关键词: 持股周期, 非理性行为, 价值投资

Abstract: Value investment is one of the basic characteristics of Graham’s classic investment theory. Adhering to value investment is the prerequisite for investors to make profits in the stock market. But in reality, the majority of individual investors in China are losing money. The possible reason is irrational behavior caused by speculative psychology. The important feature of the short period of individual investor shareholding in China provides a test channel for the study of this issue. Based on the micro-survey data of individual investors in China’s A-Share stock market, this paper studies the impact of individual investor shareholding period on their stock profitability. The results show that compared with other investors, investors with a short average holding period find it more difficult to make profits. The possible impact mechanism is that investors with a short shareholding period have insufficient diversification of their portfolios, resulting in a low probability of profitability. Heterogeneity analysis shows that the aforementioned mechanism is more obvious among investors who lack investment experience, have insufficient investable assets and blindly follow others. The conclusion of this study provides empirical evidence for individual investors to adhere to the long-term and value investment.

Key words: Shareholding Period, Irrational Behavior, Value Investment