理財機器人應用與投資人風險感知之關聯研究 : 以解釋級別為調節變項

Investigating the relationship between Robo-advisors adoption and risk perception: From the effect of construal level theory

曹瑞瑄(JUI-HSUAN TSAO)

指導教授 ： 柯冠州

國立臺灣大學/管理學院/商學研究所/碩士(2020年)

https://doi.org/10.6342/NTU202001188

摘要

本研究利用投資人之風險感知以及心理學上解釋級別理論，預測投資人不同的風險感知將會影響他們對於理財機器人的使用意願；此外，在不同風險感知下對於理財機器人的使用意願會被解釋級別所調節。本研究進行了兩個實驗以驗證上述兩個假設。實驗一共有96位受測者，在此實驗中驗證了對受測者而言使用理財機器人這項理財工具會使他們增加額外的非系統性風險，接著實驗一證實了當投資人認為非系系統性風險在投資過程中的影響越重要，他們則越不傾向使用理財機器人，同時也驗證了解釋級別對於不同風險感知下，理財機器人使用意願的調節效果。實驗二證明了投資人的解釋級別與理財機器人應用的直接關係。最後基於以上結論，本文提出了金融機構該如何應用研究結果至金融行銷領域。

關鍵字

風險感知 ； 風險偏好 ； 解釋級別理論 ； 投資決策 ； 理財機器人

並列摘要

Drawing on risk perception and construal level theory, this thesis predicted that people weighed more on systematic risks tended to have higher Robo-advors (RAs) adoption intentions, and their state of construal level would moderate the effect of risk perception on peoples’ willingness to use RAs. Two behavioral studies were conducted to examine the above predictions. In study 1, this research demonstrated that 96 participants tended to treat RAs as a financial tool involving more unsystematic risk (rather than systematic risk). Then, it empirically showed a positive correlation between a focus on systematic risk (vs. unsystematic risk) and investors’ willingness to use RAs for fund management under the condition that participants were with a low construal level. In study 2, this research further found the direct (positive) effect of the construal level on the willingness to use RAs. Based these findings, this study also proposed managerial implications that could be applied in many aspects for marketing in financial institutions.

並列關鍵字

risk perception ； risk propensity ； construal level theory ； investment decision ； robo-advisors

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