Abstract:

With the development of digital economy, the channels for investors to participate in the market have become more diversified and mobile. Based on the mobile and desktop trading data of over 1.6 million individual investors from January 2011 to December 2019 provided by a large domestic securities firm, this paper systematically analyzes for the first time how the use of mobile devices affects the investment behavior of Chinese investors in lottery-like stocks. The results show that investors with a “gambling” motivation have a significant preference for mobile trading platform, and the activity of mobile trading is directly proportional to the lottery characteristics of stocks, but inversely proportional to the expected returns of stocks. With the growth of mobile investors, lottery-like stocks are trading more actively and with lower risk premiums. Further empirical analysis shows that the increasing use of mobile devices in the market affects the demand for lottery-like stocks by intensifying investors’ attention to lottery-like stocks.

Key words: lottery preference, lottery-like stocks, mobile trading

摘要：

随着数字经济的发展，投资者参与市场的渠道变得更加多元化和移动化。利用国内某大型券商所提供的超过160万名个人投资者2011年1月至2019年12期间使用手机和桌面端的交易数据，首次系统性地分析了移动设备的使用如何影响中国投资者彩票类股票的投资行为。结果显示：具有“博彩”动机的投资者对移动交易平台有显著的偏好，移动交易的活跃度与股票的彩票特征成正比，与股票的预期收益成反比。随着移动投资者的增长，市场中彩票类股票的交易更加活跃，且风险溢价更低。进一步实证分析发现，市场中移动设备使用的增长通过加剧投资者对彩票类股票的关注，进而影响到市场中彩票类股票的需求。

关键词: 博彩偏好, 彩票类股票, 移动交易