隨著網際網路的普及,愈來愈多股市的投資者選擇既快速又便利且交易手續費較低的網路下單模式。然而,不少研究指出,在投資人紛紛轉往使用網路下單之際,網路下單可能會讓投資人更具有投機性,而產生過度自信的現象。因此本研究藉由探討台灣線上投資人的特點,瞭解投資人對使用投資系統的滿意度與投資偏好,並檢視其是否有過度自信的行為。本研究依據研究結果顯示:發現大部分會使用網路買股票的投資人是年輕的男性。因手持行動裝置的便利,在廣泛工作場所的投資者可隨時得到新資訊,較容易使用網路做買賣。大部分使用網路下單的投資者,都不滿意從過去股票所得到的報酬。有使用網路下單的投資人對網路投資系統功能的滿意度頗高。研究結果歸納出台灣線上投資人的幾項特點:喜歡資本利得的報酬方式、高波動性的股票、經常參考過去股票的走勢圖及自行判斷股票的買入和賣出。根據上述可知線上投資人他們對投資有更積極、更有自信以及更投機的行為。故本研究的結論支持過往對過度自信投資者研究之論點。
By the development of internet, more and more investors select online trading as their transaction method, because it is faster, convenient and lower transaction fees. However, many studies have indicated that the online trading may make investors more speculative. This paper aims to investigate the characteristics of Taiwanese online investors, try to understand how the investors use invest system and their invest preferences, and inspect the overconfidence behavior as well. In the results find young men are more likely to engage in online trading. Of the mobile devices is convenience and always can get new information in a wide range of workplace, lead investors to trade online more frequently. Most investors are not satisfied with their past performance. Online investors have higher satisfaction on the Internet invest system functions. The study results summarized Taiwanese online investors some characteristics:Prefer capital gains and high-volatility stocks, refer to chart data when making investing decisions more frequently, and choose stocks to buy and sell on their own. Based on the above results, the online investors are more aggressive, more confident and speculative. Therefore, this study's conclusions support arguments of previous studies about the overconfidence of investors.