投資人的人格特質、投資策略、風險態度或心理偏誤：論影響基金績效因素之研究

共同基金是最能分散風險、降低成本及追求穩定獲利的投資工具，然而，影響基金績效的關鍵因素為何，過去相關文獻並未有完整的研究。本研究從事前的投資人的人格特質，風險態度，到投資人外在的投資策略以至於內在的心理偏誤等因子，進行有系統的全面探討。實證結果顯示，投資策略、風險態度、人格特質與心理偏誤，對基金績效均有顯著性的影響，其影響力由大而小依序為: 1.投資策略2.風險態度3.人格特質4.心理偏誤。進一步探討中，發現投資策略中以基金投資資歷、定期定額長期投資、以及定期檢視基金績效並且調整投資組合，可有效提高基金的投資績效。此外，本研究亦發現，投資人的人格特質 (性別、年齡、教育程度、投資經驗)在投資策略、風險態度與心理偏誤上確實有顯著的差異。

關鍵字

投資策略、風險態度、心理偏誤、基金績效

並列摘要

Mutual fund has been recognized as one of the best investment tools in consideration of diversifying investment risks, lowering investment costs and gaining stable returns. Yet, key factors affecting mutual fund performance have not been thoroughly addressed in prior researches. This paper conducted a thorough and systematical research on these key factors, including investor’s individual characteristics and risk attitudes at the pre-investment stage, investment strategies against the external market situation, and internal psychological biases within the investor. This research unveiled an empirical result that investment strategies, risk attitudes, individual characteristics and psychological biases all have significant impacts on mutual fund performance. Among the four, investment strategies imposed the greatest impact, followed by risk attitudes, then individual characteristics, and lastly and leastly psychological biases. Further findings in this research revealed that experience in mutual fund investment, investing on regular schedule over a long period of time, plus monitoring and balancing the investment portfolio over time would effectively improve the performance of mutual fund investment. Furthermore, this research also found that there existed significant variance in investment strategies, risk attitudes and psychological biases among investors of different individual characteristics (gender, age, education, and investment experience).