本研究以台灣的共同基金投資人為研究對象,進行投資行為及投資績效之影響因素之探討。本研究所欲回答的研究問題有三:投資商品之風險屬性偏好的影響因素、平均週轉率之影響因素,以及投資績效之影響因素。經問卷調查後,得到有效問卷共206份。本研究以因素分析、差異分析、獨立樣本t檢定,以及單因子變異數檢定等統計方法,來探討各個人格特質變數對於投資行為及投資績效的影響。研究發現; 一、 偏好投資商品之風險程度較高的族群,為傾向內控特質、男性,以及家庭平均年收入高於100萬的投資人,而偏好的風險程度較低的族群為軍公教的從業人員。婚姻狀況及小孩個數對於風險偏好並無顯著之影響。 二、 在投資績效方面,投資人的風險偏好對於投資績效有正面的顯著影響。而投資人的投資行為不同,也會產生不同的投資績效。但是內外控性格對於績效的影響並不顯著。 本研究的結果呼應了Maital、Filer與Simon(1986)與 Shefrin與Statman(2000)的投資行為觀點。同時,本研究的發現,也驗證了現有展望理論文獻中的投資者行為模式。也說明了不同人格特質的投資人,其投資行為及最終績效會有所差異。 根據本研究結果,建議銀行及其他投資產品銷售通路業者,在面對消費者時,可加入內外控性格、性別、職業、家庭年收入,以及教育程度等變數,來分析不同顧客的偏好,並據此提供服務,來滿足消費者的需求。同時,也建議投資人,在進行投資前,應對自身的風險偏好及投資行為有所了解,才可以選擇適合自身的投資方案。
Taking the mutual fund investors in Taiwan as the research object, this study intends to investigates the determinants of the investment behavior and investment performance. Based on existing literature, this study identifies three questions:the determinants of risk preference of investment goods, the average turnover rate, and investment returns. A questionnaire survey was conducted, and 206 investors were finally used as the research sample. The study uses factor analysis, cross-analysis, independent sample t-test, and one-way ANOVA as the main statistical tool to examine the hypotheses. The main findings are as follows: i. The investors who prefer investment goods with higher risk are inclined to internal- control character, male, and average yearly household income above 1 millon. And those who prefer with lower risk are public employees. ii. Regardsing the performance of investment, it is found that the preference of risk yields a significant positive influence on investment performance. And diffirent investment behaviors would yield significant different performance result. However, the locus of personality does not has a significant impact on performance. The result of this study echoed the aspect on investment behavior of perpective theory and the investor behavior pattern(Kahneman & Tverskey, 1979). And the findings verify the impact of different personality on investment behavior and performance. In light of the result of this study, we suggest that banks and other investment goods retailers: when facing the customer, they can base on the locus of personality, gender, occupation, average yearly household income and education background to analyses their perference and give different advisory to meet their needs. And the investors should understand their investment perference and behavior in advance to choose right goods.