行為財務學是以財務學和心理學兩大領域作為研究依據,試圖探討許多實際投資行為無法解釋的異常現象。本研究以實驗設計法來對投資人進行檢測,是否普遍存在錯置效果的傾向,並且加入框架效應以及混合框架變數進行分析,探討混合框架對錯置效果關係的研究。 本研究採實驗設計,受測者為桃園地區的EMBA學生,應變數為投資人出售意願,自變數為「框架效應」(正框架、負框架)、「混合框架」(皆為正框架、先正框架後負框架),看自變數如何影響受測者的出售意願之變化來進行研究。 研究結果顯示,不論股票價格高低,投資人普遍存在錯置效果。股票獲利時以負框架陳述及股票損失時以正框架陳述較容易產生錯置效果。而資訊以皆為正框架陳述時,傾向於風險厭惡選擇繼續持有股票具有框架效應;資訊以先正後負框架陳述時具有時近效應,投資人的出售意願會受到較後出現的訊息影響而立即出股票。而在獲利情境以皆為正框架的訊息陳述能夠減緩錯置效果的發生;損失情境時則是負框架的訊息陳述最能減緩錯置效果的發生。
Behavioral finance is based on two major areas of finance and psychology, trying to confer a number of actual investment behavior of many unexplained anomalies. In this study, using experimental design method to test for investors if disposition effect exists commonly. Besides, adding the framing effect and combination frame variable for analysis to research for a study of the relationship on combination frame and disposition effect. This study adopted experimental design method and testers were adult students in “On-The-Job Master Program” from two colleges in Taoyuan region. Dependent variable is for the willingness of investors’. Independent variables are framing effect (positive frame, negative frame) and combination frame (positive/positive frame, positive/negative frame). Observing how independent variable influenced the impacts on testers’ willingness. The study shows, no matter the price of the stock is high or low, investors exist in disposition effect. It is easier to get the disposition effect that the gain in stock is described as negative frame, and the loss in stocks is described as positive frame. As for positive frame, the investors keep holding stocks is described as framing effect. When appearing positive frame/negative frame, it involves recency effect. In addition, the investors will sell out stocks immediately by the influence of the later information. Disposition effect happens slowly if the benefit situation is described as positive frame. Likewise, Disposition effect happens slowly if the loss situation is described as negative frame.