投資偏好與風險認知對於投資人投資組合的影響

The Influences of Investment Preference and Risk Perception on Investors' Investment Portfolio

傅澤偉(Tze-Wei Fu) ； 林曼莉(Mon-Li Lin)

《中華管理學報》 9卷3期 (2008/09) Pp. 97-108

https://doi.org/10.30053/CHJM.200809.0005

摘要

本研究探討投資偏好及風險認知對於投資人投資組合的影響。使用問卷調查方式，樣本取自於台灣全島。資料分析結果顯示：1.在投資偏好構面有「資訊來源」、「獲利能力」、「產品熟悉」、「投資動機」、「投資者信心」、「總體經濟」等六項因素；而在風險認知構面有「風險規避傾向」、「風險平衡傾向」、「風險愛好傾向」等三項因素。2.以投資偏好因素及風險認知因素將投資人依集群分析分為四集群，分別為「資訊依賴集群」、「理性保守集群」、「無偏好中立集群」及「積極投資集群」。本研究發現各集群在人口統計變數及投資組合的選擇上有顯著差異。

關鍵字

投資偏好 ； 風險認知 ； 投資組合

並列摘要

This research surveys the influences of investment preference and risk perception on the investors' asset allocation. The findings may help trust companies and financial institutes to offer better investment service to their customers. Using a questionnaire survey, the sample is drawn from Taiwan Island. The results show that (1) investors' preference can be measured by six factors such as information source, profit ability, product acquaintance, investment motion, investor's belief and macroeconomic situation. The risk perception can be measured by three factors such as risk aversion, risk neutral and risk taking. (2) investors can be classified into four clusters; respectively, information dependence, rational conservatism, no special preference and aggressive participation. Different clusters have some significantly differences in their demographic features and investment portfolio.

並列關鍵字

Investment Preference ； Risk Perception ； Investment Portfolio