臺灣博碩士論文加值系統

本研究不同於傳統投資理論的研究，試圖以個別投資者之人格取向或心理層面為出發點，對投資者的投資行為決策作一探討，因此將人格特質與投資資訊來源為主要投入變數，採問卷法進行實證研究。
以雲林地區金融市場自然人 (散戶)為主要研究對象，主要目的在探討投資者的人格特質、投資資訊來源與投資行為決策之間的影響與關聯程度，於102年5月1日寄出問卷650份，於同年月31日回收505份問卷，回收率為77.69%，經檢視後得到有效問卷394份，有效問卷回收率為78.0%。
所得資料依研究目的及假設，利用SPSS統計軟體進行信度分析、描述性統計、差異性分析、相關分析、迴歸分析等，所得結果如下：
1.個人特質變項在「年齡」、「教育程度」、「職業」、「家庭年收入」對人格特質量表有顯著相關。
2.在投資資訊來源量表中，個人特質變項之「教育程度」對「印象資訊」構面上有顯著差異；「年齡」、「教育程度」、「職業」、「家庭年收入」、「投資經驗」對「他人推薦」構面上有顯著差異；「性別」、「年齡」、「家庭年收入」、「投資經驗」、「投資資金」對「財務資訊」構面上有顯著差異；「年齡」、「教育程度」、「職業」、「投資經驗」對「個人經驗」構面上有顯著差異；「投資資金」對「專業資訊」構面上有顯著差異。
3.個人特質變項在「性別」、「投資資金」在投資行為策略量表中並無顯著相關，而在其餘個人變項中均有顯著相關。
4.人格特質量表與投資資訊來源量表之「印象資訊」呈現顯著負相關，而與投資資訊來源量表之「他人推薦」、「專業資訊」呈現顯著正相關。
5.人格特質量表對投資行為策略量表具有正向影響；投資資訊來源之「印象資訊」、「他人推薦」與「專業資訊」對投資行為策略量表具有正向影響，而投資資訊來源量表之「財務資訊」與「個人經驗」對投資行為策略量表具有負向影響，人格特質、投資資訊來源對投資行為決策之影響呈現互相消長之關係。

Different from research on traditional investment theories, this study focuses on individual investors’ personality traits or psychological aspects, and probes into their investment behavior decision-making. Thus, by treating personality traits and investment information sources as main variables, an empirical research is conducted by questionnaire survey.
Natural persons in financial market of Yunlin area were treated as the research subjects. This study explored the influences and correlation among investors’ personality traits, investment information sources, and investment behavior decision-making. The research purposes are as follows:
1.Among personal trait variables, age, educational level, occupation and annual family incomes significantly influence personality traits.
2.Among investment information sources, educational level of personal trait variables has a significant difference on image information. Age, educational level, occupation, annual family incomes and investment experience have significant differences on others’ recommendation. Gender, age, annual family incomes, investment experience and investment funds have significant differences on financial information. Age, educational level, occupation and investment experience have significant differences on personal experience. Investment funds have a significant difference on professional information.
3.Gender and investment funds of personal trait variables do not significantly influence investment behavior strategy and the rest personal variables have significant differences.
4.There is a significantly negative correlation between personality traits and image information of investment information sources. There is a significantly positive correlation between personality traits and others’ recommendation and professional information of investment information sources.
5.Personality traits positively influence investment behavior strategy. Image information, others’ recommendation and professional information of investment information sources positively influence investment behavior strategy. Financial information and personal experience of investment information sources negatively influence investment behavior strategy. There is fluctuation of correlation between personality traits, investment information sources and investment behavior decision-making.

中文摘要....................................................i
英文摘要..................................................iii
目錄......................................................vi
表目錄...................................................viii
圖目錄.....................................................ix
第一章　緒論.................................................1
1.1　研究背景與動機...........................................1
1.2　研究目的...............................................2
1.3　研究流程...............................................3
1.4　研究範圍與限制...........................................5
第二章　文獻探討..............................................6
2.1　人格特質...............................................6
2.1.1　人格特質之定義.........................................6
2.1.2　人格特質的相關理論.....................................8
2.1.3　人格特質與投資行為決策之相關文獻.........................10
2.2　投資資訊來源...........................................12
2.2.1　資訊來源之定義.......................................12
2.2.2　投資資訊來源與投資行為決策之相關文獻.....................14
2.3　投資行為決策...........................................17
2.3.1　行為財務學...........................................17
2.3.2　投資行為理論.........................................18
第三章　研究方法與研究假設....................................20
3.1　研究架構..............................................20
3.2　研究假說..............................................21
3.3　問卷設計及預試.........................................22
3.3.1　問卷內容............................................22
3.3.2　實施問卷預試.........................................28
3.3.3　預試問卷資料處理與試題分析..............................28
3.4　統計方法..............................................30
3.4.1　描述性統計...........................................30
3.4.2　信度分析............................................31
3.4.3　因素分析............................................31
3.4.4　列聯表檢定...........................................32
3.4.5　獨立樣本t檢定........................................33
3.4.6　單因子變異數分析.....................................33
3.4.7　相關係數分析.........................................34
3.4.8　迴歸分析............................................34
第四章　研究結果.............................................35
4.1　描述性統計.............................................35
4.2　因素分析暨信度分析......................................37
4.2.1 因素分析.............................................37
4.2.2 信度分析.............................................39
4.3　個人變項與各量表間的影響因素..............................40
4.3.1 個人變項與人格特質變項之影響因素..........................40
4.3.2 個人變項與投資資訊來源變項之差異性........................47
4.3.3 個人變項與投資行為策略變項之影響因素......................59
4.3.4 綜合假說分析..........................................67
4.4　各研究構面之間的預測分析.................................68
4.4.1 人格特質與投資資訊來源之相關性...........................68
4.4.2 各構面之迴歸分析......................................69
4.5 假設驗證...............................................71
第五章　結論與建議...........................................75
5.1 結論..................................................75
5.2 建議..................................................77
5.2.1 投資者之實務性建議.....................................77
5.2.2 實務界業者之實務性意涵 ..................................77
5.2.3 後續研究之建議........................................78
參考文獻...................................................79
附錄......................................................85
Extended Abstract........................................89
簡介......................................................94

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