臺灣博碩士論文加值系統

本研究其資料庫的特殊性，可提供更為宏觀的構面以利分析投資人之資產配置。本研究以基金投資代表投資人風險性資產的投資，以定存代表無風險性資產的投資，藉由相對比重的配置，並以環境構面、投資人屬性以及理財專員等因素，探討投資者屬性與總體變數其對資產配置的影響。
結果指出男性與較年輕的投資者其在風險性資產比例上，高於女性與較年長的投資者。在風險性資產比例上，當使用不同的計算方式時，其結果仍為一致。然而，我們發現較鄰近於台灣的亞洲股市市場，其波動程度與風險性資產配置比例呈現正相關，而與美國以及歐洲股市市場呈現負相關。

In this study we use a valuable dataset provided by a renowned fund house covering VIP investors in the sampling period to investigate individual portfolio allocation in risky assets using equity fund investment as the proxy of risky asset and time deposit as the proxy of risk-free asset. We further investigate whether individual characteristics and economic issues are related to individual asset allocation.
The result shows that male and young investors allocate a higher proportion in risky assets than female and old investors. The result sustains when using alternative definitions of risky versus risk free asset in calculating the risk ratio. Moreover, we find that the volatility of Asian stock markets that are geographically adjacent to Taiwan is positively correlated to the risk ratio while the volatility of the U.S. and European stock markets are negatively correlated to risk ratio.

目 錄
頁次
第 壹 章 緒論 1
第 一 節 研究背景 1
第 二 節 研究動機 2
第 三 節 研究目的 3
第 三 節 研究流程與架構 4

第 貳 章 文獻探討 5
第 一 節 衡量投資人資產配置方式 5
第 二 節 投資者屬性對資產配置策略之影響 7
第 三 節 總體經濟變數對資產配置之重要性 9

第 參 章 研究方法 11
第 一 節 資料選取 12
第 二 節 研究假說 14
第 三 節 資料分析方法 17

第 肆 章 研究結果 21
第 一 節 敘述性統計分析 21
第 二 節 單變量分析 24
第 三 節 多變量分析 29

第 伍 章 結論與建議 38
第 一 節 結論 38
第 二 節 建議 42

參考文獻 43
表　目 錄

表 4-1-1 投資者基本資料分析 21
表 4-1-2 平均每人投資定存與基金之金額 22
表 4-1-3 投資工具交易分析 22
表 4-1-4 以Person相關係數矩陣 23
表 4-2-1 投資者帳戶等級與資產配置比例關係 25
表 4-2-2 北市與非北市投資者其對風險性資產配置比例之
平均數與中位數檢定 26
表 4-2-3 大台北與非大台北投資者對風險性資產配置比例
之平均數與中位數檢定 26
表 4-2-4 都會與非都會投資者對風險性資產配置比例之
平均數與中位數檢定 27
表 4-2-5性別變數對風險性資產配置比例之差異----------27
表 4-2-6年紀變數對風險性資產配置比例之差異----------28
表 4-3-1 以投資者屬性之Tobit模型結果 31
表 4-3-2 以總體經濟變數之Tobit模型結果 33
表 4-3-3 以投資者屬性之Probit模型結果 35
表 4-3-4 以投資者屬性之Logit模型結果 36








圖　目 錄

圖 1-4-1 研究架構圖 4

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