초록/요약

This research focuses on individual investors’ fund investment experience, aged between 30 to 50 years old who are living in the two major Chinese cities of Beijing and Shanghai. The attempt to deepen the understanding of such investors was conducted through empirical analysis with 400 mutual fund investors by exploring their investment situation, personal traits, literacy, and attitudes towards funds, risk-reducing behaviors, and satisfaction with fund investment. Among the personal traits of individual investors, the focus on promotion and prevention, self-control, and overconfidence had positive (+) impacts on the fund investment satisfaction. Investors with above-average and high-risk tolerance were more satisfied with their investment. It is reported that the fund literacy level, attitudes towards fund investment attributes, and “utilization of brand image to reduce risk” had positive (+) impacts on fund investment satisfaction. The “information exploration behavior” taken to reduce risk when investing in funds had a negative (-) impact on fund investment satisfaction. This study tried to expand the understanding of Chinese individual investors and factors affecting their fund investment satisfaction by including various variables such as psychological traits and risk-reducing behaviors. In future studies, researchers can include other behavioral factors such as and compare attitudes and financial behaviors between fund investors and other financial consumers to fully understand fund specific financial behaviors.