本研究以行爲財務學的觀點探討股票投資人的投資績效是否受到其投資行爲與偏誤直接影響,或是透過風險認知為中介變數間接影響投資績效。根據Sitkin and Pablo (1992)、Sitkin and Weingart (1995)、Byrne (2005)等學者之理論與實證,風險傾向和風險認知作爲重要的傳遞工具而影響最後的風險決策行爲。因此本研究以風險傾向作爲影響風險認知的變數,股票投資人的風險認知作爲其投資績效的事先心理歷程,亦即個人對情境風險的評價,再加入捷思與過度自信這兩項投資行爲偏誤,並以投資績效作為最終的風險性投資決策行爲的結果,建立結構方程模型。 本研究利用線性結構關係(LISREL)統計模型進行分析。研究結果顯示股票投資者過度自信與捷思都對其風險認知來帶負向的影響。此外過度自信與捷思也都對股票投資者的投資績效帶來影響。過度自信帶來正向的投資報酬;而捷思帶來負向的投資報酬。而股票投資者的風險傾向與風險認知呈現相當穩定的負向關係。但是風險認知無法作爲中介變數影響股票投資者的投資績效,其對投資績效的影響效果都不大。
The purpose of this study is to explore the relationship of stock investors’ psychological biases and their investment performances. Sitkin and Pablo (1992), Sitkin and Weingart (1995), Byrne (2005) indicate that risk propensity and risk perception of investors are significant transfer tool in risky decision making behavior model. Consequently, this study proposes a conceptual model to investigate the relationship among investors’ overconfidence, heuristic, risk propensity, risk perception and their investment performance. Based on the data of questionnaire survey, this study employs Structure Equation Model (SEM) to conduct empirical analysis .The empirical results reveal that heuristic negatively influences investors’ risk perception and investors’ performance. However overconfidence positively influences investors’ performance and negatively influences investors’ risk perception. Furthermore, the impact of risk propensity on investors’ risk perception is negative.