9月1日，《China Daily》刊登上海交通大学上海高级金融学院(SAIF)副院长、金融学教授朱宁的采访报道，他从行为金融学的角度解读了崛起中的“中国大妈”的投资心理。
A chip of the old block in the new age
Chinese Damas are often mocked for their investment naivety, poor fashion taste and disregard for public etiquette. But do they deserve such treatment when social values, moral codes and other aspects of life have been compromised in the pursuit of economic growth?
Dama, meaning "big mama" in Chinese, is a slightly mocking reference to middle-aged women. The term first appeared in the Western media when middle-aged Chinese women rushed to buy gold as an investment amid falling gold prices last year. The Wall Street Journal quoted "Dama" directly while reporting on the Chinese "gold rush". But instead of ridiculing Damas for being naive investors, we need to look at China's economic and social development to find the reasons behind their behavior.
Damas grew up in an age of shortage. Most of them devoted themselves to their families, saved for their children's future and set aside enough money for their old age. So in more ways than one, they reflect the changing fortunes of the country: emerging from poverty to quickly become prosperous. Now that Damas find themselves among relative abundance, it is natural for them to go for things they couldn't afford in their youth. Perhaps this is the reason why they display a strong herd mentality.
Damas made a foray into overseas investment in the first half of 2013 by buying large quantities of gold. As their buying spree ended, gold prices took a dive and they became a short-lived sensation in Wall Street and a laughing stock of the Western media. But how can the media, or for that matter anyone, expect women who've spent most their lives taking care of and saving for their families to be smart investors?
Damas tend to make irrational investment decisions based on hearsay, says Zhu Ning, deputy dean of Shanghai Advanced Institute of Finance. They are easily influenced by short-term price fluctuations and don't look at the bigger picture. Like many other ordinary investors, they don't gather full information on financial products before dealing in them.
With China's per capita urban disposable income increasing to 27,000 yuan ($4,387) in 2013 - from 6,000 yuan in 2000 - Damas can't be faulted for being attracted to Wall Street. The absence of a comprehensive social security system and lack of investment channels in China may have prompted Damas to look overseas to increase their money in quick time. Economist Zhao Junhai says it is not gold that Damas need but a secure future. If the government improves the pension system, it could transform Damas into a significant purchasing power to further boost the economy.
Since Damas are big consumers overseas, travel agencies have designed special shopping tours for them in Hong Kong and many European cities, taking them from one designer store to another where they sweep luxury items off the shelves. Isn't it an irony then that despite boosting local economies overseas, Damas are ridiculed for their poor taste?
Damas have been criticized for their lack of social ethics too. Square dance, their favorite form of exercise, has drawn a lot of flak for its loud music and for disturbing neighborhood residents. But they get the much-needed exercise from square dancing, which also conforms to the spirit of collectivism and camaraderie that they grew up with.
Square dancing helps Damas to tide over the middle-age crisis, which in China includes the "empty nest" syndrome, says Li Songwei, a doctoral candidate in psychology at Peking University. Square dancing helps them socialize with their peers and provide support for one another, and thus can alleviate the impact of the aging population and the strict family planning policy on society.
Damas represent a transitional generation in China, from an age of want to an age of relative abundance. They have made their share of contribution to their families and society during the best years of their lives and need to enjoy the rest in whatever way they choose to, and should be judged accordingly.
【原文链接】A chip of the old block in the new age
发布时间：2014-09-10
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