由於效率市場假說的不合理,行為財務學以結合財務學與心理學理論,試圖解釋實際市場中的各種異常現象。本研究是探討投資人在搜集攸關資訊的階段時是否會受到順序效應(order effect)的影響而造成投資決策評估差異,然後也分析框架效應與調節焦點對投資決策評估所造成的影響,並進一步觀察是否與順序效應有交互作用。 本研究採實驗設計,受試者對象為三所大學商學院三年級以上的學生以及碩士、碩專班的學生。本研究分析「 訊息順序」(先正後負及先負後正)、「陳述框架」(有利及不利)、「調節焦點」(求成焦點及避敗焦點)這三個自變數如何影響受試者的投資決策評估,為2×2×2之三因子完全受試者間設計。 研究結果顯示: (1) 在投資決策上,當所需要的資訊以混合的形式呈現時,投資人會受資訊呈現之順序影響,而產生順序效應中的時近效應 (recency effect)。 (2) 當訊息陳述框架改變時,投資人對於投資判斷之信念會受到影響,進而產生框架效應。 (3) 比起避敗焦點的投資人,求成焦點的投資人會更加願意隨著資訊提供改變他們的投資意願。
According to the irrationality of efficient market hypothesis, behavioral finance integrates finance with psychology, trying to explain the anomalies of certain market. This study discusses when investors collecting relevant information, whether the investors’ decisions will be affected by order effect. This study also analyzed the influence of framing effect and regulatory focus to investment judgment, and examines whether recency effect can be affected by framing effect and regulatory focus. The subject of experimental study targeted at senior students, graduate students, and adult students in “On-The-Job Master Program” from three business colleges. This study adapt a 2 (positive/negative vs. negative/positive) ×2 (favorable vs. unfavorable statement frame) ×2 (promotion focus vs. prevention focus) completely between-subject factorial design, and want to know how these three independent variables affect investors’ decisions. The main findings are as follows: (1) When presented with a mixture of information about a investment judgment, investor will be affected by the order of information presentation, and to bring recency effect. (2) Investors’ belief on decision making will be affected by transforming statement frame of investment task, and that brings framing effect. (3) Compared to the prevention focus investors, the promotion focus investors have more willing to change their investment will with the presentation of investment information.