臺灣博碩士論文加值系統

傳統財務學認為投資人都是理性的假設之下，認為不理性行為是隨機現象，然而隨著違反傳統效用理論的現象陸續發生，財務經濟學家卻發現，理性假設與現實不符，促使財務經濟學家開始從心理學理論來探討投資行為。事實上，行為的產生是同時取決於個人特徵和情境因素Endler and Magnusson(1976)，其中Kahneman and Tversky(1979)的展望理論(Prospect Theory)便是以人格特質(Personality Characteristics)為基礎，來解釋市場的異常現象，當人類面臨風險性決策時，會受到心理因素和外在資訊的干擾，往往會產生過度的反應，因此無法維持理性行為；也就是說，傳統預期效用理論無法完全解釋個人在不確定情況下的決策的行為。
有鑒於台灣期貨市場推出僅十餘年，且過去此類研究文獻較偏重於股票市場之投資人，雖歐美期貨市場已有數十年歷史，但又與國內期貨市場環境差異較大，故本研究以國內期貨市場之投資人投資行為為研究主軸，並以行為財務學為論點基礎，嘗試以投資人特質及期貨商特質為個人特徵和外在情境做為調節因素，探討不同投資動機在投資人特質及期貨商特質的調節下對投資行為之影響。
本研究以兩份問卷方式，同時發放於期貨市場投資人及其配合之業務員進行調查後，共回收216份有效樣本資料，並藉由多變量變異數分析不同投資動機在投資人特質及期貨商特質的調節下對投資行為之影響。
研究結果發現，投資動機為「閒置資金運用」、「分散投資風險」及「擴大投資範圍及標的」時，投資人特質調節效果對於投資行為是顯著的，而「分散投資風險」、「追求長期利潤」及「擴大投資範圍及標的」時，期貨商特質調節效果對於投資行為是顯著的。
本研究結果可提供期貨業界於業務推廣行銷時，考量投資人之特性及需求，量身定做出符合投資人之行銷策略，期能達到期貨商及投資人雙贏的局面。

The traditional financial theories believe with a hypothesis that investors are rational and irrational behaviors are random effects. However, as there are more incidents happened that showed infringements against the traditional theories, financial economists have discovered that rational hypothesis is different to what actually happens in real life, which induced these economists to probe into investment behavior through psychological theories. In reality, behaviors depend on each person’s personality and also surrounding factors, theories by Endler and Magnusson (1976). In Kahneman and Tversky (1979)’s Prospect Theory, personal characteristics were used as bases to explain abnormal or extraordinary behaviors. When human face decision making with risk factors; they usually would be affected psychologically and by exterior messages, and then reacted excessively, resulting irrational decision being made. This implies that the traditional expectation theory couldn’t completely explain individual’s decision making behavior under risk stress and uncertainty.
The Taiwan future market has only been around for a little more than a decade, and past researches had emphasized more on stock market investors. Although European and American future markets have had much longer histories, its’ a vast difference in these market environments, and we can’t make them meaningful references to Taiwan’s future market. Therefore, this research is aimed at studying investors’ investing behaviors in the domestic futures market. This research adopted behavioral financial theories as hypothesis bases, and took different investor personalities and broker characteristics as variable factors.
In this research, two surveys were given at the same time to futures investors and their brokers. These surveys were in attempt to analyze the correlations between investor’s investment motives and performances. Using the futures broker channels and the investors’ characters as research nuisance variable, further analysis were made accordingly to determine whether there’s relevance between investment motive and investment performance.
The results found that the Investment Motivation for "idle fund application", "investment to reduce risk" and "wider-range investment", the investors’ characters of investor behavior is a significant investment, and "investment to reduce risk", "the pursuit of long-term profits" and "wider-range investment", the effect of the futures broker channels to adjust for the characteristics of investment behavior is significant.
The result of this research will provide the futures industry marketing strategies that are customized for their customers according to individual client’s characteristic and needs in hope that a win-win situation can be achieve between brokers and investors.

目錄 I
圖目錄 III
表目錄 IV
第一章 緒論 1
1.1 研究背景 1
1.2 研究動機 3
1.3 研究問題 4
1.4 研究目的 4
1.5 研究流程 5
第二章 文獻探討 6

2.1 衍生性商品 6
2.1.1 期貨相關名詞定義 7
2.1.2 期貨交易種類 7
2.1.3 期貨交易特性 8
2.2 投資行為理論 9
2.2.1 傳統財務學 10
2.2.2 行為財務學 11
2.2.3 消費者行為 13
2.3 投資人特質因素 13
2.3.1 人格特質 14
2.3.2 投資決策 15
2.4 期貨商特質因素 17
2.4.1 業務員人格特質 17
2.4.2 行業狀況 19
2.4.3 激勵制度 19
2.5 投資績效 22
第三章 研究方法 25
3.1 研究架構 25
3.2研究假說 25
3.3變數操作性定義 31
3.4資料分析方法 32
3.5研究範圍與對象及問卷設計 34
3.6資料蒐集與問卷前測 40
第四章 研究分析結果 41
4.1 敘述性統計分析 41
4.1.1 問卷回收情形 41
4.1.2 樣本基本資料分析 41
4.2 因素分析 49
4.3 信度分析 53
4.4 相關分析 56
4.5 假說檢定 58
第五章 結論與建議 72
5.1 研究結論 72
5.2 理論與實務意涵 73
5.3 研究限制 74
5.4 對後續研究之建議 75
參考文獻 76
附 錄 一 82
附 錄 二 87

一、英文文獻
1.Alba, J. W. and Hutchinson, J. W. (1987). Dimensions of Consumer Expertise. Journal of Consumer Research, vol. 13, issue 4, pp. 411-454.
2.Allport, G. W. (1961). Pattern and Growth in Personality. New York, Holt, Rinehart & Winstion.
3.Barber, B. M. and Odean, T. (2003), All that Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional. Investors, Working paper, Graduate School of Management, University of California, Davis.
4.Barrick, M. R., Mount, M. K. and Strauss, J. P., (1993). Conscientiousness and performance of sales representatives: Te st of the mediating effects of goal setting. Journal of Applied Psychology, 78(4), pp. 715-722.
5.Battman, J. R. and Park, C. W. (1980). Effects of Prior Knowledge and Experience and Phase of the Choice Process on Consumer Decision Processes: A Protocol Analysis. Journal of Consumer Research, 7, December, pp. 234-238.
6.Bauer, R. A. (1960). Consumer Behavior as Risk-taking. In Hancock, R. S.(ed.), Dynamic Marketing for a Changing World, Chacigo: AMA, pp. 389-398.
7.Bennett, P. D. and Hanell G. D. (1975). The Role of the Confidence in Understanding and Predicting Buyer Attitudes and Purchase Intentions.Journal of Consumer Research, 2, September, pp. 110-117.
8.Berman, B. (1996). Marketing Channels. New York: John Wiley and Sons, Inc.
9.Bernadette, T. (2001). The Hybrid Company : Reach All Your Customers Through Multi-Channels Anytime, Anywhere, New Jersey: Dearborn.
10.Black, F. (1986). Noise. Journal of Finance 41, pp. 529-43.
11.Bowersox, D. J. and Copper, M. B. (1992). Strategic Marketing Channel Management. New York: McGraw-Hill.
12.Brissert, M. and Nowicki, S. (1973). Internal versus external of reinforcement and reaction to intrustration. Journal of Abnormal and Social Psychology, 25, pp. 35-59.
13.Bucklin, L. (1973). A Theory of Channel Control. Journal of Marketing, Vol. 37, No. 1, January, pp. 39-47.
14.Churchill, G. A., Ford, N. M., Hartley, S. W. and Walker, O. C., (1985). The determinants of salesperson performance: A meta-analysis. Journal of Marketing Research, 22, pp. 119-129.
15.Costa, P. T., Jr. and McCrae, R. R., (1992). Revised NEO Personality Inventory and NEO Five-Factor Inventory: Professional Manual. FL: Psychological Assessment Resources.
16.Costley, C. L. and Brucks M. (1992). Selective Recall and Information Use in Consumer Preferences. Journal of Consumer Research, 18, March, pp. 464-474.
17.De Bondt, W. F. M. and Thaler, R. H. (1995). Financial decision-making in markets and firms: A behavioral perspective. Robert A. Jarrow, V. Maksimovic, and W. Z. Ziemba, ed.: Finance, Handbooks in Operations Research and Management Science 9, pp. 385-410 (Amsterdam: North Holland).
18.Endler, N. S. and D. Magnusson (1976), Personality and person by situation interactions, Interactional Psychology and Personality pp. 1-25, Washington, DC: Hemisphere.
19.Engel, J. F., Blackwall, R. D. and Miniard, P. W. (1995). Consumer Behavior (8th ed.). Orlando, Florida: The Dryden Press.
20.Eysenck, H. J., (1992). A reply to Costa and McCrae. P or A and C- The role of theory. Personality and Individual Differences, 13 (8), pp. 867-868.
21.Greengerg, J. and Liebman, M. (1990). Incentives: The Missing Link in Strategic Performance; Greenberg, Jeanne, Liebman, Michael. The Journal of Business Strategy. Boston: Jul/Aug l990.Vol. 11. Iss. 4; pp. 8-11.
22.Hardy, K. G., and Magrath, A. J. (1987). Marketing Channel Management: Strategic Planning and Tactics, Inninois: Scott Publishing, May, pp. 44-53.
23.Howard, J. A. (1989). Customer Behavior in Marketing Strategy. New Jersey: Prentice-Hall Inc.
24.Kahneman, Daniel and Tversky, Amos (1979). Prospect theory: An analysis of decision under risk, Econometrica 47, pp. 263-291.
25.Kotler, P. (1994). Marketing Management：Analysis, Planning, Implementation and Control, 8thed., New York：Prentice-Hall.
26.Lease, R. C., Lewellen, W. G.. and Schlarbaum, G. G., (1974), The individual Investor:Attributes and Attitudes. Journal of Finance, May, pp. 413-443.
27.Lee, C. M. and Lou Y. C. (1995/1996). Consumer Reliance on Intrinsic and Extrinsic Cues in Product evaluations: A Conjoint Approach. Journal of Applied Business Research, 12, Winter, pp. 21-28.
28.Levenson, H. (1974). Activism and powerfu. Others: Disionction within the concept of internal-external control. Journal of Personality and Social Psychology, 38, pp. 337-383.
29.Linda, G., Edward, J. M. and Chuck, W. (2004). The Manager''s Guide to Distribution Channels, New York：McGraw-Hill.
30.Maital, S., Filer, R. and Simon, J. (1986). What Do People Bring to the Stock Market（Beside Money）? The Economic Psychology of Stock Market Behavior. in B. Gilad and S. Kaish (Eds.), Handbook of Behavioral Economics Behavioral Macroeconomics, Vol. B Greenwich, Connecticut, JAI Press Inc., pp. 273-307.
31.Markowitz, Harry (1952). The Utility of Wealth. Journal of Political Economy, LX. February-December, pp. 151-58.
32.McCammon, B. C. Jr. (1963). Alternative Explanations of Institutional Change and Channel Evolution. in Greyser, S.A. (Eds.), Toward Scientific Marketing, Proceedings of the Winter Conference of the American Marketing Association, December, pp. 477-490.
33.Nicosia, F. M. (1968). Consumer Decision Process: Marketing and Advertising Implication. New Jersey: Prentice-Hall Inc.
34.Olsen, R. A. (1998). Behavioral Finance and Its Implications for Stock-Price Volatility. Financial Analysis Journal March/April, pp. 10-18.
35.Park, C. W. and Lessing, V. P. (1981). Familiarity and Its Impact on Consumer Decision Biases and Heuristics. Journal of Consumer Research, 8, Steptember, pp. 223-230.
36.Pervin, L. A. (1993). Personality：Theory and Research (6th ed.). New York, John Wily & Sons.
37.Radcliffe, C. R. (1990). Investment：Concepts, Analysis and Strategy (3rd ed.). Scott-Foresman. Home-wood.
38.Robbins, S. P. (2001). Organizational Behavior (9th ed.). New Jersey:Prentice-Hall Inc.
39.Rotter, J. B. (1966). Generalized Expectancies for Internal versus External Control of Reinforcement. Psychological Monographs, Vol.81, pp. 1-27.
40.Schiffman, L. G. and Kanuk L. L. (1991). Consumer Behavior (2nd ed.).New Jersey: Prentice-Hall.
41.Sharpe, William F. (1964), Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, The Journal of Finance, pp. 425-442.
42.Shefrin, H. and Statman, M. (2001). Behavioral Portfolio Theory. unpublished paper, Santa Clara University.
43.Slovic, P. (1972). Psychological Study of Human Judgment：Implications for Invertment Decision Making. Journal of Finance, 27(4), September, pp. 779-799.
44.Slovic, P. and S. Lichtenstein (1971). Comparison of Bayesian and regression approaches to the study of information processing in judgment, Organizational Behavior and Human Performance 6, pp. 649-744.
45.Statman, Meir (1999). Behavioral Finance: Past Battles and Future Engagements. Financial Analysts Journal, November/December 1999.
46.Statman, Meir and Fisher, Kenneth L. (1999). A Behavioral Framework for Time Diversification, Association for Investment Management and Research, May/June.
47.Waldrop, Heidi A. (1987). The Rewards of Noncash Incentives, Sales and Marketing Management. New York: Vol.l38. Iss. 5: pp. 110-112
48.Walters, C. G. and Gordon, P. W. (1970). Consumer Behavior: an Integrated Framework, Homewood (3rd ed.). Richard D. Irwin Inc.
二、中文文獻
1.Lamb, C. W., Hair, J. F. and McDaniel C., (2005)。行銷管理（魏上凌、黃麗霞、邱郁琇、廖本哲譯）（初版），台北：湯姆生。
2.Kolter, P., (2003)。行銷管理學（方世榮譯），第五版，台北：臺灣東華。
3.Zimbardo, P. G., (1990)。心理學（游恆山譯）。台北：五南。
4.古永嘉(1996)。企業研究方法，華泰文化。
5.吳秉恩(1991)。組織行為學，台北：華泰書局。
6.周宗仁(1987，6月)。股票投資人決策過程及投資成效之研究，國立台灣科技大學工程技術研究所碩士論文。
7.周賓凰、池祥萱、周冠男、龔怡霖(2002)。行為財務學：文獻回顧與展望，證券市場發展季刊，第二期，頁1-47。
8.林建煌(2002)。行銷管理（再版），台北：智勝文化。
9.林建煌(2003)。策略管理（初版），台北：智勝文化。
10.林煜宗(1988)。現代投資學理論、制度與實證（修訂4 版），台北：三民書局。
11.林煜宗(1989)。投資者人格特質、投資組合選擇與績效關係之研究，國科會補助專題研究報告NSC78-0301-H-002-0121989。
12.邱文昌(2004)。國內外選擇權市場發展概述，證券暨期貨月刊，第22卷第10期。
13.俞洪亮、蔡義清、莊懿妃(2007)。商管研究資料分析SPSS的應用，台北：華泰書局。
14.拾已寰(1991)。台灣股票市場機構投資人與小額投資人投資策略差異性之研究。證券市場發展季刊，第十二期，頁65-89。
15.徐俊明(2004)。投資學理論與實務，台北：新陸書局。
16.張俊惠(2000，6月)。消費者對資訊線索來源使用差異之研究－建構式觀點。國立台灣大學商學研究所博士論文。
17.連兆祥(2003，6月)。公開推薦資訊與投資者人格特質對其操作略和投資績效影響之研究，國立成功大學工業管理研究所碩士論文。
18.陳樹(2004)。讓期貨下一個十年更美好，期貨人，第10期。
19.陸劍清、馬勝祥、彭賀、李同慶(2002)。投資心理學，台北：揚智文化。
20.彭毓珍(2003，7月)。台灣股票與指數期貨市場投資者行為之研究，成功大學管理學院高階管理碩士論文。
21.游景翔(1995，6月)。投資人人格特質、投資特性對選股策略與投資績效影響之研究，私立淡江大學國際企業學研究所碩士論文。
22.黃俊英(2003)。行銷學的世界（第二版），台北：天下遠見。
23.楊國樞(1993)。劉邵的人格理論及其詮釋，人觀、意義與社會，黃貴應主編，台北：中央研究院民族學研究所，頁89-127。
24.詹益民(1996，6月)。個人屬性、人格特質與內滋激勵與外附激勵關聯性之研究－以交通部數據通訊所員工為例，國立交通大學管理科學研究所碩士論文。
25.劉平文(1993)。經營分析與企業診斷-企業經營系統觀，台北：華泰出版社。
26.鄭仁偉(1988，6月)。台北區證券投資者投資行為特性之研究，國立中興大學企業管理研究所碩士論文。
27.盧育明(2005)。行為財務學，台北：商鼎文化出版社。
28.謝明瑞(2006)。投資人的不理性行為，空大學訊，第359期。
29.鍾碧菁(2004，6月)。人格特質、台灣金控經營績效對股票投資人投資型態及投資績效之研究，私立大葉大學會計資訊所碩士論文。
30.藍紹文(2000，6月)。國內基金經理人人格特質，操作策略與績效的相關性研究。國立台灣大學國際企業研究所碩士論文。
31.顏月珠(1995)。商用統計學，台北：三民書局。
32.2009年2月20日，行政院金融監督管理委員會證券期貨局網站：http://www.sfb.gov.tw/。
33.2009年2月20日，臺灣期交所網站：http://www.taifex.com.tw/。
34.2009年2月20日，中華民國期貨業商業同業公會網站：http://www.futures.org.tw/。