《中国与欧洲股市投资心理比较》孙思玉著|(epub+azw3+mobi+pdf)电子书下载

图书名称：《中国与欧洲股市投资心理比较》

【作　者】孙思玉著

【页 数】 245

【出版社】 天津：南开大学出版社 , 2019.02

【ISBN号】978-7-310-05761-0

【价 格】48.00

【分 类】股票投资－经济心理学－对比研究－中国、欧洲

【参考文献】 孙思玉著. 中国与欧洲股市投资心理比较. 天津：南开大学出版社, 2019.02.

图书封面：

图书目录：

《中国与欧洲股市投资心理比较》内容提要：

本书从心理学视角出发，探讨了中国与意大利、法国、英国不同文化背景下三类投资群体股票市场的社会表征。主要内容包括下列三个板块。复杂的股票市场：介绍了股票市场的动态特征及其与异质机构、投资者的关系。经济学与社会心理学视阈下的股票市场：阐述了经济心理学主要研究范式，及其引入社会表征理论的必要性。对跨文化大众心理学与股票市场：理财顾问与不同类型投资者进行实证研究，通过分析股票市场社会表征的内容、结构与评价，揭示了金融领域不同文化、经济背景下，投资群体的文化共享与差异。

《中国与欧洲股市投资心理比较》内容试读

Part I The Complex World of the Stock

Market

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1.DEFINITIONAL PRACTICES,ACTORS AND CHARACTERISTICS

1.1 The Market As "A Family of Socially Evolved Practices":Charles Smith's Paradigm

The stock market-that can always be heard in the financial TV news or mentioned in theevening newspapers.Your colleagues may also talk about it in the lunch break or even make sometransactions on their iPad during working hours.Your friends can make a financial transaction ontheir cell phones while you are drinking a coffee together.

Experienced investors who put their money and time into the market after years may finallyget bankruptcy all of a sudden and find themselves understand nothing about the market.

Laypeople may get considerable profit from a short term investment,and think themselves knowthe market well.Even some professionals claim to understand the market,but if pushed,most ofthem confess they do not(Smith,1999).

This contradiction is deeply embedded in the different views that people hold towards thestock market.From the perspective of the entrepreneur,the market is a good platform for financing,especially for the small and emerging companies at the initial phase of development.However,inviews of Roger Babson,one of the greatest securities brokers,stock market is a businessforecasting (Tvede,2002)that can always reflect the economy in advance.The professionals,whomake stories from statistics and charts every day,also research on a large number of financialderivatives,consider the market as a tool for value investment.In spite of these points coming fromeconomic and financial perspectives,there are still some financial experts and managers think it as“a crap game”,“a no win situation'”or even“a sham”(Smith,l999).

The market is too complex,indeed.The supply and demand used to be the only factor thatdefines the fluctuations of the market prices;however,this point has been challenged by numerouspsychologists and sociologists in recent years that the psychological elements should also be takeninto account.The market actually operates as"definitional practices,a family of socially evolvedpractices that are not only affected by non-market practices,but also affect such non-marketpractices"(Smith,2007a:1).

As a challenge to the classical economic assumptions that people are entirely rational and

market is a level playing field,the social constructivist views of market suggest that the behaviorsof market participants are rooted in the complicated social and cultural contexts.

According to Smith (2007a),one of the most influential sociologists who researches in therealm of financial market,the market,as a family of socially evolved practices,not only plays therole of allocating and pricing goods,however,in the meanwhile functions as generating the sharedmeanings,understandings,mind-sets,acting both the condition of the process and the consequenceof these process.The market participants in the natural process of transactions are involved into the"interactive"and "interpretive"behaviors.Not merely respond to others'actions,the participantsalso "take the role of others"(Mead,1934),seeking to understand and influence the perceptionsand on-going practices produced by others.

Four propositions have been introduced as follows:

1.The market practices not only are embedded in social meanings,but also generate meanings,pertaining to market system which is made up of three market elements:

a.Determining the market parameters,such as stock values,market indexes,in order to pricethe goods;

b.Governing and defining the participants that are engaged in the stock market.In order to

better understand the meanings and rules that enable the market practices,one shouldbecome a true participant observer.Second hand information or resources are not sufficient

to experience the real circumstances.

c.Setting rules to manage the market practices,including the supervision of bids,

transparency of information and so on.

2.The market practices are realized by the processes of production and reproduction of market

meanings.Participants are not merely get involved into these practices themselves,but alsonecessary to interact with other market participants.Based on communication and interactions,the mutual understanding could help participants to grasp others'mind-sets and options.In thisprocess,new meanings and practices are produced and reproduced themselves by interactionswith other participants in the market.

3.Markets are evolving practices that change from the effects not only external factors but

internal changes as well.As people cannot step twice into the same river,the market cannotremain the same over time.Repeated studies are required to understand the dynamics andevolution of the market,especially after a specific period of time when important eventshappened in the market.

4.Market ideations influence both non-market practices and market practices.As social practices,the markets not only affect a range of other practices that are embedded in,however in turn arealso influenced by them.The mutual interactions foster the acceptance of markets assignificant definitional practices that go beyond the allocation processes in the market fields.

In short,the market reflects the consensual definitions (Smith,1999),which is in accordancewith the expectations that the participants hold.As the market practices are social processes,withthe aim to construct the social reality,the meanings that are generated in the practices are the2

product of social interactions.In these well-structured social interactions,there are groups offinancial professionals and also lay investors playing crucial roles to maintain the group consensus.

As Smith said,the market functions "both as the condition of the allocation and pricingprocesses,and serve as important sites for generating the shared meanings,understandings,mind-sets and governing narratives intrinsic to market transactions."And the "participants not onlystrategically respond to each other's actions,but also seek to grasp and influence how othersunderstand the on-going practices in which they are jointly engaged"(Smith,2007a:2).

1.2 A World with Its Own Language:the Basic Dictionary

To begin with,it is a necessity to clarify some precise definitions that are related to the marketand the motives behind the real practice that investors hold to be engaged in this "crap game"willingly.

For most of the time,the "market"refers to the stock market,and the condition or thequotation of the market that people usually consider the most is whether the prices of the generalshares are rising or falling.People buy the stock of a company,because they want to own a"share"of the company and to become a shareholder.

Sometimes,companies need money to keep going,and investors put their money into thecompany optimistically as they believe in the promising future of the company,so as their value ofinvestment will increase.Investors'confidence and the anticipation of the future profit foster thebullish trend of the market.Following this trend,investors may purchase more stocks as a positiveregeneration,expecting for more profits and a"bull market"is basically formed.On the contrary,if investors are disappointed at the performances of most of the listed companies and have no faithin the stock market,they may sell their shares in order to exchange the virtual capitals into realones.However,as the transition from optimism to pessimism of investors spreads,the depressiveand weak sentiments make the market decline,like a "bear"drooping its head,which is the way ofa"bear market"coming from.An accepted measure to define the bear market is a price decline of20%or more over at least a two-month period (The Vanguard Group).

Knowing the existence of the market is one thing,however knowing how it works is anotherthing.Stocks are transacted in stock exchanges.Some major stock exchanges,such as the New

York Stock Exchange (NYSE),the London Stock Exchange Group (LSEG),the National

Association of Securities Dealers Automated Quotation System (NASDAQ),the Shanghai Stock

Exchange (SSE),allow the stock brokers and investors to transact stocks,bonds,futures,and otherderivatives.Each stock exchange has its own regulations and chooses the proper companies to liston the exchange.

As one of the most important stock exchanges,the New York Stock Exchange permits biggestcompanies to list since its foundation in 1817.However,in 2007,NYSE merged with Euronext,theEuropean electronic stock exchange based on several European countries,to form NYSE Euronext,the first global equities exchange.In the same year,the London Stock Exchange,being one of the

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oldest exchanges that initiated in 1801,merged with Borsa Italiana,and created London Stock

Exchange Group,an English multinational financial corporation stock exchange in EuropeNASDAQ,which was started in 1971,used to be exclusive for development of small and mediumcompanies,but nowadays,it also embraces some big companies such as Intel,Microsoft,Apple,and Facebook.This relatively new platform also appeared in other developing countries in recentyears.In 2009,China started its own NASDAQ-Style market,ChiNext Board,and promoted thefinancing and growth of small and emerging companies in China.

To represent the general price of the stock market,each market has an indicator or index.Inthe US,the prominent ones are the Dow Jones Industrial Average(the Dow),the Standard Poor's500 (the S&P 500),and the NASDAQ Composite Index (the NASDAQ Composite).Otherdominating indexes are such as Index of Milan (FTSE MIB),Index of London (FTSE),Index of

Paris (FCHD,and Index of Shanghai (000001.SS).

1.3 Heterogeneous Agents and Stakeholders

As an indispensable factor of the stock market,the participants,especially thecommunications between them play crucial roles in the "definitional practices".By interactingbetween different kinds of participants,a variety of agents and stakeholders,from the institutionalactors to the individual investors,new meanings and practices could be produced and reproduced,and fresh relations between each other could be built dynamically.

1.3.1 Financial Institutions

Almost every financial system in every country includes financial market and intermediaries,but how these two sectors function in the economic and financial system distinguishes greatlyacross different countries.A detailed introduction of banking system and the key financialinstitutions are provided below,for a better understanding of the financial structure of the Europeancountries.

One of the most important banks in Europe and even the world is the European Central Bank(ECB),which administers the monetary policy for Eurozone members.The key functions are tomaintain the price stability,manage the interest rate,take care of the deposit and issue of thecurrency,and make monetary policies.Being independent to other leading institutions in theEuropean Union,ECB is the only institution allowed to issue Euros in Europe.

European Investment Bank (EIB)is an international financing institution,owned by the

Member States of the European Union.Being a policy-driven bank,it serves for the EU's priority,particularly supporting European integration and the nationals with a relatively weak developmentof the economy,in order to promote the stabilization and balance of EU development.

Another major bank that should not be neglected is the European Bank for Reconstruction and

Development (EBRD),which was founded in 1991,with the purpose to support the previouscommunist countries to build private sectors in the process of market economy (EBRD,2008).

Different from European financial system,nowadays in China,the financial system isdominated mainly by banking system(Allen et al.,2012).In the banking and intermediation sectors,according to China's current situation,one should not neglect the different roles each bank plays inthe system.The People's Bank of China (PBC),established in 1948,is considered to have thefunction as China's central bank.With the background of the socialist market economic system,thecentral bank is playing an important role in China's macroeconomic management.One of the majorfunctions that PBC performs is to issue the RMB,administer its circulation,and regulate thefinancial markets,including the lending market,bond market,foreign exchange market and thegold market.

With the gradually increasing number of domestic and foreign banks entering and developingin China's market,China's banking system is mainly controlled by the four largest state-ownedbanks (the national banks),including Bank of China,China Construction Bank,Industrial and

Commercial Bank of China,and Agricultural Bank of China.In recent years,these big four bankshave been publicly listed and traded,but still regulated and controlled by the national government,the biggest shareholder.Not only contributing to facilitating the efficiency of the banking sectors,the central government also makes every effort to avoid the banking system getting involved intothe financial and banking crisis.

Unlike other countries,online banks of China almost exist in every bank,not only nationalbanks,but also local banks.With the online bank service,commercial transactions or investmentcan be operated anytime and everywhere,which opens a broader platform for financial activitiesand facilitates people's life greatly.

1.3.2 Regulatory Authorities of the Financial Market

In order to ensure the health of the stock market that the involved transactions are conductedin a proper way,almost for each stock exchange there are financial regulations or supervisions,which enact restrictions and guidelines to maintain the confidence and stability of the financialsystem from turbulences and financial crimes (US FSA statutory objectives).

Commissione Nazionale per le Societa e la Borsa (CONSOB),founded in 1974,is the Italian

Securities and Exchange Commission,and the financial authority mastered by the Italiangovernment,which is in charge of the Italian securities market.

Unlike the government authority of Italy,the financial authority in the United Kingdom whichnamed the Financial Services Authority (FSA)is independent of government,but appointed by the

Treasury.Its main responsibility is to protect the financial services industry of the UK.As arelatively new authority in the worldwide financial fields formed at the end of 2001,it is supposedto be abolished in 2012 and merge a part of which into the Bank of England.

Another important stock market regulator in Europe is the French one,which named the

Autorite des Marches Financiers (AMF).AMF is also an independent institution that is in charge ofsavings,investment and all sorts of financial activities in the financial market.

In order to control the Shanghai and Shenzhen stock exchanges efficiently,the China

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Securities Regulatory Commission (CSRC)was given extensive powers in the late 1997.TheCSRC has been given the right to approve the share issuance,enact regulations to the capitalmarket and also punish those who violate the rules of the market.As the regulatory agency of

Chinese market,the CSRC is considered as the representative of the People's Bank of China to takethe responsibility of Chinese financial market.

1.3.3 Different Types of Investors

Generally speaking,there are two main types of investors in the stock market,institutionalinvestors and private investors.

Institutional investors refer to financial entities with large amount to invest,includinginvestment banks,insurance companies,pension funds,mutual funds set up by countries ororganizations and so on.Their role is to behave as highly professional investors on behalf of others.

Sometimes,institutional investors are acting as financial intermediaries,which function criticallyimportant in the market.In the UK,the wealth of institutional investors accounts for nearly twothirds of the shares by listed companies (Cheffins,1997:636).In the case of China,since 1995,some financial companies,which have secured funds from rich individuals and non-statecompanies,are concerned as the privately raised funds,also known as institutional investors.Theinvestment of institutional investors usually has positive strategies aimed at the long-terminvestment in the market,and in recent years,the number of this type of investors has increasedrapidly,as well as competitively.

According to the OECD (Organisation for Economic Co-operation and Development)statistics data collected by Central Banks and National Statistical Offices (Gonnard et al,2008),institutional investors can be divided into four main types,including sub-categories respectively:1)investment funds,which can be broken down into open-end companies,further distinguished intomoney market funds and other mutual funds,and closed-end companies,such as real estate funds;2)insurance companies,made up of life insurance companies and non-life insurance companies;3)pension funds,and 4)other forms of institutional savings.

An increasing trend had been discovered of the assets from institutional investors of 17countries,which play more and more crucial role in the worldwide financial market,over theperiod 1995-2005.Investment funds had exceeded insurance companies,appearing to be the mostimportant institutional investor in 2005,representing 35.7%of total assets of the market.From theperspective of growth rate,other forms of institutional savings,with an average 16.3%,ranked thefirst during the period 1995 to 2005,followed by investment funds with an increasing rate of 9.2%

Both insurance companies and pension funds increased by around 5%within this period.

As contributed greatly in the financial market,the institutional investors to an extent candetermine the general trend of the market development,however,things are turned out differentlyaccording to the policies and regulations controlling and adjusting each market.For the relativelyimmature financial market with strict restrictions,such as China,empirical results indicate that asinstitutional investors entered the market,the fluctuations of the Shanghai and Shenzhen stock

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