本研究利用台灣證券交易所1992到2006年的投資人成交資料，來研究散戶投資人之交易偏好是否隨時間經過而改變的原因。本研究結果顯示散戶投資人買進股票時對於股票特性的偏好（如本益比、規模、帳面價值對市價比等）會隨著時間經過而改變，此外每個年度買進股票的數目並非隨時間經過而維持一致。最後每年度均在市場交易的散戶投資人，其選擇股票的偏好傾向高周轉率、低報酬率標準差、以及高帳面價值對市價比的股票，顯示持續參與市場的投資人，其買進股票的行為較為傾向風險趨避。

In this paper, investors’ trading records from TSEC for the period from 1992 to 2006 are used to do the research about whether the preferences of individual investors have changed from time to time. Also, the results show that the buying preferences of individual investors, such as P/E ratio, size, and book-to-market ratio, changed year by year and their numbers of purchased stocks also changed every year. In addition, the research takes the individuals who traded every year as samples to trace their behaviors, and the result shows they preferred to stocks with high turnover ratio, low standard deviation of stock return, and high book-to-market ratio when they were picking stocks. From this result implies that individuals who consistently participated in the stock market behaved as risk-averse investors.

摘要……………………………………………………………………I
Abstract……………………………………………… ………II
目錄………………………………………………………………III
表目錄…………………………………………………………………IV
第一章 緒論
第一節 研究動機…………………………………………………1
第二節 研究目的…………………………………………………3
第三節 研究架構…………………………………………………3
第二章 文獻探討
第一節 國內散戶投資人研究文獻…………………………………6
第二節 國外散戶投資人研究文獻…………………………………7
第三節 投資人心理偏誤上的研究文獻……………………………8
第三章 研究設計
第一節 研究期間…………………………………………………12
第二節 資料來源…………………………………………………12
第三節 研究方法…………………………………………………13
第四章 實證分析與研究發現
第一節 敘述統計…………………………………………………21
第二節 股票特性與買進偏好……………………………………23
第五章 結論……………………………………………………31
參考文獻 ……………………………………………………………34

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