基金投資者人格特質與投資行為之關聯性研究

The Relationship Study of Mutual Fund Investor Personality Traits and Investment Behavior

張核毅(Ho-Yee Chang) ； 陳國嘉(Kuo-Chia Chen) ； 方顯光(Hsien-Kuang Fang)

《華人經濟研究》 14卷2期 (2016/09) Pp. 51-73

摘要

人格特質可以相當程度的解釋個人行為發生的原因，因為一個人的價值觀、喜好，往往反映在其個性及特質上，而且一個人的人格特質上的差異也往往會對其工作行為產生影響。因此，本研究是以基金投資者的人格特質對其投資行為之影響；同時探討基金投資者之人格特質對其投資績效的影響，是否會受到投資行為及個性的干擾。本研究採取隨機抽樣方式進行問卷調查，總共發放100份問卷，回收70份有效問卷，有效問卷率70%。透過文獻探討及實證分析，本研究結論有：基金投資人之投資行為是以整體性思考進行投資；基金投資人的人格特質是自信樂觀、具親和性、高EQ且具有彈性；大多數的投資人對於自己的投資行為是相當有自信；基金投資人卻還是會擔心自己所進行的投資行為是否正確而擔心；人格特質能顯著影響投資行為；以及人口統計變項對於人格特質與投資行為有相當影響性影響。再依據研究結論，提出建議如下：針對不同行業別的基金投資者提供所需要地投資訊息，以提升其投資績效；理財規劃師以人格特質和情境變數為依據，分別為基金投資主設計不同之投資計畫與投資標的；以及由於人口統計變項對於人格特質與投資行為有顯著性影響，在後續研究中進行控制或探討。

關鍵字

基金投資者 ； 人格特質 ； 投資行為 ； 投資績效

並列摘要

To a certain degree, personality traits can be used to explain why specific behaviors occur since a person's values and likings often reflected on his personality and characteristics while also affecting his work. As such, this study aims to explore the effect of the personality traits of mutual fund investors on the invest behavior. In addition, we want to explore the effect of those traits on their investment performance. This study adopts a random sampling method by distributing 100 questionnaires with 70 usable questionnaires resulting an effective return rate of 70%. After literature review and case study analysis, our conclusions are: mutual fund investors act after a comprehensive thought process. Mutual fund investors exhibit personality traits of confidence, optimism, approachability, high EQ, and flexibility. Most investors are very confident regarding their investment behavior, but mutual fund investors will worry whether their investment is accurate. Personality traits affect investment behavior in an apparent way, and population parameter has an apparent effect on personality traits and investment behavior. Based on these findings, we suggest providing appropriate investment information for mutual fund investors based on their professions in order to improve investment performance. Financial planners can create different investment plans based on personality traits and scenario parameters. Since population parameter has an apparently effect on personality traits and investment behavior, we will explore this in subsequent studies.

並列關鍵字

Mutual Fund Investor ； Personality ； Investment Behavior ； Investment Performance