Abstract: Based on the data collected from a renowned online lending platform, the effect of robo-advisor on the investment amount per loan, the total investment amount, and the risk preference of investors were examined by using the fixed effect model and the difference-in-differences model. It is found that the use of the robo-advisor reduces the investment amount per loan, increases the total investment amount, and reduces the risk tolerance of investors. This paper enriches the literature on robo-advisor and behavior finance, deepens the understanding of enterprises of the behavior of investors, and helps investors improve the design and implementation of robo-advisor services.

Key words: robo-advisor, investment behavior, risk preference, internet lending, internet finance

摘要： 基于国内知名网贷平台的数据，采用固定效应模型和双重差分分析方法，研究了智能投顾的使用对于投资者的投资金额和风险偏好的影响。实证结果表明，智能投顾的使用会减少投资者的单笔投资金额，增加投资者的总投资金额，并使得投资者的风险偏好趋于保守。研究结果丰富了智能投顾和行为金融学的研究内容，加深了智能投顾企业对于投资者行为的理解，使其可以更好地设计和完善相关服务。

关键词: 智能投顾, 投资行为, 风险偏好, 网贷市场, 互联网金融