行為財務學是結合財務學與心理學兩大領域之理論,茲以作為解釋真實投資行為中出現的眾多異常現象,展望理論更為其奠定基石之重要理論,本研究是在探討投資人是否在進行其投資行為時,會受到框架效應與心理帳戶的影響。 本研究採取實驗設計,受測者主要為企業管理研究所碩專班的學生,首先,先設計四個基本實驗情況(正框架、負框架、合併或分離利得、損失),之後再將機率或比率設計成三種不同的程度,故本研究總共設計十二種的實驗情況。 研究結果顯示,在框架效應部分,投資人具有負框架的投資行為,同時,其投資行為較不受機率差距的影響。在心理帳戶部分,投資人具有合併利得、損失的投資行為,同時,其投資行為較有受到比率差距的影響。
Behavioral finance is to combine two areas of finance and psychology, being tried to explain the anomalies of real investment behaviors. Prospect theory is the most important theory of behavioral finance. This study discusses whether the investors’ investment behavior will be affected by framing effect and mental account. The subject of experimental study targeted at student of EMBA. First, I design four basic cases(positive framing effect、negative framing effect、integrate small losses with larger gains、segregate small gains from larger losses). I divide the probability and the ratio of the basic case into three kind of different extents. Finally, this study is designed to twelve experimental cases. The main findings are as follows: In framing effect, the investors have negative framing effect, and their investment behaviors are not affected by difference of the probability. In mental account, the investors integrate small losses with larger gains, and their investment behaviors are affected by difference in the ratio.