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研究生:康煜琪
研究生(外文):Yu-chi Kang
論文名稱:線上交易對投資人交易行為與績效之影響
論文名稱(外文):Understanding On-line Traders: Trading and Performance in Common Stock Investment
指導教授:林岳喬林岳喬引用關係
指導教授(外文):Y.C. George Lin
學位類別:碩士
校院名稱:國立中正大學
系所名稱:會計所
學門:商業及管理學門
學類:會計學類
論文種類:學術論文
論文出版年:2006
畢業學年度:94
語文別:中文
論文頁數:51
中文關鍵詞:線上交易
外文關鍵詞:Online trading
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本研究利用國內某券商提供民國九十三年一月至民國九十四年十月所提供實際客戶資料與其成交資料,探討台灣證券市場線上交易與非線上交易者的投資行為以及報酬績效表現。研究結論如下:
1. 線上交易投資者係以男性與較年輕族群為多。而擁有較高原始報酬率之投資者,較易轉變為線上交易戶。
2. 線上交易戶在轉為線上下單後,受到網路下單便捷性之影響,交易更為頻繁。但其投資績效並未如預期因高頻率交易,導致交易成本增加投資績效受損。
3. 線上交易戶在轉戶後並未出現所謂投機交易增加之行為,投資人在使用網路平台下單方式,即時市場交易資訊並未能幫助投資人決策,買進高報酬率賣出低報酬率之投資組合。
4. 網路下單者對於價格執行能力較電話語音下單為佳。
The thesis analyzed 1,247 individual investors who switched from phone-based to online trading in Taiwan from January 2004 to October 2005. We conclude that
1. Men and the younger preferred online trading than phone-based. Investors who had better gross return tend to switching online.
2. According to the convenience of online trading, investors traded more actively after going online, but the excess return after going online didn’t change.
3. There’s no significant change in trade information triggered trading (speculative trading) before and after going online.
4. Finally, the order execution efficiency of online trading was better than phone-based trading.
目錄 1
圖目錄 3
表目錄 4
第壹章 緒論 5
1.1研究動機與目的 5
第貳章 文獻探討 11
2.1線上交易(on-line trading) 11
2.2 投資人行為 19
第参章 研究方法 24
3.1 資料來源 24
3.2 研究期間與樣本選取標準 25
3.3 資料處理與相關衡量 26
第肆章 實證結果分析 36
4.1敘述性統計 36
4.2線上交易及即時市場交易資訊對交易週轉率之影響 37
4.3 線上交易及即時市場交易資訊對交易績效之影響 39
4.4 線上交易對投資人成交績效之影響 42
第伍章 結論與建議 44
5.1 研究結果 44
5.2 研究貢獻 45
5.3 研究限制 47
5.4 研究建議 47
參考文獻 48
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