臺灣博碩士論文加值系統

本文以問卷方式了解受訪者對風險容忍度的回答分數與股票投資比率的關係。由於受訪者對風險容忍度的填答結果反應其對風險的趨避程度，因此預期分數愈高，股票投資比率也愈高。本文先以受訪者各題的分數及總分對股票投資比率進行迴歸，實證結果大致與本文的預期相符。
性別、年齡、收入、資產、自有房屋、房貸支出及有未成年子女人數等人口統計因素影響其資產配置及投資組合，同時也影響風險容忍度的測試結果，因此如果將性別、財富等變數與風險容忍度總分一起進行多元迴歸時，上述人口變數的顯著性可能受風險容忍度分數的影響，因此另以風險容忍度為因變數分析其殘差項，用以解釋原迴歸所無法觀察到的因素，再以該殘差值與其它變數一起對股票投資比率進行迴歸。結果包括女性與擁有自有房屋者由不顯著變成負向顯著。
分量迴歸的實證結果發現，除殘差值仍為正顯著外，女性的係數為負向顯著，且隨分位數的增加而下降，顯示投資股票比重較高的族群，女性風險趨避的程度更為明顯，以致投資股票的比例愈低；年齡的係數隨分位數的增加而增加，表示投資投票比重較高的族群，年齡愈大者的風險趨避程度愈不明顯，以致投資投票的比例愈高。

Gender, age, income, asset, payment, marriage, children and other demographic factors will influence portfolio allocation, investment portfolio and test result of risk tolerance. If we adopt gender, wealth and risk tolerance factors in multiple regressions, the average bias of regression will affect the accuracy of statistics result. Therefore, we adopt risk tolerance as dependent variance to analyze residual and explain the factors cannot be observed in original regression. And then we take residual and other variables to take regression analysis with stock investment ratio.
Based on the results, coefficient of female decreases while the quantile increases, implying the group who invest in stocks more has more obvious risk aversion level. Coefficient of age increases while the quantile increases, implying the older the group who invest in stocks more is, the less obvious risk aversion level is, resulting in investing in stocks more. Coefficient of having children decreases while the quantile increases, implying among the group who invest in stocks more is, the one who has children has less obvious risk aversion level resulting in investing in stocks more.

第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究架構 2
第二章 文獻回顧 3
第三章 研究方法 6
第一節 研究假說 6
第二節 研究變數 6
第三節 資料來源 9
第四章 實證結果 10
第一節 敘述統計 10
第二節 迴歸結果分析 11
第五章 結論 16
參考文獻 17
附錄、問卷 20

中文文獻
1.何素蘭、曾郁仁、王儷玲，1999年，「風險趨避程度增加對市場保險與自我保險的需求分析」，風險管理學報，第1卷第2期。
2.陳嘉惠、高郁惠、劉玉珍，2002年，「投資人偏好與資產配置」，臺灣管理學刊，第1卷第2 期。
英文文獻
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