臺灣博碩士論文加值系統

本研究是以統計上群組區隔及差異分析等方法，以實證調查方式，對於股票市場與期貨市場兩者投資者行為加以分析其差異，研究發現：
一、對於期貨參與程度較高的族群是35歲以下、女性、教育程度在專科或大學以下、家庭年收入在40萬以下或200萬至500萬者。
二、不論內外控特質或風險偏好對市場選擇都沒有顯著差異，而對策略選擇則有顯著差異。內控傾向愈大的人，愈偏重長期投資策略，對於長期投資資金比例也愈大，外控傾向較大的人，並不特別傾向特定的策略選擇。
三、關於投資評估過程：投資經驗較多年、投資資金較大、較具內控傾向、風險偏好愈低的人，對於避險及保值、專業基本面與技術經驗面資訊較為重視。
四、選擇投資股票者是希望避險與保值、重視專業基本面。傾向期貨交易者是希望快速獲利及自我實現樂趣、重視技術經驗面、重視交易成本。
五、整體而言；對市場選擇並沒有顯著差異，而是在操作策略上，以長期策略運用於股票投資上，以短期策略運用於期貨交易上，交互搭配操作，可以得到較佳的績效。

This research used the statistic methods of Cluster and analysis of variance to analyze the differences between stock market and futures market investor behavior. The findings of this research are:
1.The main traders of futures are ages 35 and under, female, college education and under, annual family income at NT$400 thousand and below or 2 to 5 million NT.
2.Neither internal/external control characteristics nor risk preferable show distinguishable differences on market choice; yet do have obvious influence on strategy deciding. The more of internal control tendency the more they prefer long-term investment strategies, and invest larger sums long-term. Those external control tendency investors do not choose any specific strategies.
3.Process of investment evaluation: Investors with more investment experience, larger investing amount, tendency to internal control and prefer lower risk, take more consideration on hedge, value perseverance, professional fundamental and technical experience information.
4.Stock traders are those who wish to avoid risk and preserve value, and they would emphasis on the professional fundamental side. Futures traders are people who hope for quick profit and the fun of self-fulfillment, tend to care more on technical experience and transaction cost
5.Generally speaking; no distinguishable differences concerning the choose of market. However, about the execution strategies, using long-term strategies on stock investment and short-term strategies on futures investment can attain better investment return.

第一章 緒 論 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒1
第一節 研究背景與動機 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒1
第二節 研究問題與目的 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 4
第三節 研究步驟與流程 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 5
第二章 市場現況與文獻探討 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒6
第一節 市場現況 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 6
第二節 行為理論﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 12
第三節 投資決策對投資績效的影響﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 15
第四節 投資評估過程對投資決策的影響﹒﹒﹒﹒﹒﹒﹒﹒ 17
第五節 投資者特性對投資評估過程的影響﹒﹒﹒﹒﹒﹒﹒ 19
第六節 投資者特性對投資決策的影響﹒﹒﹒﹒﹒﹒﹒﹒﹒ 20
第三章 研 究 方 法 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒22
第一節 研究架構 ﹒﹒﹒﹒﹒﹒﹒﹒﹒ ﹒﹒﹒﹒﹒﹒﹒﹒ 22
第二節 研究設計 ﹒﹒﹒﹒﹒﹒﹒﹒﹒ ﹒﹒﹒﹒﹒﹒﹒﹒ 23
第三節 研究對象與範圍﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 31
第四節 抽樣結構與資料收集﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒ 31
第五節 資料分析方法 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒31
第四章 資料分析與討論 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒36
第一節 樣本結構 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒36
第二節 信度檢定與因素分析 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒39
第三節 投資決策對投資績效的影響 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒43
第四節 投資評估過程對投資決策的影響 ﹒﹒﹒﹒﹒﹒﹒﹒47
第五節 投資者特性對投資評估過程的影響 ﹒﹒﹒﹒﹒﹒﹒50
第六節 投資者特性對投資決策的影響 ﹒﹒﹒﹒﹒﹒﹒﹒﹒57
第五章 結論與建議 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒64
第一節 研究結論 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒64
第二節 研究限制 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒67
第三節 建 議 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒68
參考文獻 ﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒70
附錄：本研究問卷﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒﹒74

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