臺灣博碩士論文加值系統

隨著金融科技的發展，理財機器人透過大數據以及AI演算法，提供紀律性的操作，能夠避免人性的貪婪心理以及人為判斷錯誤，對於投資人來說，理財機器人提供創新的理財服務。根據金管會的數據統計，截至2020年12月初已經有1 3家金融業者開辦理財機器人的相關業務，而理財機器人的資產管理規模約為新台幣22.97億元，可得知雖然理財機器人目前在台灣的規模相對算小，仍處於發展初期的階段，但當業者不斷優化以及投資人逐漸培養使用習慣後，未來理財機器人在市場上的發展潛力是不容小覷的。

本研究透過動機(Motivation)—機會(Opportunity)—能力(Ability)理論 (MOA理論)作為架構，解釋相對優勢、從眾行為及金融科技掌握度三者之間的關係，並以信任為中介變數，投資自我效能為調節變數，來探討台灣民眾對於理財機器人的使用意圖，研究結果顯示:(1)相對優勢不僅正向影響使用意圖，也會透過信任中介而間接正向影響使用意圖；(2)從眾行為會正向影響使用意圖，也會透過信任中介兩者之間的正向關係；(3)金融科技掌握度除了會正向影響使用意圖，也會透過信任中介而間接正向影響使用意圖；(4)投資自我效能會正向調節金融科技掌握度與信任間的關係；(5) 投資自我效能對相對優勢與使用意圖間具有正向調節效果。

With the development of fintech, robo-advisors use big data and AI algorithms to provide disciplined operations that can avoid human greed and human judgment errors. According to statistics from the Financial Supervisory Commission R.O.C., as of December 2020, the asset management scale of robo-advisors was about NT$ 2.297 billion. In Taiwan, the scale of robo-advisors is relatively small. However, as the industry continues to optimize functions and investors gradually cultivate usage habits, robo-advisors have great development potential in the market.

This study uses Motivation-Opportunity-Ability theory (MOA theory) as a framework to explain the relationship between relative advantage, herd behavior, and fintech capability. Also, it uses trust as mediator and investment self-efficacy as moderator to explore the intention of Taiwanese to use robo-advisors. The study result shows:(1) relative advantage positively influences use intention directly and indirectly via trust.(2) herd behavior positively influences use intention directly and indirectly via trust.(3) fintech capability positively influences use intention directly and indirectly via trust.(4) Investment self-efficacy has a positively moderated effect on the relationship between fintech capabilities and trust.(5) Investment self-efficacy has a positively moderated effect on the relationship between relative advantage and use intention.

摘要 i
Abstract ii
誌謝 iii
目錄 iv
表目錄 vi
圖目錄 vii
第一章、緒論 1
1.1 研究背景與動機 1
1.2 研究範圍與目的 2
1.3 研究流程 2
第二章、文獻回顧與假設 4
2.1 金融科技與理財機器人 4
2.2 MOA理論 8
2.3 相對優勢 10
2.4 從眾行為 11
2.5 金融科技掌握度 13
2.6 投資自我效能 15
2.7 使用意圖 16
2.8 研究架構 17
2.9 研究假設 19
第三章、研究方法 28
3.1 研究工具 28
3.1.1 問卷前測 28
3.1.2 問卷設計 28
3.2 資料蒐集方法 33
3.3 資料分析方法 33
第四章、資料分析與結果 39
4.1 敘述性統計分析 39
4.2 驗證性因素分析 44
4.2.1 模型配適度 44
4.2.2 信度分析 45
4.2.3 效度分析 45
4.3 迴歸分析 48
4.4 中介效果 52
4.5 路徑分析 53
4.6 調節中介分析 55
第五章、結論與建議 56
5.1 研究結論 56
5.1.1 相對優勢、信任與使用意圖之間關係 57
5.1.2 從眾行為、信任與使用意圖之間關係 57
5.1.3 金融科技掌握度、信任與使用意圖之間關係 57
5.1.4 投資自我效能調節效果 58
5.2 理論及管理意涵 58
5.3 研究限制與未來研究建議 60
參考文獻 62
附錄-受測問卷 72

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