- 學位論文
人口、交易特性對期貨交易績效影響力-以國內期貨商為例
Population, Transaction Characteristics Influence Trading Performance-Evidence for FCM in Taiwan
摘要
目前台灣金融產業不管是證券市場或是期貨市場，其市場結構仍以個別投資者為 主，以2010 年期貨市場為例；其中自然人占47.93%、期貨自營占42.83%、外資占7.73% 及其他占1.51%，故隨著金融市場的發展，個別投資者的投資績效變得格外重要，在期 貨市場影響投資人交易績效的原因有很多，其中包含了投資人是否了解期貨商品種類、 交易制度、結算交割制度、期貨市場參與者、商品價格走勢以及投資人的人口統計變數 等因素。並在過去的文獻或期刋鮮少對於個別投資者投資績效與人口統計變數之間進行 實證研究，因此本研究將以投資者之人口統計變數為出發點，探討人口統計變數投資者 交易績效之關係。 本研究樣本是以國內某一家專營期貨商之2010 年01 月01 日至2010 年12 月31 日 止之客戶資料進行分析，並探討投資者之交易績效與人口統計變數關聯性，並使用敘述 統計分析、變異數分析（Analysis of Variance，ANOVA）、T 檢定(Test Value)及多元迴歸 分析方法，驗證顯著影響投資者績效之變數。 實證結果得知，不同居住地區、教育程度和性別與交易者績效表現無顯著之差異； 雖然年齡、學歷及財力並不影響交易績效及積極性，但是年齡、學歷及財力皆與交易績 效穩定性具有顯著之正向關係。
並列摘要
The major constituents of Taiwanese financial industry, like securities and futures market, are individual investors. In 2010, 47.93% of participants in Taiwanese futures market are individual investors, 42.83% are of FCMs’ proprietary traders, 7.73% are QFII, and 1.51% are investors from other categories. With the development of the financial market, performance of individual investors is especially important. Many factors affect performance of investors. They include the investors’ ability to understand assorted products, regulations for trading, and clearing and settlement in the futures market. Besides, the characteristics of the participants in the market also play an important role. To my knowledge, past studies rarely investigate the relationship between the performance of individual investors and their corresponding characteristics. To fill in this gap, this thesis examines the association between the performance of individual investors and population statistics. This data period covers 1st of January, 2010 to 31st of December, 2010. The result shows that traders from different residential areas, education levels, and gender have no prominent effects on performance. Although differences in financial capabilities, ages, and trading experiences also have no effects on trading performance, the first is negatively and the latter two they are positively correlated with the stability of their performance.