"بررسی نقش ویژگی های روان شناختی در رابطه بین شخصیت سرمایه گذار و عملکرد سرمایه گذاری"
محورهای موضوعی : پژوهش های مالی و رفتاری در حسابداریعلی لعل بار 1 , مهدی میرزایی 2 , نسرین خان کش 3
1 - استادیار، گروه حسابداری، واحد اراک، دانشگاه آزاد اسلامی، اراک، ایران
2 - گروه مدیریت ، واحد اراک ، دانشگاه آزاد اسلامی ، اراک ، ایران
3 - دانشجو دکتری گروه مهندسی مالی، واحد اراک ، دانشگاه آزاد اسلامی ، اراک ، ایران
کلید واژه: ویژگی‌های روانشناختی, شخصیت سرمایه‌گذار, عملکرد سرمایه‌گذاری,
چکیده مقاله :
موضوع مالی رفتاری که معمولاً از آن به‌عنوان کاربرد روان‌شناسی دردانش مالی تعبیرمی‌شود،به‌ویژه پس ازترکیدن حباب قیمتی سهام دربیشتر کشورها و علی‌الخصوص درایران،به موضوع روز تبدیل شده است.مالی رفتاری بیان می‌کندکه انسان به‌عنوان یک سرمایه‌گذار یک موجود کاملاً منطقی نیست و تصمیمات و عملکرد سرمایه‌گذاری خود را براساس شرایط و تحت تأثیر عوامل مختلف اتخاذ می‌کند که این تصمیم‌ها می‌تواندبه دوراز منطق نیز باشد، یکی از مهم‌ترین عواملی که عملکرد سرمایه‌گذاری رامتأثر می‌کند ویژگی‌های روانشناختی و شخصیتی سرمایه‌گذاران است.هدف این پژوهش بررسی نقش ویژگی‌های روانشناختی (بیش‌اطمینانی مالی و تحمل ریسک) در رابطه بین ویژگی‌های شخصیتی سرمایه‌گذار(مسئولیت‌پذیری، روان‌رنجوری، سازگاری، گشودگی به تجربه و برون‌گرایی) و عملکرد سرمایه‌گذاری بوده است.روش پژوهش از نظر هدف، کاربردی و از لحاظ ماهیت، توصیفی و پیمایشی است. جامعه آماری پژوهش شامل سرمایه‌گذاران بورس اوراق‌بهادار تهران طی سال 1400 است که بر اساس فرمول کوکران تعداد387 تن به‌عنوان نمونه و به روش تصادفی دردسترس انتخاب شدند.ابزار جمع‌آوری اطلاعات در این پژوهش مبتنی برپرسشنامه است.تجزیه و تحلیل داده‌ها نیز با تکنیک مدل‌یابی معادلات ساختاری(SEM) و تحلیل عاملی تأییدی انجام گشت.نتایج حاصل نشان داد که صفات شخصیتی برعملکرد ادراکی سرمایه‌گذاری تأثیر می‌گذارند و شخصیت سرمایه‌گذاران تأثیر معناداری بربیش‌اطمینانی مالی آنها برجای می‌گذارد و سرمایه‌گذاران با سطح بالاتر(پایین‌تر)بیش‌اطمینانی مالی دارای عملکرد ادراکی سرمایه‌گذاری بالاتری (پایین‌تری) هستند همچنین شخصیت از طریق بیش‌اطمینانی مالی بر عملکرد ادراکی سرمایه‌گذاری تأثیر می‌گذارد.شخصیت سرمایه‌گذاران دارای تأثیر معناداری بر تحمل ریسک مالی آنها می‌باشد.سرمایه‌گذاران با سطح بالاتر(پایین‌تر) تحمل ریسک مالی دارای عملکرد ادراکی سرمایه‌گذاری بالاتری(پایین‌تری) هستند.شخصیت از طریق تحمل ریسک مالی برعملکرد ادراکی سرمایه‌گذاری تأثیر می‌گذارد.
Behavioral finance which is regarded as psychology application in finance, has become an up-to-date topic in the world and specially Iran after crashing the bubble of stock prices in most countries.Behavioral finance’s tries to say that human being as an investor is not completely logical entity and they take their decisions and investment performance according to the existing situations and impressed by a variety of elements that these decisions can be illogical.psychological characteristics and personality are one of the most important factors which affect investment performance.The purpose of this research was to investigate the role of psychological characteristics(financial overconfidence and risk tolerance)in the relationship between investor personality characteristics (responsibility, neuroticism, adaptability, openness to experience and extroversion) and investment performance.The research method is applied in terms of purpose and descriptive and survey in terms of nature.The statistical population of the research includes the investors of Tehran Stock Exchange during the year 1400,based on Cochran's formula, 387 people were selected as a sample and randomly available.The data collection tool in this study is based on a questionnaire.Data analysis is performed by structural equation modeling(SEM)technique Confirmatory factor analysis.According to the data analysis, the results showed that personality traits affect the perceptual performance of investment and the personality of investors has a significant effect on their financial overconfidence and investors with higher(lower)level more Financial confidence has a higher(lower)perceptual performance of the investment.Also, personality affects the perceptual performance of the investment through financial overconfidence.Investors' personality has a significant effect on their financial risk tolerance.
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