投資人特性對投資行為之影響

傳統的財務學假設人是理性的，把其他的心理因素是被排除在外的；行為財務學則是不理性的。在現實生活中，可能會受到外在環境的影響，而產生心理偏誤的影響，而產生不理性的投資行為，導致投資績效不佳。性別對於經驗效應有影響。投資經驗對於從眾效應有影響，投資經驗的不足，所以自信心不足，容易聽從朋友的意見。年齡及投資經驗對於框架效應有影響。年齡小及投資經驗少，因問題闡述的方式，容易產生判斷錯誤。年齡、教育程度及投資經驗對於定錨效應有影響，因只參考過去股票的趨勢，而沒注意現在國際的經濟狀況，所以容易產生定錨效應。

關鍵字

行為財務學；經驗效應；從眾效應；框架效應；定錨效應

並列摘要

Traditional finance assumes that people are rational, and other psychological factors are excluded; behavioral finance is irrational. In real life, it may be affected by the external environment, and the impact of psychological bias, resulting in irrational investment behavior, resulting in poor investment performance. Gender has an impact on the experience effect. Investment experience has an impact on the herding effect and lack of investment experience, so self-confidence is insufficient and it is easy to follow the opinions of friends. Age and investment experience have an impact on the framing effect. Small age and low investment experience, due to the way the problem is explained, it is easy to make judgment errors. Age, education level and investment experience have an impact on the anchoring effect. Because only the trend of past stocks is referenced, and the current international economic situation is not paid attention to, it is easy to produce anchoring effect.