臺灣博碩士論文加值系統

網路科技革命性的發展使得人際間訊息交流更加便利快速，線上虛擬社群也隨之蓬勃發展，網路使用者也經常透過虛擬社群蒐集資訊以進行決策。本研究旨在分析虛擬社群涉入程度是否顯著影響其投資行為，以台灣股市投資人為實證對象，使用分量迴歸模型進行估計。實證結果顯示，虛擬社群涉入程度對於投資行為有顯著影響：虛擬社群涉入程度愈高者其持股分散度與股票進出頻次愈高，並會執行停損，較不易有處置行為，但易出現從眾效應。

Because the revolution of internet technology, people exchange information to each other conveniently. The virtual community develops vigorously, and internet users often through the virtual community to gather information for decision-making. This study to analyze if the involvement of the virtual community affect the investment behavior significantly. We use the quantile-regression model to estimate for Taiwan stock market investor. The results indicated that the involvement of virtual community had a significant effect on investment behavior. People who were high degree of participation likely to more of its holdings, trade stocks, and will implement stop loss, less likely to have disposed of behavior, but prone to bandwagon effect.

目錄

摘要.................................................................. VI
第一章 緒論............................................................ 1
第一節 研究背景、動機與目的............................................ 1
第二節 研究架構........................................................ 6
第二章 文獻探討........................................................ 7
第一節 從眾效應........................................................ 7
第二節 處置效應....................................................... 10
第三節 社會網絡簡介................................................... 14
第四節虛擬社群........................................................ 17
第三章 研究設計暨方法................................................. 21
第一節 研究假說....................................................... 21
第二節 研究設計....................................................... 22
第三節 資料來源....................................................... 25
第四節 分析方法....................................................... 26
第四章 實證結果....................................................... 29
第一節 敘述統計....................................................... 29
第二節 OLS 暨分量迴歸分析 ............................................ 39
第五章 結論........................................................... 49
參考文獻.............................................................. 50
附錄一問卷設計........................................................ 59


表目錄

表3-1 各變數的操作性定義者 ........................................... 28
表4-1 樣本結構 ....................................................... 29
表4-2 研究樣本之敘述統計 ............................................. 31
表4-3 參與財經社群時數與持股數交叉表 ................................. 31
表4-4 虛擬社會人際廣度與交易次數交叉表 ............................... 32
表4-5 虛擬社會人際密度對於交易次數交叉表 ............................. 32
表4-6 張貼文章數對於交易次數交叉表 ................................... 32
表4-7 虛擬社會網絡廣度之多重比較 ..................................... 33
表4-8 虛擬社會網絡密度之多重比較 ..................................... 34
表4-9 財經社群參與時數之多重比較 ..................................... 35
表4-10 財經社群參與個數之多重比較 .................................... 36
表4 -11 張貼文章數之多重比較 ......................................... 37
表4-12 Pearson 相關係數檢定........................................... 38
表4-13 虛擬社群涉入程度對於持股分散度：分量迴歸 ...................... 41
表4-14 虛擬社群涉入程度對於股票交易頻次：分量迴歸 .................... 42
表4-15 虛擬社群涉入程度對於執行停損：二元Logistic 迴歸 ............... 43
表4-16 虛擬社群涉入程度對於委買之從眾效應：二元Logistic 迴歸 ......... 44
表4-17 虛擬社群涉入程度對於委賣之從眾效應：二元Logistic 迴歸 ......... 44
表4-18 虛擬網絡涉入程度對於獲利了結出盈幅度之影響：分量迴歸 .......... 46
表4-19 虛擬網絡涉入程度對於損失股出虧幅度之影響：分量迴歸 ............ 47
表4-20 虛擬社群涉入程度對於出盈保虧之處置效應：分量迴歸 .............. 48


圖目錄

圖1-1 台灣歷年經常上網人口數 .......................................... 2
圖1-2 2003 年6 月到2009 年6 月類別網站ARO 趨勢 ........................ 3
圖1-3 2009 年5 月到2010 年5 月社群網站到達率 .......................... 3
圖1-4 研究架構圖 ...................................................... 6
圖2-1 展望理論之價值函數 ............................................. 12
圖3-1 研究假說架構 ................................................... 21
圖5-1 交易次數之區間分量 ............................................. 66
圖5-2 持股檔數之區間分量 ............................................. 67
圖5-3 出盈保虧之處置效應之區間分量 ................................... 68

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