國外有許多文獻探討投資人在證券市場的投資行為,究竟是屬於投資行為或是賭博行為。再者則是探討有哪些因素使得投資人傾向於投資以及傾向於賭博之研究文獻。然而,在與錯置效果的關聯性研究上,卻未看到有相關的研究文獻作進一步的探討與論述。 本研究以實驗設計方式,藉由受測者的投資及賭博等表面特徵傾向,將受測者分成四種不同財務傾向的投資人。並採用與投資有關之人格特徵因子,以群組分析方式將受測者分成四種不同性格類型之投資者。最後則是透過證券市場損失情境及獲利情境的情境設計,進一步地,分析與探討不同財務傾向類型與性格類型的投資者,在錯置效果的呈現上,有無顯著性之差異。 研究結果顯示,財務傾向不同之投資者,在錯置效果上具有顯著性之差異。然而,投資者性格類型的不同,在錯置效果的影響上,並未具有顯著性之差異。
Various pundits have discussed the differences between gambling and stock-market investing. Some researches focus on investigating the personality traits of gamblers and of stock investors. However, the research in the field of the behavioral finance literature examining the impact of personality on the level of stock investing has just begun. The goal of this research is to investigate the Relationship among Financial Tendentiousness, Personality and Disposition Effect. This research based on identifying whether the purposes of individuals participating in the stock market are gambling or investing with cluster analysis method is to classify the investors into four kinds of Financial Tendentiousness groups and into four kinds of Personality groups as well. Finally, the situation of gain and loss is designed to investigate the association of Disposition Effect on each Financial Tendentiousness and Personality clusters. As a result, it shows that Financial Tendentiousness does influence Disposition Effect but Personality does not.