臺灣博碩士論文加值系統

本研究係研究 2002 年1 月至2016 年8 月臺灣股市上市上櫃股票，投資人情緒
對賭博偏好的影響，根據Kumar (2009)方法把股票分為樂透型股票、非樂透型股
票與其他型股票三類，比較不同類型股票中散戶投資人與機構投資人的賭博偏好，
由於投資人情緒樂觀會增加樂透型股票的需求，因此也加入投資人情緒檢測投資人
的股票偏好。
實證結果顯示散戶投資人對樂透型股票的偏好比機構投資人更為強烈且投資
人樂觀程度越高，會增加投資人樂透型股票的偏好，透過時間序列迴歸模型加入總
體經濟變數，顯示當經濟衰退時，消費者物價指數、消費者信心指數與失業率越高，
散戶投資人對樂透型股票偏好會增加，增加賭博以小搏大的慾望。

This study is conducted to examine the impact of investors’ sentiment on the preference of gambling by analyzing the listed stock in Taiwan stock market during January 2002 to August 2016. According to Kumar’s (2009) method, stock is divided into three types, which are lottery stocks, non-lottery stocks, and other stocks. This study compare individual investors’ and institutional investors’ preference of gambling on different types of stocks. Because investors’ optimistic emotion would increase the demand for lottery stocks, the investors’ sentiment is added to investigate investors’ stock preference.
The result of empirical research shows that individual investors have stronger preference for lottery stocks than institutional investors. The more optimistic the investors are, the stronger the preference for lottery stocks investor has. By adding the macroeconomic factors in the time series regression model, it shows that during economic recession, the higher the consumer price index, the consumer confidence index, and unemployment is, the stronger individual investors’ preference for lottery stocks is, which increases the desire for gambling.

目錄 Ⅴ
表目錄 Ⅵ
第壹章 導論 1
第一節 研究動機 1
第二節 研究目的 4
第三節 研究流程與論文架構 5
第貳章 文獻回顧 6
第一節 以臺灣市場為研究對象之文獻 6
第二節 以非臺灣市場為研究對象之文獻 9
第參章 樣本資料與研究方法 14
第一節 資料來源 14
第二節 資料分組 15
第三節 變數定義 16
第四節 研究方法 18
第肆章 實證結果 23
第一節 敘述統計與相關係數 23
第二節 投資組合偏好測量 29
第三節 投資組合偏好之差異 36
第伍章 結論與研究限制 39
第一節 結論 39
第二節 研究限制 41
參考文獻 42

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