國小教師處分效果之實證研究

A Study on the Disposition Effect of Elementary School Teachers

蘇桂瑩(Kuei-ying Su)

指導教授 ： 張阜民 ； 柯俊禎

朝陽科技大學/管理學院/財務金融系/碩士(2011年)

摘要

摘要
投資族群屬於散戶的國小教師，投資行為是否理性而能獲利，或是仍具有一般散戶非理性的處份效果？本文以國小教師為對象進行問卷調查，利用敘述統計、複迴歸分析和ANOVA分析的方法，分析國小教師的投資行為是否具有處分效果，探討國小教師的投資行為，是否具有原賦效果、沉默成本、避免後悔、過度自信和心理帳戶的心理偏誤，並進一步分析人口統計變數對處分效果、原賦效果、沉默成本、避免後悔、過度自信和心理帳戶是否具有差異性。
分析結果顯示國小教師的投資行為仍具有處分效果，並且其心理同時受到過度自信、避免後悔等心理偏誤的影響。在人口統計變數對心理偏誤的差異方面，過度自信和人口統計變數之交易頻率、操作習慣以及盈虧狀況呈現顯著差異；年齡中屬青壯年的國小老師和大賠小賺的處分效果則具顯著差異。此研究結果代表國小教師光具有理財「知識」是不夠的，必須更加強觀念與執行停損能力。

關鍵字

投資理財 ； 心理偏誤 ； 處分效果 ； 國小教師

並列摘要

Abstract
Elementary school teachers are retail investors. Are their investment behaviors rational and profitable? Do they still have a non-rational disposition effect just like general retail investors? In this paper, by using descriptive statistics, regression analysis, and ANOVA analysis methods, we investigated that whether the investment behaviors of elementary school teachers have the disposition effect or not. We also studied that whether the investment behaviors of elementary school teachers endow with psychological bias, such as the endowment effect, silence costs, avoid regret, overconfidence, and mental account or not. Furthermore, we analyzed the differences of demographic variables on the disposition effect, the endowment effect, silence cost, avoid regret, overconfidence and mental account.
The results revealed that the investment behaviors of elementary school teachers still have the disposition effect and their mentality are influenced by both overconfidence and avoid regret. For the differences of demographic variables on the psychological bias, overconfidence and frequency of transactions, operations, and surplus-deficit were presented the significant differences. The age belonged to the young elementary school teachers and the disposition effect of large loss and small gain were also presented the significant differences. The results of this study presented that it is not enough with the “knowledge" of financial management for elementary school teachers. They have to strengthen the concept of money management and the execution of Stop-Loss.

並列關鍵字

Financial Management ； Psychological Bias ； Elementary School Teacher ； Disposition Effect

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