Study of Risk Preference, Investment Experience and Interpersonal Influence-An Empirical Analysis with Chinese Sample

Abstract

This study internalized investment experience on the basis of study of the influence of interpersonal influence on risk preference, and studied the relationship among the interpersonal influence, investment experience and risk preference. Based on the theoretical analysis, with first-hand data collection and using multiple regression models, the paper studied the intermediate effect of investment experience in the relationship between the interpersonal influence and risk preference. We draw on the following conclusions: ① Investment experience plays a significant intermediate role between friends’ influence and risk preference, and the mediating effect size is about 57.61%. ② Investment experience is a full intermediate variable between family’s influence and risk preference. ③ Investment experience plays a significant intermediate role between coworkers/classmates’ influence and risk preference, and the mediating effect size is about 55.09%.