風險忍受度與訊息揭露對金融商品購買行為之研究

資料庫在當今資訊量迅速增加的時代當中被大多數企業作為客戶關係管理的工具之一。企業可藉由所收集到的顧客相關資料，進行資料庫之建立，儲存內容包括人口統計變數，和購買商品、購買金額、購買次數、購買日期等行為數據。對於金融領域針對投資人的風險屬性或理財行為的探討，過去大部分的研究著重於以問卷調查取得投資人的風險態度與理財行為，鮮少利用龐大資料庫資料輔以量化分析方法對過去文獻所提出的影響投資人風險忍受度及金融商品購買行為的因素和模式進行驗證。本研究以某金融機構的客戶資料庫為例，建構基金與信貸商品的購買行為的路徑模型，以風險忍受度和訊息溝通為購買行為的自變數，並以過去文獻為依歸，檢視影響個人財務風險忍受度的變數是否得以在客觀的資料庫數據中得到驗證，並針對與過去研究結果不相符的變數進行討論。研究結果發現，年齡、教育程度、所得和刺激追求顯著影響金融商品購買決策背後的風險忍受度；而性別和婚姻狀態在本研究中則是沒有呈現與風險忍受度的相關性。而在風險忍受度對購買行為的影響模式，隨著風險忍受度的增加，對基金商品帶來更積極的購買行為，對信貸商品則無顯著影響。而在訊息溝通的構面，投資人對兩種商品的揭露皆會顯著影響對應商品的購買行為，顯示在購買決策上仍相當仰賴與金融機構的資訊往來以進行財務規劃。

關鍵字

風險忍受度；訊息溝通；投資決策；共同基金；信用貸款；路徑分析

並列摘要

Database is used by companies as a tool for customer relationship management. An enterprise can build a database based on the collected customer-related data, and the content includes demographic variables, purchase behavior, purchase amount, purchase frequency, etc. In the financial field, most research has focused on questionnaire surveys when studying investors' risk attributes or financial behavior, and rarely analyze huge databases with quantitative methods. This study takes the customer database of a financial institution as data source to build two path models for the purchase behavior of mutual fund and unsecured loan. Based on the concepts of risk tolerance and self-disclosure, taking risk tolerance and information disclosure as independent variables of purchasing behavior, and examine the factors which influence personal risk tolerance. Results show that age, education, income, and pursuit of thrill significantly influence risk tolerance for financial products purchasing decisions; however, gender and marital status do not show a correlation with risk tolerance. In addition, risk tolerance has notably positive correlation with mutual fund purchasing behavior. Finally, information disclosure to both financial products will significantly influence the purchase behavior of the corresponding investment targets, which shows that investors still rely on advices from financial institutions to arrange financial investment plans.