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基于4210位沪深A股个人投资者样本,利用Logistic、Tobit回归模型考察影响个人投资者参与私募股权投资基金的行为及管理费意愿支付水平的影响因素。结果表明:个人投资者整体认知对参与私募股权投资基金的行为响应具有显著正向影响,投资回报及有效性认知对管理费意愿支付水平产生显著正向影响,社会网络、受教育程度对参与行为及管理费意愿支付水平均具有显著正向影响。应明确个人投资者的主体地位,私募基金应加强对个人投资者的宣传与引导,加强对私募投资的有效性、投资回报以及重要性方面的宣传,依据认知-刺激-行为的路径,使个人投资者积极参与私募投资。
Based on the sample of 4210 Shanghai and Shenzhen A-share individual investors, Logistic and Tobit regression models are used to examine the influential factors that affect the individual investors’ participation in private equity funds and the willingness to pay management fees. The results show that the overall cognition of individual investors has a significant positive impact on the behavioral responses to private equity investment funds, and the return on investment and effectiveness cognition have a significant positive impact on the willingness to pay for management fees. Social networks, education levels Participation behavior and willingness to pay management fees have a significant positive impact. The individual investor’s position should be clarified. Private equity funds should step up publicity and guidance to individual investors, enhance the effectiveness of private equity investments, return on investment, and publicity of importance. Based on the path of cognition-stimulus-behavior, Individual investors actively participate in private equity investment.