臺灣博碩士論文加值系統

本研究主要在分析空氣品質對散戶投資人交易產生的影響。由於環境，比如天氣，會透過注意力及情緒這兩種途徑影響投資人的行為，因此本研究欲釐清空氣品質會以何種途徑影響投資人。我們透過分點資料對散戶的交易行為進行檢測，發現空氣品質會透過情緒影響散戶投資者，但是注意力無法解釋空氣品質對投資人的影響。當空氣品質佳時，散戶投資者的情緒較佳，對股市樂觀，投資較積極，因此產生較高的交易周轉率，並且因投資過於積極導致績效較差。另外，我們也發現空氣品質與機構投資者的交易行為沒有顯著關係。

This research mainly analyzes the impact of air quality on individual investors’ transactions. Since environment, such as weather, can affect investors’ behavior through both attention and sentiment, this study aims to clarify how air quality affects investors. We test the trading behavior of individual investors through brokerage branch data and find out that air quality can affect individual investors through their sentiment, but attention cannot explain the impact of air quality on investors. When air quality is good, individual investors are in a better mood, feeling optimistic about stock market, and therefore invest more positively, thus result in higher transaction turnover and poor performance due to over-active investment. On the other hand, we also find that air quality and institutional investors trading behavior is not significant.

第一章 緒論 1
第一節 研究背景 1
第二節 研究動機與目的 1
第二章 文獻回顧 3
第一節 空氣汙染與情緒 3
第二節 情緒與決策 4
第三章 數據與敘述統計 5
第一節 樣本 5
第二節 空氣品質指標 6
第三節 敘述統計 7
第四章 實證分析 9
第一節 散戶投資者的注意力 9
第二節 散戶投資者的情緒 10
第三節 空氣品質與散戶的交易報酬 11
第四節 空氣品質與散戶的交易周轉率 13
第五章 穩健性檢測 17
第一節 其他空氣品質衡量標準 17
第二節 機構投資人的報酬與周轉率 18
第六章 結論 21
參考文獻及資料 23
Table 1 敘述統計 25
Table 2 散戶投資者的注意力 27
Table 3 散戶投資者的情緒 29
Table 4 空氣品質與投資者交易報酬 30
Table 5 雨天與投資者交易報酬 32
Table 6 雨天與空氣品質相關性 33
Table 7 空氣品質、雨天與投資者交易報酬 34
Table 8 空氣品質與投資者交易周轉率 36
Table 9 雨天與投資者交易周轉率 38
Table 10 空氣品質、雨天與投資者交易周轉率 39
Table 11 空氣品質、雨量與投資者交易報酬（第四五分位數） 41
Table 12 空氣品質、雨量與投資者交易周轉率（第四五分位數） 43
Table 13 空氣品質、雨量與機構投資者交易報酬 45
Table 14 空氣品質、雨量與機構投資者交易周轉率 47

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