近年來金融工具推陳出新,使得國內投資人在選擇投資工具上,買賣股票的比重上有逐漸降低,投資海外的金融商品逐漸提高,根據摩根富林明對台灣投資人使用投資工具調查顯示,買賣國內股票比重已慢慢由從2005年7月的60.7%下滑到2006年9月的52.7%,但同期買賣海外與國內基金的比重,由43.8%上升至46%,顯示國內投資者,選擇共同基金作為投資工具的比重有逐漸增加的趨勢。 一般認為投資行為的差異,主要是來自投資者的背景,例如年齡、職業、財務狀況、家庭狀況等,但若投資者的背景相仿,不同的投資風險偏好及不同的市場看法,是否也可能影響到投資行為。所以本研究以海外基金為投資工具,探討投資者個人屬性、風險偏好及對市場看法的差異性是否會影響到投資行為。 本研究結果發現,市場看法對於海外基金投資行為影響並不明顯,風險偏好對投資行為會有影響,但比例不高且未必成正相關,個人屬性對於投資行為的影響較大,其中以學歷及職業比例最高,又以學歷最為顯著相關,整體來看投資行為之影響較大的還是在投資者的背景,而非投資者的風險偏好或市場看法。
In recent years, the financial tool weeded through the old to bring forth the new and influenced the domestic investors on the choice of investment tools. Business stock transaction proportion reduces gradually and investment of foreign financial commodities gradually enhanced. Research of investment tools usage according to the Morgan Fulin for the Taiwanese investors demonstrate that the business domestic stock proportion slowly glided down from 60.7% from July, 2005, to 52.7%, September, 2006. At the same time, the foreign and domestic fund transaction proportion rises from 43.8% to 46%, which indicates that the proportion of domestic investors favor mutual funds as an investment tool gradually increased. Common thought of the different investment behaviors derive from investors’ background such as age, occupation, financial condition, family condition and so on. However, if investors’ background is similar, will different investment risk preference and market analysis possibly affects the investment behaviors? Therefore this research will discuss whether investor’s individual attribute, risk preference, and market analysis influence investment behaviors. This research discovered that the market analysis does not influence the behavior of foreign mutual fund investment. Risk preference impacts investment slightly but the ration is low. Individual Attribute impacts the investment dramatically base on education degree and occupation, which education degree influence the most. Conclusion from the above indicates investors’ background generates majority of impact on investment behaviors over investors’ risk preference or market analysis.