational investment behaviors,such as chasing rising stocks and selling during declines.Educating investors on accounting knowledge and investment principles can reduce irrational investment behaviors to a certain extent.Offering investors direct and public information about stock value can enhance their willingness and ability to use value-related information in their investment decisions.At the same time,the effectiveness of investor education is influenced by the education methods and the heterogeneous characteristics of the investors themselves.Based on the findings of the field experiments,this paper puts forward policy recommendations to deepen the institutional supply of investor education through top-level design and to leverage the platform advantages of securities company to improve the precision of investor education.
国家科技期刊平台
NSTL
万方数据
