臺灣博碩士論文加值系統

過去對於投資人選股策略的研究偏向探討單一構面或報酬之關連性，缺乏投資人擇股時概括性的構面分析。有鑒於此，本研究藉由國內外之期刊進行研析，從中整理並挑選了5個構面來檢測台灣股市主要交易者，即一般投資人。分別是，總體經濟面、財務面、技術分析面、訊息推薦面與投資人認知行為來進行分析。其中總體經濟與財務面看的是國家與公司的基本結構，而技術分析面、訊息推薦面與投資人行為特性看的是市場釋出之訊息與投資人反應。由於專業投資人員相較於一般投資人較具相關專業知識，本研究目的希望藉此探討出兩類投資人對於各類訊息判讀的行為反應與投資模式是否存在差異。
研究結果發現一般投資人與專業投資人員在資訊收集行為、技術面訊息、推薦訊息、多頭技術指標及空頭技術指標有顯著差異。在資訊收集行為方面，一般投資人資訊收集行為較專業投資人員為不足，顯現一般投資大眾並沒有花時間進行各股產業資料的搜集；在推薦訊息的部份，一般投資者較為倚賴分析師或報章雜誌的專欄推薦。並發現內控傾向的投資者較外控傾向投資者在資訊收集時偏重基本面資訊(包括產業基本面、公司財務資訊)；因此內控投資者較外控投資者重視產業外部環境與內部環境之因素；而外控投資者對於推薦訊息的知覺程度較內控投資者為高。

The research of the individual investor had intention to probe into single dimension and closing with individual investor's remuneration in the past, lacking of analysis of generality about the individual investor and stock selecting. In view of this, this research analysis with the domestic and international periodical has put in order and selected 5 dimensions to measure main dealers of stock market of Taiwan from it, namely individual investors. Separately are macroeconomics, financial index, information recom-mendation and investors characteristics. Among the macroeconomic variables and fi-nancial index they are the fundamental structure of the country and company and that technical analysis, recommendation, and investors characteristics being watched how investor react with information release. Because stockbrokers have relevant professional knowledge relatively to the individual investors. This research purpose hopes to probe into two kinds of investors and reflect to the behavior of all kinds of information inter-pretation whether to have a difference with the investment way or not. The result of study finds that individual investors and stockbrokers have difference between the in-formation gathering behavior, technological side information, information of recommending, and technical indicators. In information gathering behavior, the general investors’ information gathering behavior are insufficient, appear that individual investors have not spent time to collecting of industry's information; The part of information recommending, general investors comparatively rely on the special columns of the analyst or the newspaper’s writers. And discover that internal locus of control investors more stress on fundamental information than external locus of control investors in in-formation gathering behavior (include the industrial environment, company's financial information); So internal locus of control investors relatively paying attention to the factors of industry's external environment and inside environment conditions than external locus of control investors; The consciousness degree of external locus of control investors on recommend information are higher than internal locus of control investors.

內容目錄
中文摘要．．．．．．．．．．．．．．．．．．．．．． iii
英文摘要．．．．．．．．．．．．．．．．．．．．．． iv
誌謝辭．．．．．．．．．．．．．．．．．．．．．．． vi
內容目錄．．．．．．．．．．．．．．．．．．．．．． vii
表目錄．．．．．．．．．．．．．．．．．．．．．．． viii
圖目錄．．．．．．．．．．．．．．．．．．．．．．． xi
第一章 緒論．．．．．．．．．．．．．．．．．．．． 1
第一節 研究背景與動機．．．．．．．．．．．．． 1
第二節 研究問題與研究目的．．．．．．．．．．． 3
第三節 本文流程．．．．．．．．．．．．．．．． 5
第二章 文獻探討．．．．．．．．．．．．．．．．．． 6
第一節 總體經濟指標．．．．．．．．．．．．．． 8
第二節 財務面．．．．．．．．．．．．．．．．． 12
第三節 技術分析面．．．．．．．．．．．．．．． 18
第四節 推薦訊息面．．．．．．．．．．．．．．． 23
第五節 投資人認知行為．．．．．．．．．．．．． 27
第三章 研究架構與方法．．．．．．．．．．．．．．． 31
第一節 研究架構．．．．．．．．．．．．．．．．．． 31
第二節 研究變項之定義．．．．．．．．．．．．． 32
第三節 研究變項之衡量與問卷設計．．．．．．．． 39
第四節 研究對象與樣本特性分析．．．．．．．．． 41
第五節 資料分析方法．．．．．．．．．．．．．． 41
第四章 研究結果．．．．．．．．．．．．．．．．．． 43
第一節 敘述統計分析．．．．．．．．．．．．．． 43
第二節 問卷之信度與效度．．．．．．．．．．．． 47
第三節 散戶認知特性與各個資訊來源之比較．．．． 52
第四節 結構方程式模式分析．．．．．．．．．．． 66
第五章 結論與建議．．．．．．．．．．．．．．．．． 79
第一節 結論．．．．．．．．．．．．．．．．．． 79
第二節 管理實務建議．．．．．．．．．．．．．． 82
第三節 研究限制．．．．．．．．．．．．．．．． 83
參考文獻 ．．．．．．．．．．．．．．．．．．．．． 85
附錄 正式問卷．．．．．．．．．．．．．．．．．． 93

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