在2008年時,世界經濟受到經濟不景氣的影響,引發自1929年經濟大蕭條以來最為嚴重的經濟危機-金融海嘯,造成股市的動蕩、經濟成長的趨緩、企業的倒閉,以及勞動人口的大量失業,世界經濟快速緊縮,造成許多投資人無法當機立斷,立即停利停損,將損失降到最低。且投資人於獲利時,基於風險趨避之心理因素,總認為會實現獲利;但面對損失時,則是基於風險愛好的心理,不願意實現持有損失的部位。 本研究以實驗設計法來對投資人進行檢測,看看投資人在投資上是否普遍存在錯置效果,並加入內外控傾向以及風險性格進行分析,探討內外控傾向及風險性格對錯置效果的研究。 發現不同的內外控傾向以及風險性格,對其股票投資行為會有所不同,因此在不同的內外控傾向以及風險性格,其股票錯置情形可能也會有所不同。依照本研究之研究假說,將投資人持有單一股票,或者多筆股票,於不同的情境下,探討其錯置情形會產生何種結果。 關鍵詞:內外控傾向、風險性格、錯置效果
In 2008, the global recession affected the entire world economy and gave rise to the financial tsunami – the most serious financial crisis after the great depression of 1929. This financial tsunami caused stock market turbulence, a slowdown in economic growth, bankrupt enterprises, large-scale unemployment, the rising threat of deflation, and investors’ hesitancies in stopping loss immediately. Moreover, while earning profits, risk-averse investors believed they would always earn profits. However, while confronting losses, risk-loving investors were not willing to recognize their losses in their investments. The present study is an experimental design to examine whether investors generally have a disposition effect on their investments, to analyze the internal and external locus of control and the adventurous personality of investors, and to investigate the influences of locus of control and adventurous personality of investors on the disposition effect. The study found that investors with an internal and external locus of control and an adventurous personality would have different investment behavior in the stock market. Therefore, investors with internal and external locus of control and an adventurous personality would have different dispositions of stock. According to the hypothesis of this study, this study investigated how investors having single stock or multiple stocks disposed their stocks in different situations. Keywords: locus of control, adventurous personality, disposition effect