行為財務學以研究與探討投資人的心理,試圖解釋存在於市場中的異常現象,並發現部分個人投資行為確有非理性之現象為目的,本研究將針對框架效應對投資人進行分析,樣本資料來源則是台北科技大學校內的虛擬交易競賽,研究對象則為台北科技大學學生,研究方法主要遵循Kumar & Lim (2008)及Liu, Wang & Zhao (2010)之方法,以敘述性統計、T檢定、變異數分析與多元迴歸分析等方法進行假設的驗證,透過交易資料和問卷資料的相互比較。本研究結果指出,投資人在不同領域之框架效應存在現象不盡相同,且性別並不會顯著影響框架效應及投資報酬,而經驗的不同會對報酬率和框架效應程度造成影響,最後本研究發現在問卷框架效應之表現、平均日交易次數、期間交易次數、交易天數等均為影響框架效應之重要因素。
There are many research investigate in behavior finance and try to explain why investors may do some irrational behavior in the stock market. This study mainly investigates the Framing effect in Taiwan’s market. We used the virtual trading system of Nation Taipei University of Technology(NTUT), this system member are from master students of NTUT Department of Business Management and Executive Master of Business Administration students. We try to understand what will the framing effect affect the investors in virtual trading system. When investors trading in the market, our research use questionnaire to realize the investors thinking and behavior trend, then we will make sure isn’t the investor has framing effect. After the virtual trading system closed, we used the system’s data to analysis investor behavior, and compare with the questionnaire analysis result. We find out that different kind questions and the different member compose may have not the same framing effect level. This research also want to understand that if the investor was effect by framing effect, would that investor have significant impact on finance behavior in trading.