專業與非專業投資人股票購買決策之判斷政策與品質：透鏡模型之應用

The Judgment Policy and Quality of Investment Decision by Professional and Non-professional Investors: An Application of Lens Model

顏信輝(Sin-Hui Yen) ； 蘇勇志(Yung-Chih Su)

《證券市場發展季刊》 18卷1期 (2006/04) Pp. 63-105

https://doi.org/10.6529/RSFM.2006.18(1).3

摘要

投資人使用資訊之方式與其投資判斷品質之良窳，直接影響證券市場之發展與效率性。本研究採實驗法，基於透鏡模型之架構探討並比較我國專業與非專業投資人之判斷政策與判斷品質。受試者包括99位基金經理人或研究員，與258位券商從業人員，研究之主要發現如下：（1）在判斷政策上，不論專業與非專業投資人都是採線性之判斷政策，也就是對於各項資訊之意義係獨立解釋，尤以專業投資人更具線性判斷之特徵。在資訊使用上，專業投資人較傾向採結構清單之策略，亦即只仰賴少數重要資訊即形成判斷，焦點較為集中；而非專業投資人則傾向採平衡式的策略，會兼顧所有資訊，焦點較為分散。（2）在判斷品質上，不論由穩定性、共識或自我洞察三個指標，專業投資人的確較非專業投資人展現較佳之判斷品質，而且二者之差異均達到顯著水準。（3）投資經驗對專業投資人之判斷政策與共識均具影響力，但對非專業投資人則無顯著影響，此說明專業投資人較可由經驗中學習。

關鍵字

透鏡模型 ； 判斷政策 ； 判斷品質 ； 投資判斷

並列摘要

The judgment policy and quality of investors' decision directly relate to the efficiency and development of security market. Based on lens model, this paper designed an experiment to explore the judgment policy and quality for professional and nonprofessional investors and to compare their difference. According to the response from 99 mutual fund managers as well as researchers, and 258 employees of security companies, the main results of this study are as follows: (1) Both the professional and nonprofessional investors adopted linear judgment policy, especially for the professional investors. In addition, the professional investors used structured checklist strategy to treat information, that is, they focused on little information only. On the other hand, the nonprofessional investors used balanced strategy. (2) All of the judgment quality indicators (i.e., stability, consensus, and self-insight) consistently showed that professional investors have better performance than nonprofessional investors. (3) Experience variable is significantly for professional investors, but not for nonprofessional investors. It seems that only professional investors can learn form experience.

並列關鍵字

Lens Model ； Judgment Policy ； Judgment Quality ； Investment Judgment

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