全權委託業務中人格特質、風險偏好對投資決策之影響

The Influence among Personal Characters, Risk Preference, and Investment strategy-Discretion Account Business in Taiwan

簡淑華(Shu-Hua Chien) ； 廖翠紅(Tsui-Hung Liao)

《國立臺中技術學院學報》 9卷1期 (2008/01) Pp. 91-107

https://doi.org/10.29427/JNTIT.200801_11.0007

摘要

本研究嘗試以代理成本理論爲基礎，應用問卷便利抽樣方式將樣本區分爲：投資人（委託人）及全權委託操作經理人（受託人），探討其人格特質、風險偏好對投資決策之影響。研究結果顯示，投資人（委託人）及全權委託操作經理人（受託人）的人格特質、風險偏好對投資決策有顯著的影響，顯示在全權委託業務中，人格特質爲重要的影響變數，當不同風險偏好的基金經理人對基金操作的持股集中度產生顯著性差異；同時當業者接受投資人委託時，因投資人（委託人）的人格特質及風險偏好也同時會影響投資人偏好的操作策略，因此基金公司在接受委託時，事先對投資人（委託人）進行人格特質分析，有助於了解投資人偏好的操作策略，增進客戶滿意度，適當的降低代理成本。

關鍵字

全權委託業務 ； 人格特質 ； 風險偏好

並列摘要

This study, based on agent-theory, aims to investigate the Influence among personal characters, risk preference, and investment strategy on discretion account business in Taiwan, by questionnaire and convenience sampling discriminating the investor (principal) and manager (agent). The result shows that there are positive effects among personal characters, risk preference, and investment strategy on discretion account business. On the same time, when investors (principal) join the discretion account business, it is better for manager (agent) to analyze the characters, risk preference, and investment strategy of investors. Namely, those services are able to function better and to create better performance of the firms and reduce the agent-cost.

並列關鍵字

personal characters ； risk preference ； investment strategy ； discretion account business