虛擬社群涉入對於股票投資行為之影響

The Impacts of e-Stock-Investors' Involvement in Virtual Community on Their Investment Behaviors

郭敏華(Min-Hua Kuo) ； 黃柏凱(Po-Kai Huang) ； 許碧芳(Pi-Fang Hsu)

《管理評論》 33卷3期 (2014/07) Pp. 53-70+121-125

https://doi.org/10.6656/MR.2014.33.3.CHI.53

摘要

本研究探討虛擬社群涉入對於股票投資行為之影響，係國內外首篇針對此議題所進行的大規模調查研究。實證結果發現，臺灣e股民的投資行為，不論是靜態的持股分散程度或是動態的投資進出頻次，均受到投資者虛擬社群的涉入程度所影響，更明確地說，個別投資人對於虛擬社群的參與深度（涉入時間）與其持股分散程度和交易頻次，都呈現顯著的正向關係。此外，本研究也發現，投資人對於虛擬社群的參與廣度（參與的社群網站數）較高者，較能積極設立停損且切實執行。此現象意味著，虛擬世界中的人際網絡並不「虛擬」，對於投資人的決策與行為已具有十分顯著的影響。本研究的成果發現，對於財務學中的投資行為與社會心理學的人際關係等議題之探討，都具有開創性的重要價值。

關鍵字

虛擬社群 ； 持股分散程度 ； 進出頻次 ； 停損

並列摘要

This study explores the impacts of e-stock-investors' involvement in virtual community on their investment behaviors. It is the first paper, as far as we know, discussing this issue systematically by a large-scale survey. The empirical results show that individual e-investors' involvement in virtual communities significantly affects their portfolio diversification and trading turnover. Specifically, when a Taiwanese e-investor spends more time in virtual community, he/she holds a more diversified portfolio and trades more frequently. In addition, when he/she attends more social websites, he/she is more inclined to do the loss-stops. It implies that the virtual community is not ＂virtual＂ and brings about significant influences on investment behaviors. The findings of this paper are insightful for the re-searches on the social networks analysis in Sociology, the interpersonal relationships in Social Psychology, as well as the investment behaviors in Finance.

並列關鍵字

virtual community ； portfolio diversification ； trading turnover ； stop-loss

參考文獻

郭敏華(2011)。人際網絡對家計單位金融服務支出之影響：台灣家戶跨年度分量迴歸分析。管理評論。30(1)，95-113。

Antweiler, Werner,Frank, Murray Z.(2004).Is All That Talk Just Noise? The Information Content of Internet Stock Message Boards.Journal of Finance.59(3),1259-1294.

Barber, Brad M.,Odean, Terrance(2002).Online Investors: Do the Slow Die First?.Review of Financial Studies.15(2),455-488.

Blume, Marshall E.,Crockett, Jean,Friend, Irwin(1974).Stock Ownership in the United States: Characteristics and Trends.Survey of Current Business.54(11),16-40.

Blume, Marshall E.,Friend, Irwin(1975).The Asset Structure of Individual Portfolios and Some Implications for Utility Functions.Journal of Finance.30(2),585-603.