- 學位論文
台灣股票市場投資人投資習性與投資績效之相關性實證研究
A Study on the Relationship between stocks Investors' Trading Pattern and Performance in Taiwan Securities Market
摘要
臺灣股票市場自1988年大幅開放後股票加權指數自1000點左右上漲至1990年之12682點(約12倍)，亦自最高點下跌至2485點(約5倍)，指數起起落落間使得投資人多次財產重分配.股票市場投資人參與之熱烈程度亦呈直線或倍數增加，自最初之幾十萬人達到最高峰1470萬人，即臺灣每5位有3位投入股市，幾乎已達全民參與之程度。 因此，探討股票市場投資人近年來之投資盈虧與股價加權指數之相對比較，並了解投資人之投資績效，進而探討獲利及虧損原因，將是做身為股票市場經理人迫切追求之重要答案，且利用統計方法所獲得之結論，提出使投資人較能獲利之投資行為，以作為投資人之參考，祈能造福投資人。 本研究設計四個構面，分別為1.基本資料 2.信用及網路工具 3.交易頻率 4.投資績效合計10個變數，探討各構面之彼此關係及影響.所獲得之結論1.基本資料本與投資績效無相關但若因使用不同之信用及網路工具及交易頻率不同將使投資績效有差異2.信用及網路工具之使用將影響交易頻率進而使投資績效有差異3.基本資料中年資對交易頻率差異性較大與行為財務學中過於自信理論相符4.交易頻率中之變數除每筆平均天數與投資績效無差異外其他均有明顯差異5.長期投資確實較短線投資有較大獲利機會6.信用及網路工具中網路戶之使用對投資人而言無關投資績效但對從業人員卻可因增加平均筆數而增加業績7.年輕人適用網路戶有越來越多之趨勢將使證券業者朝網路交易方向前進。 關鍵字:股票市場，行為財務學，信用及網路工具，交易頻率，投資績效
並列摘要
Since the stock market has largely been opened in 1988， the weighted index of stocks have been bulled from 1000 then to 12682 in 1990 (nearly raised 12 times)， while the downturn has been dropped from the top to 2485 (about 5 times) which the ups and downs have make the wealth of investors redistributed many times. The intensity of investors’ involvement soared straightly or multiplicatively， and the number of investors also surged from several hundred thousands to 14.7 millions at the peak which indicates there were as many as 3 persons in every 5 involved in stock market—stock investing has become almost a universal activity in Taiwan. Therefore， it is imperative for stock managers to pursue the answers from exploring how the results of stock investing in recent years among the investors and comparing relatively the weighted indices， as well as understanding the results of stock investment so as to approach the reasons of profit and minus. The author would also suggest some profitable investing behaviors for reference to stock managers from the conclusions through statistic methods in this research， hoping that would benefit investors in the end. This study includes four constructs， such as 1.basic data， 2.investment vehicle，3.trade frequency，and 4.results of investment...， and other factors which make totally 10 variables to explore their interrelationships and influences. The conclusions are as follows: 1.There is no any relationship between the basic data and results of investment， but if using different investment vehicle and trade frequency， the results of investment would be different. 2. The access of investment vehicle would affect trade frequency and vary the results of investment. 3. In the aspect of basic data， the revenue impacts trade frequency more than the confidence theory which behavior financial science convinced. 4. All the variables of trade frequency are significant differentiated with the results of investment， except the average trading days in every deal. 5. Long term investment is significantly more profitable than short term investment.6. It makes no difference for investors to use internet as the investment vehicle， but the net has made market employers increase their business achievement. 7. Since there are more and more young-people applicable to be internet investors， the industry would be prone to net-trading in the future. Keywords: stock market， behavioral finance， investment vehicle， trade frequency， results of investment