涉入、風險偏好與投資者認知需求對IPO投資行為之影響

在行銷學中探討消費者對於新產品上市的議題已有相當多之研究，研究發現相異之個人特質對於新產品消費行為有顯著差異。本研究將此理論概念應用至公司首次公開上市（IPO）之投資行為，希望利用投資者的特質與內在思考模式，進ㄧ步了解其對於IPO之投資行為與態度。行為財務的興起讓各種投資者決策行為模式逐漸受到重視，本研究建構於行為財務學之理論下，以個別投資者特性為主要影響變數包含涉入、風險偏好與認知需求等三個變數對IPO投資行為之研究。其中IPO投資行為包括對IPO之反應與態度、投資動機和購買意願，本文以台灣股市個別投資者為研究對象進行問卷調查，以t檢定及雙因子變異數分析為研究方法。實證結果顯示在主要效果方面涉入、風險偏好與認知需求對IPO投資行為呈現正相關，但認知需求並無顯著。在交互效果方面僅有涉入和認知需求交互作用時對IPO有較佳之反應與態度其餘無顯著差異。由此可知投資者對於IPO投資行為與行銷領域中新產品市場區隔研究相類似，會因其個人特質而影響投資行為與決策，而不同的是金融商品並非消費性商品，故並非相關變數之交互作用皆有所影響，仍需仰賴其個人特質和投資目的而定。

關鍵字

涉入；風險偏好；認知需求； IPO投資行為

並列摘要

In marketing, there are lots of studies about the issue between consumers and new products. Various consumers’ characteristics make the behavior of purchasing new products significantly different. In this paper we apply similar concept to investment behavior in IPO, try to identify investors behavior and attitude by investors characteristics and interior thinking mode in IPO. Following the rising of behavioral finance, various investment behavioral models have earned great attention. Based on the characteristics of individual investor, we investigate the impact of involvement, risk preference and investor’s cognition on the reaction attitudes, investment motivations and purchase intention in IPO. By the t-test and two-way analysis of variance, we investigate the Taiwanese individual investors. Our empirical results indicate that involvement, risk preference and the need for cognition have positive effect on investment behavior of IPO, but the need for cognition was not significant. On the interaction effect, only the interaction between involvement and investor’s cognition has significant reaction and attitude. By our results, the investment behavior of IPO for investors is similar to the studies of new product segmentation in marketing. The difference is because the financial commodities is not a consumption commodities. Not all of the variables have interactive effect, it depents investors characteristics and the purpose of investment.