投資人對盤中零股交易轉換意圖之研究―以網路族群為例

2020年10月26日起開放盤中零股交易，使得零股成交筆數與成交金額逐月增加，本研究以推力－拉力－鎖住力模型為研究架構，透過實證證據分析開放零股交易對投資人轉換意圖的影響程度。本研究採用問卷調查法，得到338份有效問卷，以結構方程模型進行分析。研究結果顯示推力對轉換意圖不具影響力；拉力對轉換意圖具顯著的正向影響；鎖住力對轉換意圖具顯著的負向影響，且鎖住力具有調節作用。實證結論可歸納:1.原本沒有投資者容易因為新的替代品(盤中零股交易)吸引力影響轉而投資；2.但若投資者就心理因素上，衡量此一投資行為的轉換成本太高，會抑制其投資意願。因此本研究建議管理者勿過度宣傳開放零股交易的優點，應針對投資上的知識進行全方面的宣傳與提供教育課程，讓民眾充分了解金融商品，就能減緩民眾對投資上的疑慮，轉而有意願參與投資，甚至從投資零股開始。另一方面，投資者在考慮投資零股的同時應該多了解理財的知識與風險，避免受到新的投資方式吸引而轉換。

關鍵字

盤中零股交易；轉換意圖；推力－拉力－鎖住力模型；結構方程模型

並列摘要

Since intraday odd-lot transactions began on Taiwan’s stock market from October 26, 2020, the number of transactions and the transaction amount have increased gradually month by month. This study applies the push-pull-mooring model as the research framework, through empirical evidence to analyze the extent of their respective influences on switching intention. Based on questionnaire survey, this study adopts structural equation model to analyze the results from 338 effective questionnaires. The study results show that push effect has no influence on switching intention, pull effect has a significant positive effect on switching intention, mooring effect has a significant negative effect on switching intention, and mooring effect has a moderating effect. In conclusion, 1. People are likely to switch to investing because of the attractiveness of intraday odd-lot trading; 2. However, if investors measure the mooring effect too high, they will reduce their willingness to invest. Therefore, this study suggests managers not over-promote the advantages of odd-lot trading. And managers should provide investing courses so as to alleviate people’s doubts about investment and encourage people to invest on stock market, even starting from odd-lot trading. On the other hand, investors should acquire more knowledge about the risk of financial products while considering odd-lot trading.