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研究生:陳俊言
研究生(外文):Chen, Chun-Yen
論文名稱:非常態收入對投資者風險態度之影響 –中國大陸與台灣投資者 之比較研究
論文名稱(外文):The Impact of Unusual Income on Investor's Risk Attitude-A Comparison of Investors in Taiwan and Mainland China
指導教授:謝安田謝安田引用關係
指導教授(外文):Hsieh, An-Tien
口試委員:陳厚銘任立中毛筱艷林彩梅謝安田
口試委員(外文):Chen, HominJen, LichungMao, Hsiao-YenLin, Tsai-MeiHsieh, An-Tien
口試日期:2013-12-13
學位類別:博士
校院名稱:中國文化大學
系所名稱:國際企業管理學系
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:2014
畢業學年度:102
語文別:中文
論文頁數:80
中文關鍵詞:非常態收入風險態度
外文關鍵詞:unusual incomerisk attitude
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根據本研究結果指出,擁有非常態收入會影響投資者之風險態度。我們發現,投資者的風險態度受到非常態收入影響並呈現正相關。樣本抽樣首先篩選在台灣、大陸均有上市公司及海外子公司、且具獲利良好水準之國際企業。再者,從中篩選公司須為發放配股後曾有股價上漲、發放過超額紅利、或獲利獎金高於業界平均水準的公司員工及主管,作為投資者代表樣本。受測者回收有效樣本分別為台灣107位及大陸97位共204人。經由這些抽樣投資者之實證分析,結果顯示其中非常態收入者,其風險態度或風險行為受影響並傾向風險愛好。透過比較台灣與中國大陸兩地之間投資者,在非常態收入對投資者的風險態度影響上,台灣投資者和中國投資者具有干擾效果,大陸投資者因非常態收入影響其風險態度改變效應較台灣投資者強烈。
Results of this research study demonstrate that investors risk attitudes in both Taiwan and Mainland China are influenced by unusual income. We find out that risk attitude of investors have been affected by unusual income, moreover, the relationship between the impact of unusual income and investors risk attitudes is positively correlated. Sample subjects are taken from employees and managerial staff working for multinational corporations that are publicly listed, profitable and have operations in both Taiwan and Mainland China. These selected multinationals also have to meet one of the following criteria, i.e., increased stock price after offering stock option plan, giving extra-paid bonuses to employees, or profit-sharing higher than its industry average.
We issued 360 questionnaires, consisting of 204 valid respondents of which 107 were from Taiwan and 97 were from Mainland China. Through empirical analyses of the questionnaires, our results show that investors are influenced by unusual income and their risk behavior or risk attitudes tend to have high risk propensity and risk perception. When comparison was made on the impact of unusual income on investors risk attitude in both Taiwan and Mainland China, a moderately positive effect was observed on both groups. Furthermore, our results strongly indicate that the impact of unusual income on investor risk attitude in Mainland China is more pronounced than that of Taiwan, and investor risk attitude in Mainland China have a higher risk propensity.

中文摘要 i
英文摘要 ii
誌 謝 詞 iii
內容目錄 iv
表目錄 v
第一章 緒論 1
第一節 研究背景與研究動機 1
第三節 研究架構 4
第二章 文獻探討 6
第一節 非常態收入 6
第二節 投資者風險態度 9
第三節 非常態收入與投資者風險態度關係 10
第三章 研究方法 23
第一節 變數定義與衡量方法 23
第四章 實證結果 39
第一節 人口統計分析結果 39
第二節 台灣與大陸地區相關分析 47
第三節 非常態收入與投資風險態度 51
第五章 研究結論與建議 60
第一節 研究結論 60
第二節 研究建議 61
第三節 管理意涵 62
參考文獻 66
附錄A 研究問卷 75
附錄B 研究問卷(簡) 78


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