股票市场投资与主观幸福感————基于个体投资者的调查问卷分析

基于个体投资者的调查问卷结果显示，约百分之四十六的投资者认为股票投资带来的快乐不同程度地超过痛苦。生活的总体幸福感、年龄、投资收益、投资规模是直接影响投资幸福感的重要因素。对生活总体幸福评价高的投资者从股市投资中能获得更多的幸福；年龄对投资幸福感的影响呈U形，中年人的投资幸福感低于老年人和青年人；投资者长期的总体投资收益对投资幸福感有显著的正向影响，而短期内的收益对投资幸福感没有影响；投资规模占家庭资产比重越大，投资幸福感越高；投资的绝对规模越大，投资幸福感越低。此外，认知偏差、投资目标、个性特征等因素可以通过影响投资收益或总体生活幸福感从而间接影响投资幸福感。

Investment and Happiness: An Empirical Study of Individual Investors in China

The survey data collected from individual investors indicate that about 46 percent of investors reported they felt happy from the investment in stock market. The overall happiness of life, age, investment return, and the amount of investment directly affect the well-being of investors from investment. The happier people consider themselves in general life， the more happiness they can get from their investment. There is an U-shape relationship between the investors' age and their happiness in investment. Both young and old investors get more happiness than middle aged investors. Long-run rather than short-run investment return has a positive effect on happiness. The relative amount of investment compared with the total family asset is positively associated with the investment happiness, while the absolute amount of investment is negatively associated with the happiness. In addition, cognitive bias, investment objectives, personality and other related factors can affect the investment return or the overall happiness in life, and they can indirectly affect the happiness in investment.