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研究生:賴彥宏
研究生(外文):Yen-Hom Lai
論文名稱:台灣市場投資人的投資決策對群集行為之影響
論文名稱(外文):THE RESEARCH FOR THE AFFECTS OF INVESTORS HERDING BEHAVIOS IN TAIWAN
指導教授:魏文欽魏文欽引用關係
指導教授(外文):Wen-Chin Wei
學位類別:碩士
校院名稱:國立宜蘭大學
系所名稱:經營管理研究所碩士班
學門:商業及管理學門
學類:企業管理學類
論文種類:學術論文
論文出版年:2007
畢業學年度:95
語文別:中文
論文頁數:67
中文關鍵詞:投資決策群集行為結構方程模式
外文關鍵詞:Herd BehaviorLISRELInvestors’decision-making
相關次數:
  • 被引用被引用:1
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本研究探討台灣地區一般投資人的投資決策對群集行為的影響,嘗試使用結構方法(SEM)統計方法,來了解投資人在進行投資決策時會受到那些因素的影響,進而建立群集行為之模型,用以分析一般散戶所受到的影響因素之程度。研究結果發現一般投資人在進行投資決策時,會受到許多因素影響,而本研究證實此結論。Brown et al. (1995)、Carhart (1997)、Fama (1970)指出,通常推斷出之前績效資訊不一定會是未來的預測,但是現今的投資人還是在沒有其他更為有利的資訊情形之下,投資人還是選擇購買大多數投資人購買的股票。本研究之實證結果也發現,國內投資人多數還是對於自己決策沒有相當程度的自信,因此多數人還是會跟隨相關資訊進行投資。因此本研究提出投資人的行為不一定理性,其行為及想法深受他人影響,此投資人之間相互影響牽制的行為影響力相當大。又因一般投資人無法像機構投資人般地,擁有專業的知識、堅強的研究團隊,快速充分的資訊與雄厚資金,所以在進行投資決策時,多數會加入其他來源增加投資判斷。
This research investigates how generally investors make investment decisions in Taiwan region which influences herding behavior. Throughout this research, LISREL statistic methodology is applied to see how investors are influenced in the course of their investment decision-making, so as to develop Herding Behavior Model. This model will be mainly used in analyzing the degree of effects to general investors. This research finds that when making investment decision, the general investors are influenced by many factors. In addition, this research probes deeper into the issue of direct or indirect impacts causing herding behavior. The observation shows that better-informed doesn't exhibit any indirect influence; while preferences of stocks in fact have indirect effects. Hence, in this research, I propose that investors are not necessarily rational. Their behavior and thinking may be deeply influenced by their surrounding people. Such mutual binding or interaction between investors greatly affects investors' decision-making. Furthermore, due to the fact that general investors without professional knowledge, strong research team ,and abundant financial background, cannot invest in the same way as organizational investors do. Thus, their investment judgment tends to be decided by taking various other sources into consideration.
誌謝……………………………………………………………………………一
中文摘要………………………………………………………………………三
英文摘要………………………………………………………………………四
目錄……………………………………………………………………………五
表次……………………………………………………………………………七
圖次……………………………………………………………………………八
第一章 緒論 …………………………………………………………………1
第一節 研究背景與動機 ……………………………………………………1
第二節 研究目的 ……………………………………………………………5
第三節 研究架構與流程 ……………………………………………………6
第二章 文獻探討 ……………………………………………………………8
第一節 群集行為理論的基礎與定義 ………………………………………8
第二節 群聚行為的實證研究及重要發現…………………………………10
第三節 影響群聚行為之因素………………………………………………15
第四節 影響群聚行為之因素關係探討……………………………………16
第五節 假說模式……………………………………………………………17
第三章 研究方法……………………………………………………………18
第一節 統計分析方法………………………………………………………26
第二節 問卷設計與對象……………………………………………………24
第三節 變數衡量……………………………………………………………27
第四章 實證分析……………………………………………………………28
第一節 資料回收情況………………………………………………………28
第二節 信度及效度分析……………………………………………………31
第三節 群聚理論模式之分析………………………………………………34
第五章 結論與建議…………………………………………………………40
第一節 研究結論與管理意涵………………………………………………40
第二節 研究限制……………………………………………………………43
第三節 未來研究建議………………………………………………………44
附錄一 投資人類別交易比重統計表………………………………………45
附件二 專家訪談名單………………………………………………………46
附錄三 研究問卷……………………………………………………………47
參考文獻 ……………………………………………………………………50
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