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Кто кем управляет? Экономико-социологический взгляд на связь численности инвесторов и динамики фондового рынка
https://doi.org/10.32609/0042-8736-2025-4-94-111
Аннотация
Развитие и распространение цифровых технологий в сфере инвестиций приводит к росту популярности фондового рынка у населения. По мере выхода все большего числа обычных людей на биржу следует ожидать увеличения их влияния на рынок. Проверяется связь между численностью розничных инвесторов и динамикой основных фондовых индексов. В теоретическом плане исследование опирается на сетевой подход и социальные исследования финансов. Анализ, проведенный с помощью тестов Грейнджера и ARDL‑моделей на данных Московской биржи за период с января 2012 по декабрь 2023 г., свидетельствует о том, что динамика рынка влияет на численность инвесторов, а не наоборот. Выявленная зависимость объясняется поведением розничных инвесторов (для периода 2018—2023 гг.), влиянием цифровых технологий как рыночных устройств и контекстом соответствующего временного периода.
Ключевые слова
финансовый рынок,
розничные инвесторы,
розничное инвестирование,
индивидуальные инвесторы,
Московская биржа
JEL: A14, C22, D14, D53, E44, O33, Z13
При поддержке: Статья подготовлена в рамках Программы фундаментальных исследований НИУ ВШЭ
Об авторе
И. Б. Юдин
Национальный исследовательский университет «Высшая школа экономики»
Россия
Россия
Юдин Иван Борисович, м. н. с. Центра статистики и мониторинга науки и инноваций Института статистических исследований и экономики знаний, аспирант кафедры экономической социологии
Москва
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Для цитирования:
Юдин И.Б. Кто кем управляет? Экономико-социологический взгляд на связь численности инвесторов и динамики фондового рынка. Вопросы экономики. 2025;(4):94-111. https://doi.org/10.32609/0042-8736-2025-4-94-111
For citation:
Iudin I.B. Who rules whom? An economic sociological perspective on the relationship between the number of investors and the stock market performance. Voprosy Ekonomiki. 2025;(4):94-111. (In Russ.) https://doi.org/10.32609/0042-8736-2025-4-94-111
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