臺灣博碩士論文加值系統

Fischhoff (1982), Langer and Roth (1975), Taylor and Brown (1988) 指出人們傾向將過去的成功歸咎於自己，但面對失敗時卻會怪罪於外在環境因素，此稱之為自我歸因偏誤 (self-attribution bias)。本研究探討國內基金經理人與個別投資人在面對基金損益時是否存在自我歸因偏誤，研究結果發現，基金經理人在歸咎投資績效原因時會存在自我歸因偏誤，但基金投資人則大多認為大環境因素是影響損益的主因。其中探討不同情境對於歸因的影響時，研究發現基金經理人與投資人會因為股市多頭或空頭而產生不同的歸究結果，在一般情況下，經理人多半會將投資獲利視為個人能力所致，但是當股市是多頭時則會認為好績效是大環境良好使然。此外，本研究針對基金的代理操作關係進行研究時，實證結果發現，在一般情況下基金經理人會將基金的投資獲利歸咎於個人優秀能力所致，但基金投資人則認為好績效是來自於大環境良好；而在探究投資虧損歸因時，經理人與投資人皆會將投資虧損歸咎於外在環境因素不良，只是投資人歸咎外在環境因素比例更高。

Fischhoff (1982), Langer and Roth (1975), and Miller and Ross (1975) demonstrate that people tend to credit themselves for past success, and blame external factors for failure, it is so called self-attribution bias. This study examines whether there exists the self-attribution bias while domestic mutual funds managers and individual investors facing funds their performances. We find that mutual fund managers have the self-attribution bias, but individual investors deem that external environment factors would influence investment performance. It is also found that various stock market situations will lead to different attributions.
In addition, the research studies the influence of agency relationship between mutual fund managers and individual investors. The empirical results show that in general fund managers will attribute the gains to personal superior ability, while fund investors believe good performances come from external environment factors. When we investigate the attribution for the investment loss, not only managers attribute it to external environmental factors but also individual investors have higher impacts.

第一章、緒論 1
第一節 研究背景 1
第二節 研究目的 2
第三節 研究流程 6
第二章、文獻回顧 7
第一節 歸因理論 7
第二節 歸因行為偏誤 8
第三章、研究方法 12
第一節 研究架構 12
第二節 樣本資料來源 18
第三節 研究假說 18
第四節 分析方法 25
第四章、實證結果分析 37
第一節 問卷調查之信度與效度分析 37
第二節 樣本與變數結構分布 38
第三節 自我歸因傾向與人口統計變數之關係 44
第四節 自我歸因傾向與投資行為及操作策略之關係 50
第五節 不同情境之下的基金績效歸因傾向 54
第六節 自我歸因分類對數模型實證結果 59
第七節 自我歸因偏誤之路徑分析模式實證結果 67
第八節 經理人與投資人歸因行為傾向之差異比較 78
第五章、結論 80
參考文獻 81
附錄一 85
附錄二 90
附錄三 94

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