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研究生:蔡俊宏
研究生(外文):Chun-hung Tsai
論文名稱:投資人的風險認知與風險容忍對投資組合選擇的影響
論文名稱(外文):Impacts of Risk Perception and Risk Tolerance on Portfolio Choices for Individual Investors
指導教授:陳昇鴻陳昇鴻引用關係
指導教授(外文):Sheng-hung Chen
學位類別:碩士
校院名稱:南華大學
系所名稱:財務金融學系財務管理碩士班
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:2009
畢業學年度:97
語文別:英文
論文頁數:79
中文關鍵詞:聯合分析經濟社會因素個別投資者投資組合選擇行為財務學風險忍受度風險認知
外文關鍵詞:Socio-Economic StatusConditional Logit ModelRisk ToleranceRisk PerceptionBehavioral FinancePortfolio ChoiceIndividual InvestorsConjoint Analysis
相關次數:
  • 被引用被引用:3
  • 點閱點閱:456
  • 評分評分:
  • 下載下載:0
  • 收藏至我的研究室書目清單書目收藏:2
  本文主要的研究目的是分辨那些是影響個別投資人在進行投資組合選擇的重要因素,特別是個別投資人自己本身的風險忍受程度以及風險認知水準。這一篇文章主要是透過實際的問卷調查方式來了解風險忍受程度以及風險認知水準對個別投資人進行投資組合選擇的影響,其中特別探討不同社會經濟變數差異下個別投資人的投資行為差異是否會影所不同。本文有效問卷數目為285份,在問卷資料分析的研究方法是採用聯合分析方法。我們的實證結果發現,大多數的個別投資人在有關於投資屬性方面的差異,在於個別投資人不喜歡投資在債劵以及定存上面的報酬率,但是卻喜歡在自己的投資組合當中將定存的比重提高。另外我們發現,在投資區域上面的差別是個別投資人都不偏好海外投資而在商品的投資期間上面也不喜歡長天期的投資期間。而在性別的差異方面我們則是可以發現女性比男性來的更為保守而年紀比較大的個別投資人則是會比年紀比較輕的個別投資人具備更多風險的相關知識跟認知。因此我們的結論可以發現社會經濟因素的差異絕對會影響個別投資人在投資組合選擇上面的風險認受程度以及風險認知。
  Identifying key factors influencing portfolio choice for individual investors is of importance, particular in the role of risk tolerance and risk perception. This paper empirically investigates impacts of risk tolerance and risk perception on portfolio choice for individual investor specifically decomposing the differences in socio-economic status covering investor’s gender, age, income level, marital status, education level and household income level. Based on a sample collected from 285 respondents using conjoint analysis on investment experiment, our empirical results indicate that investor’s decision to make their portfolio choice is significant and negative to their personal income level, female and married investor, and square of overall scores on risk perception, but however is positive to their household income level and the level of risk tolerance. This implicates that investor with higher risk tolerance level shows higher likelihood to make their investment decision on portfolio choice. It is noted that there is a non-linear relationship between risk tolerance and square of risk tolerance. Moreover, investor would like to make the investment decision on portfolio choice with higher weights of bond investment and save accounting. Interestingly, investor does not prefer to make portfolio choice with international investment and short-run horizon. Besides, decomposing differentials in investor’s socio-economic status, it is found that male investor demonstrates much preference on total return of portfolio in percent.
合格證明書 i
中文摘要 iii
Abstract vi
Contents v
List of Tables iv
  
1. Introduction 1
1.1 Motivation 1
1.2 Method of Study 4
1.3 Thesis Structure 5
  
2. Literature Review 5
2.1 Behavior Finance Perspective of Individual Investor 6
2.2 Risk Perception, Risk Tolerance and Portfolio Choice 7
2.3 Investor’s Socio-Economic Status Variables and Risk Tolerance 8
  
3. Research Design 14
3.1 Methodology 14
3.1.1 Measurement of Risk Perceptions and Risk Tolerance 15
3.1.2 Random Utility Model 22
3.1.3 Conjoin Analysis 22
3.2 Survey Procedures 23
3.2.1 Questionnaire data collection 24
3.2.2 Data analysis 25
  
4. Empirical Results. 25
4.1 Descriptive Statistics 26
4.2 The Impact of Socio-Economic Status and Risk
Tolerance on Investor’s Portfolio Choice…. 28
4.3 The Impact of Socio-Economic Status and Risk
Perception on Investor’s Portfolio Choice 32
  
5. Conclusion 35
  
References 37
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