投資人處分效果之研究 – 以心理帳戶理論與從眾效果為溝通策略

The Study on the Disposition Effect of Investors: Using Mental Accounting Theory and Herding Effect as Communication Strategy

黃昱仁(YU-JEN HUANG)

指導教授 ： 陳瑀屏

國立臺灣大學/管理學院/國際企業學研究所/碩士(2021年)

https://doi.org/10.6342/NTU202104482

摘要

本研究參照Shefrin and Satman (1985)所提出之「處分效果」作為理論基礎，探討投資人行為是否具有「急售贏家，拙售輸家」的現象，從而導致負面的投資績效與影響。
本研究透過不同種類的溝通策略，設計有關「心理帳戶效果」以及「從眾效果」的溝通訊息進行操弄，使受測者進行模擬投資實驗。我們發現未經過溝通的投資人普遍存在處分效果，並且在極端大漲大跌的市況中仍然存在。然而，經過「心理帳戶效果」與「從眾效果」的溝通訊息操弄之後，皆可以有效降低處分效果，進而達到較佳之投資績效。
本研究更進一部探討不同屬性的投資人受到不同的溝通策略在處分效果的表現，我們發現具有心理帳戶效果特質較強的投資人，受到心理帳戶溝通訊息操弄之後，更顯著降低處分效果；具有從眾效果特質較強的投資人，受到從眾效果溝通訊息操弄之後，可以降低處分效果，但未達統計顯著水準。
因此，透過本研究可以得知根據投資人的不同心理特質，設計多元且適切的溝通策略與訊息，確實能夠改善投資人的處分效果，進而改善投資績效。

關鍵字

處分效果 ； 投資行為 ； 心理帳戶效果 ； 從眾效果 ； 溝通策略

並列摘要

Based on the theoretical basis of the "disposition effect" proposed by Shefrin and Satman (1985), this study explores whether there is a phenomenon of "quick selling winners, poor selling loser" in investor behavior, which leads to negative investment performance and impact. This research uses different communication strategies to design the message of "mental account effect" and "herding effect" to manipulate participants to conduct simulated investment experiments.
We found that investors who have not communicated in advance have a disposition effect, which still exists under extreme market conditions. However, after the mental account effect and the herd effect message manipulation, the experiment participants can effectively reduce the disposition effect and obtain better investment performance.
This research further explores the performance of different attributes of investors with different communication strategies in the disposition effect. We found that investors with strong mental account effect characteristics can significantly reduce the disposition effect after being manipulated by mental account messages; Investors with the characteristics of the herding effect can reduce the disposition effect after being manipulated by the herding message, but it has not reached a statistically significant level.
Therefore, through this research, we can understand that designing diversified and appropriate communication strategies and messages according to the different psychological characteristics of investors can indeed improve the effectiveness of investors' disposition effect and thereby improve investment performance.

並列關鍵字

Disposition effect ； Investor behavior ； Mental account effect ； Herding effect ； Communication strategy

參考文獻

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