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研究生:唐如怡
研究生(外文):Ru-Yi Tang
論文名稱:資訊不對稱與口碑行為之研究:以共同基金投資人為例
論文名稱(外文):The Relationship between Information Asymmetry and Word-of-Mouth Behavior in Mutual Fund Investors
指導教授:林孟彥林孟彥引用關係
指導教授(外文):Tom M. Y. Lin
學位類別:碩士
校院名稱:國立臺灣科技大學
系所名稱:企業管理系
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:2008
畢業學年度:97
語文別:中文
論文頁數:50
中文關鍵詞:資訊不對稱口碑基金
外文關鍵詞:information asymmetryWord-of-Mouth Communicationfund
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投資需要專業判斷,然而,實務上卻發現民眾會透過口碑主動搜尋來決定買賣。口碑對共同基金投資人的影響力有多大?民眾需要口碑建議是因為發生了資訊不對稱(information asymmetry)的關係嗎?基金管理公司可由此發展出有利的行銷策略嗎?
本研究採量化分析,以了解共同基金投資人是否發生資訊不對稱,與其資訊不對稱的程度是否會影響其口碑行為。
本研究採方便抽樣,於2008年6月15日至2008年7月15日向資訊及製造業、傳播業、生技及醫事服務業、金融業、公教業、台灣科技大學、輔仁大學、交通大學、台北科技大學在職專班研究所學生等發放問券,並回收有效問卷242份。其中,男性佔41.2%,女性58.8%,主要年齡層為26~45歲,符合相關研究中基金管理公司受益人的性別及年齡層之比例。至於職業的分佈尚屬分散,本研究樣本投資基金的經驗高於一般人口投資基金的比重。
本研究發現,基金投資人的資訊不對稱程度愈高,其口碑散佈行為愈不明顯;中度資訊不對稱程度者對口碑主動搜尋、受口碑影響力的程度,明顯高於輕度資訊不對稱族群,且高度資訊不對稱的投資人,其進行口碑主動搜尋的程度較口碑散佈程度高。此外,基金投資人對基金的涉入程度愈高,其資訊不對稱程度亦愈低;而對基金產品熟悉度低,申購基金的意願亦會降低。
Although investment needs professional judgment, it was actually discovered that most people decided to trade by means of active search of word-of-mouth communication. How great is the influence of word-of-mouth communication on mutual fund investors? Do people need the recommendation of word-of-mouth communication just because of information asymmetry? Can fund management company develop advantageous marketing strategy from this?

This study by adopting quantification analysis is intended to understand whether it exists information asymmetry between mutual fund investors and whether the degree of information asymmetry will impact the behavior of word-of-mouth communication.

This study is to undertake convenience sampling survey through the method of questionnaire executed among information industry, mass communications industry, biotechnology and medical service industry, financial industry, government employees and teachers, part-time master graduates from National Taiwan University of Science and Technology, Fu Jen Catholic University, National Chiao Tung University and National Taipei University of Technology from June 15, 2008 to July 15, 2008. The outcome of the questionnaire was to get effective feedback of 242 participants for age 26-45 covering 41.2% of male participants and 58.8% of female participants that meet the proportion of gender and age of beneficiaries of fund management companies studied. It is dispersed in relation to the distribution of occupation. In sampling objects, those with the experience of fund investment are proportioned higher than general people.

The findings of this study show that higher degree of information asymmetry existing between fund investors will result in unobviousness in disseminating behavior of WOM communication; a higher active search of WOM communication and influence by WOM communication exist in the group with middle-degree information asymmetry than in that with low-degree information asymmetry; investors with high-degree information asymmetry undertook active search of WOM communication higher than dissemination of WOM communication; while fund investors have a higher degree of fund involvement, it will result in a less information asymmetry; low degree of familiarity of fund products will lead to less desire to purchase them.
第壹章 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 研究之重要性……………………………………………………… 5
 第四節 研究流程…………………………………………………………… 6
第貳章 文獻探討…………………………………………………………… 7
 第一節 口碑………………………………………………………………… 7
 第二節 資訊不對稱與口碑………………………………………………… 9
 第三節 產品涉入度與口碑………………………………………………… 14
第参章 研究方法…………………………………………………………… 16
 第一節 研究架構與研究假設……………………………………………… 16
 第二節 研究變數與量表發展……………………………………………… 19
 第三節 研究過程…………………………………………………………… 25
 第四節 資料分析法與信度、效度………………………………………… 26
第肆章 資料分析與研究結果……………………………………………… 30
 第一節 樣本說明…………………………………………………………… 30
 第二節 假設驗證…………………………………………………………… 30
第伍章 結論與建議………………………………………………………… 37
 第一節 研究結論…………………………………………………………… 37
 第二節 研究貢獻…………………………………………………………… 38
 第三節 研究限制…………………………………………………………… 39
第四節 未來研究方向……………………………………………………… 39
 第五節 管理意涵…………………………………………………………… 40
參考文獻 ……………………………………………………………………… 42
附錄一 正式問卷…………………………………………………………… 48
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