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研究生:林玉雪
研究生(外文):Lin, Yu-Hsueh
論文名稱:行為財務學的二項議題—美國房地產融資體系和本國偏誤
論文名稱(外文):Two Topics of Behavior Finance The Housing Mortgage System and Home Bias
指導教授:黃偉倫黃偉倫引用關係
指導教授(外文):Huang, Wei-Lun
學位類別:碩士
校院名稱:中華科技大學
系所名稱:經營管理研究所
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:2010
畢業學年度:98
語文別:中文
論文頁數:78
中文關鍵詞:房地產融資體系金融創新政府政策本國偏誤投資組合實驗型問卷
外文關鍵詞:Housing MortgageFinancial Innovationgovernment policyHome biasPortfolioexperimental questionnaire method
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  本文分兩部分探討,第一部分之目的是想了解房地產融資體系的發展過程,並探討房地產融資體系的問題演變成次貸風暴的原因及政府因應措施。本研究將整個房地產融資體系由金融市場的借貸發展到資本市場的MBS與CDS等買賣之過程區分為三個階段,並採用文獻回顧的方法先探討各階段房地產融資體系的參與者及其角色,再探討房地產融資體系問題造成次貸風暴的過程,最後以房地產融資體系問題為主體探討政府因應次貸風暴的政策。結果發現,房地產融資體系的金融創新(資本市場的MBS與CDS)應能分散風險,但因美國對房地產融資體系的風險控管不當且各國對資本市場的MBS與CDS等風險控管不當的問題,才會引發次貸風暴,各國因應政策除解決問題外仍須考量風險控管的問題。
  第二部分之目的是想要了解本國偏誤的原因,而投資者會較喜歡投資本國證券投資組合(ETF、共同基金或是兩者)的本國偏誤現象可能是由於資訊不對稱、熟悉程度的不同或是兩者兼有。本研究採用實驗型的問卷調查方法,將實驗參與者依訊息的不同分成4組並重複4次,結果發現台灣投資者有本國偏誤的現象(本國證券投資組合的比例較高)。當投資者擁有更多資訊(所有國家證券投資組合的歷史資料)時,投資者將會增加國際投資組合的比例,但本國偏誤現象仍然是存在的,所以本國偏誤的原因應該是熟悉程度的不同,而資訊不對稱只是加強本國偏誤的程度。
  This study is divided in two parts, the purpose of the first part is to understand the development of housing mortgage system, to discuss the reasons why the subprime mortgage crisis induced by the problem of housing mortgage system, and to analysis the methods how the related policy of most country could response the subprime mortgage crisis. This study divided the delevelopment of housing mortgage, which could be lend from financial market then from capital markets by the sale of MBS and CDS, into three steps, and use the methods of literature review to discuss the participants and their roles of housing mortgage system, then the process which the subprime mortgage crisis caused by the issue of housing mortgage, and finally the related policy whice focus on the problems of housing mortgage system. The results show the innovation of housing mortgage system( MBS and CDS in capital market) should be used to spread the risk of housing mortgage system, but America government did not consider the risk of housing mortgage system and many countries did not consider the risk of MBS and CDS, then they will be lead to the subprime mortgage crisis, and the related policy should be considered the risk management issues in the future.
  The purpose of the second part is to understand the reason of Home bias, individuals prefer domestic equity portfolio (ETF, fund or both), is asymmetric information, asymmetric familiarity or both. Using an experimental questionnaire method of 4 groups with different information and repeat 4 times, we find that individuals prefer domestic portfolio. When individuals could get more historical information of different equity portfolio, and individuals invest more in international securities, but Home bias still exist, so the reason of Home bias should be asymmetric familiarity and it strengthen by asymmetric information.
中文摘要 i
Abstract ii
目次 iii
圖表目錄 iv
第一部分 美國房地產融資體系之探討 1
第一章 前言 1
第二章 房地產融資體系及其創新 2
第三章 房地產融資體系的發展及其弊端 9
第四章 房地產融資體系創新的影響及其現況 15
第五章 結論 22
參考文獻 23
中文部分 23
英文部分 23
第二部分 本國偏誤之探討 24
第一章 前言 24
第二章 研究方法 28
第三章 問卷設計 33
第四章 統計分析 36
第五章 結論 50
參考文獻 51
中文部分 51
英文部分 51
附錄 54
附錄一 實驗問卷填寫說明 54
附錄二 投資機會參考資料 57
附錄三 問卷內容 62
附錄四 個人資料統計圖 73
附錄五 各國投資風險統計圖 74
附錄六 投資風險平均數與變異數圖 75
作者簡介 78
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My FICO網頁 http://www.myfico.com
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