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研究生:阮氏香梅
研究生(外文):Huong Mai- Nguyen
論文名稱:直覺、情緒與理性分析對投資人決策的影響之研究—台灣及越南為例
論文名稱(外文):A Research on The Effect of Intuition, Emotion and Rational Analysis toward Decision-Making – The Examples of Taiwan and Vietnam
指導教授:呂麒麟呂麒麟引用關係
指導教授(外文):Chi-Lin, Lu
學位類別:碩士
校院名稱:國立虎尾科技大學
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:2013
畢業學年度:101
語文別:英文
論文頁數:88
中文關鍵詞:直覺理性分析情緒投資決策
外文關鍵詞:intuitionemotionrational analysisinvestor decision-making.
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本研究的主要目的是將直覺、情緒、理性三因子,用來針對台灣及越南的投資者,在進行投資決策時,會以哪因子優先做考量,並且更進一步以性別之間為分界,探討是否會因這三因素,而在決策上,有更顯著的關聯性。 本研究隨機抽取225個台灣及越南的投資者,進行問卷調查,結果發現:在直覺、情緒與理性分析上,都顯著影響兩國的投資決策。此外,本研究適才發現:原來個人經驗值,並不會直接性的影響到台灣人在進行投資決策上的一項考量。而在越南投資者上面,則是不考量投資所帶來的利潤。然而在性別方面,本研究發現:直覺、情緒、理性這三項因子,對男生及女生之間是有顯著差異。尤其在針對投資決策時,越南女生及台灣男生傾向受理性因子影響,並在情緒及直覺上,有連帶關聯;而越南男生及台灣女生則較傾向直覺因子,並在理性及直覺上,有連帶關聯。故研究結果顯示:進行投資決策時,女生兩國皆易受情緒所

The purpose of this study first was to examine and secondly compare the three factors emotion, intuition and rational analysis that influence financial decision-making of Taiwanese and Vietnamese investors. There have 225 respondents in both Viet Nam and Taiwan joined the survey. Results found that: intuition, emotion and rational analysis affected both Vietnamese and Taiwanese investors. These three factors co-influence in pairs: rational analysis plus intuition, rational analysis plus emotion, finally intuition plus emotion also affect two nations’ investors when they do make decisions. This study also found out an interesting result that personal experience of intuition failed to influence Taiwanese investors. Hope of taking profit failed to influence Vietnamese investors. There have significant cross-countries gender differences under the influence of intuition, emotion and rational analysis. Taiwanese males and Vietnamese females are prone to be more affected by rational analysis. Both of them also are affected by co-influence of emotion and intuition. Vietnamese males and Taiwanese females are prone to be more affected by intuition when they do make decisions. Two of them are affected by the co-influence of rational analysis and intuition. Both Taiwanese and Vietnamese females are prone to be more affected by emotion when they do make decisions they are also more affected by the co-influence of rational analysis and emotion.

English Abstract i
Chinese Abstract iii
Acknowledgements iv
Table of Contents v
List of tables viii
List of Figures ix
Chapter 1 Introduction 1
1.1 Background 1
1.2 Problem discussion 4
1.3 Purpose of study 5
1.4 Significance of study 5
1.5 Delimitation 6
1.6 Outline 6
Chapter 2 Literature review 7
2.1 Traditional finance versus behavioral finance 8
2.2 Rational analysis and financial decision-making 11
2.3 Emotion and financial decision-making 15
2.4 Intuition and financial decision-making 20
2.5 Brief discussion about Viet Nam’s and Taiwan’s stock market 24
2.6 Gender versus intuition, emotion and rational analysis 25
Chapter 3 Research method 26
3.1 Methodology 26
3.2 Data collection 27
3.2.1. Data collected process 27
3.3 Questionnaire design 28
3.4 Research method. 35
3.4.1 Descriptive analysis 36
3.4.2. Chi-square Goodness of fit test 36
3.4.3. Hypothesis testing z test 37
3.4.4. The two populations proportions difference interval estimation 37
3.5 Research model 37
3.6 Hypothesis development 39
Chapter 4 Empirical results and Discussions 45
4.1. Profiles of respondents 45
4.2. Empirical results 45
4.2.1 Personal experience and gut feeling of intuition affected investor behavior 45
4.2.2 Hope and belief of emotion affected investor behavior 50
4.2.3 Fundamental and technical analysis of rational analysis affected investor behavior 51
4.2.4 Co-influence of intuition and rational analysis toward investment decision-making 53
4.2.5 Co-influence of emotion and rational analysis toward investment decision-making 53
4.2.6 Co-influence of emotion and intuition toward investment decision-making 54
4.2.6 Different effects by gender 54
4.3. Discussion 61
4.3.1 Personal experience and gut feeling of intuition affected investor behavior 61
4.3.2 Co-influence of intuition and rational analysis toward investment decision-making 62
4.3.3 Hope and belief of emotion affected investor behavior 63
4.3.4 Co-influence of rational analysis and emotion toward investment decision-making decision-making 65
4.3.5 Co-influence of intuition and emotion toward investment decision-making 65
4.3.6. Difference affections by gender 66
Chapter 5 Conclusions 67
5.1 Conclusions 67
5.2 Implications for managers 69
References 71
Appendix I – English Questionnaire 76
Appendix II Chinese questionnaire 79
Apprendix III Vietnamese questionnaire 83
Apprendix IV – Hypothesis testing questions 88
Extended abstract
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