- 學位論文
機構投資人與散戶的投資策略之探討
A Study on Investment Strategy between Institutional Investors and Individual Investors
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摘要
本研究使用基本面、技術面、籌碼面、總體面等四個構面，並篩選17個指標為變數，探討機構投資人與一般投資人之投資策略差異。本研究以多構面(DEMATEL Multi-screen Diagram, DMSD)分析法探討機構投資人與一般投資人之投資行為，希望藉由DEMATEL模型找出機構投資人與一般投資人所重視的指標以及其投資路徑，進而成為一般投資人做投資決策時之依據。實證結果發現，機構投資人方面，技術面指標「隨機指標(KD)」是其投資決策之強勢結果因素，基本面指標「股東權益報酬率(ROE)」則是投資決策的關鍵因素；在一般投資人方面，基本面指標「每股盈餘(EPS)」是其投資決策之強勢結果因素，而籌碼面指標「融資、融券餘額」則是投資決策的關鍵因素。
並列摘要
In this paper, use four facets, a total of seventeen variables. We instigate the investment strategy of institutional investors and individual investors . This study proposes the DEMATEL-based Multi-Screen Diagram (DMSD) method to analyze the importance of criteria and the casual relations among the criteria were constructed. The empirical results show that the Stochastic Oscillator (KD) is an effect factor of institutional investors. The Return on Equity (ROE) is the cause factor of investment decisions of Institutional Investors. The empirical results show that the Earnings per Share (EPS) is an effect factor of individual investors. The margin balance is the cause factor of investment decisions of institutional investors.
參考文獻
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