An Empirical Study on the Relationship between Different Motivations of Stock Investors and the Investment Decision Behavior

Abstract

From the China's stock market formal establishment, the investors' number is increasing exponentially. It need to be further studied what is the motivation for these ordinary investors. We know the motivation would impact people's behaviour significantly. But the relationship between stock investors' motivation and stock investment behaviour is not clear. Based on this, this paper carries on the empirical research through questionnaire survey. It found that stock investors have three basic motivations: intrinsic motivation, extrinsic motivation and amotivation. The intrinsic motivation can be divided into epistemic motivation, achievement motivation and experience motivation; extrinsic motivation can be divided into external regulation and injective regulation. There is a positive relationship between stock investors motivation and stock investment behaviour. However, different types of motivation have different effects on the stock investment behaviours. This study contributes to the stock management and sales organizations to deepen understanding of investor psychology and behaviours and to take appropriate marketing strategies affect the investors' behaviours of specific types of motivation.