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研究生:張雲宗
研究生(外文):Yun-Tsung Chang
論文名稱:投資決策影響因素之探討
論文名稱(外文):Factors Influencing Investment Decision-Making of Individual Investor
指導教授:涂登才涂登才引用關係張幸惠張幸惠引用關係
指導教授(外文):Teng-Tsai TuHsin-Hue Chang
學位類別:碩士
校院名稱:銘傳大學
系所名稱:財務金融學系碩士在職專班
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2008
畢業學年度:96
語文別:中文
論文頁數:92
中文關鍵詞:自我控制捷思風險態度二階段驗證性因素分析風險趨避
外文關鍵詞:HeuristicsSecond ordered CFARisk aversionRisk attitudeSelf-control
相關次數:
  • 被引用被引用:15
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  • 下載下載:341
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本文嘗試以投資人行為財務學的心理面向為基礎,連結公司財務資訊面以及社會影響面二者來共同反映投資人執行投資決策時的考量特質,這是本研究的特色之一,研究中並選擇「捷思」、「風險態度」和「自我控制」等三個構面來反映投資人在行為財務學的心理面向。研究過程中應用二階段線性結構方程模式整合投資人心理、財務資訊、以及社會影響等因素共同探討之後,可以彙整比較此三個重要構面如何反映出投資人投資決策的考量,這是本研究的第二個特色。
研究結果發現,整體而言,投資人執行投資決策時其心理因素是最重要的考量,特別是「捷思」與「風險態度」兩因素;前者的考量反映出投資人在面對不確定結果的投資時,會顯著考量依據過去的經驗來當作現在的參考點,以及投資人特別偏好參考過去表現良好或較大的公司;後者「風險態度」的重要考量方面,由於本研究的「風險態度」構面主要聚焦於風險趨避情況,故此結果反映出風險趨避一直是投資人執行投資決策時的希求,投資人投資決策的心理面向之另一構面的「自我控制」雖然與投資決策的相關性最低,但仍能顯著反映出投資人執行投資決策時的考量。除了投資人的心理層面之外,「財務資訊」是投資人執行投資決策時的另一重要考量,特別是在與心理層面共同探討之後仍顯示出具顯著性的重要考量,此外,「社會影響」的因素也是不可忽視的,經由本研究實證結果發現,「社會影響」因素與心理層面共同探討之後,它在投資人執行投資決策的考量時仍具顯著重要性。
本研究結果可以協助理財專員在提供投資人投資建議時的有效參考,例如,理財專員在為投資人做投資建議時,標的公司規模大小,未來發展與財務資訊等是必需準備的資料文件,另外基於投資人的風險趨避希求或是對於較缺乏「自我控制」的投資人,理財專員應能提出適當的停利點或停損點。最後,當投資人未能完全採納理財專員的建議時,理財專員也應能夠理解,因為相較於「社會影響面」的理財專員、親朋好友之建議,投資人的心理層面因素以及「財務資訊」因素仍是較具重要性的。

關鍵詞:二階段驗證性因素分析;捷思;風險態度;自我控制;
風險趨避
The purpose of this study is to investigate the factors influencing individual investor behavior. We combined company''s financial information and the concept of social impact to reflect the implementation of investment decision-making based on psychological dimension of behavioral finance. Three major elements of behavioral finance are chosen by this study, including heuristics, risk attitude and self-control. The second ordered Confirmatory Factor Analysis is applied to explore the effect of company''s financial information, the social impact and the behavioral finance psychology simultaneously on reflecting the investor''s investment decision-making consideration.
The empirical results revealed that the financial psychological factors, in particular heuristics and risk attitude are the most important to individuals making investment decisions. The former factor, including purchasing reference point from past experience and well-performed companies, is significantly positive relative to individuals making investment decisions. The latter factor, focusing on risk aversion in choices involving sure gains, is significantly positive relative to individuals making investment decisions, too. Self-control of the financial psychological factors is less important than heuristics and risk attitude. In addition, the factors of company''s financial information and social impact are significant considerations on individuals making investment decisions.
The empirical results of this study are useful for financial professionals to provide efficient advices. For example, the professionals could encourage investors to concern about the scale and long-term growth of companies when they make investment decision. Furthermore, professionals should encourage investors who are more risk-averse and less self-control to adhere to stop-loss orders. Finally, we suggest professionals could understand when their advices are not adopted simply because the factor of social impact is less important than the aspects of investor psychology on reflecting the investor''s investment decision-making considerations.

Keywords: Second ordered CFA, Heuristics, Risk attitude, Self-control, Risk aversion
目錄
頁次
第壹章 緒論 1
第一節 研究動機與目的 1
第二節 研究流程 4
第貳章 文獻探討 5
第一節 預期效用理論 5
第二節 展望理論 6
第三節 情緒反應相關文獻 23
第四節 財務資訊與社會影響的相關文獻 36
第參章 研究方法 42
第一節 研究模型架構 42
第二節 資料蒐集 45
第三節 線性結構方程模式 45
第肆章 實證分析 60
第一節 問卷設計及資料蒐集 60
第二節 描述性統計分析 61
第三節 投資決策影響因素之二階段驗證性因素分析結果 65
第伍章 結論與限制 75
第一節 結論 75
第二節 研究限制與建議 77
參考文獻 79
圖目錄
頁次
圖1-1 本研究流程圖 4
圖2-1 決策權數函數 9
圖2-2 價值函數 11
圖3-1 本研究的模型架構 42
圖3 2 基本線性結構方程模式 48
圖3 3 線性結構方程模式:二階段驗證性因素分析 49
圖3 4 線性結構方程模式之概念構架 50
圖4 1 線性結構方程模式二階段驗證性因素分析之實證結果 65
表目錄
頁次
表2-1 正向展望與負向展望的偏好 8
表2-2 捷思文獻彙整 14
表2-3 風險態度之相關文獻 22
表2 4 自我控制之國外相關文獻 25
表2-5 避免後悔文獻彙整 29
表2-6 過度自信文獻彙整 35
表2-7 股市資訊面操作策略之相關文獻 41
表3 1 整體模式之檢定彙總 57
表4-1 受訪者性別資料統計表 61
表4-2 受訪者年齡資料統計表 62
表4-3 受訪者婚姻資料統計表 62
表4-4 受訪者教育程度資料統計表 63
表4-5 受訪者職業資料統計表 64
表4-6 受訪者年收入資料統計表 64
表4 6 整體模式配適度評估 66
表4 7 測量模式因素負荷量分析與信度指標評估 68
表4 8 結構模式結構係數檢定 72
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