內外控人格、風險知覺與沈沒成本對繼續投資的影響－框架效應的調節效果

The Impact of Locus of Control , Risk Perception and Level of Sunk Cost on the Willingness to Continue Investment: Moderating Effect of Framing Effect

林禹志(Yu-Chih Lin)

指導教授 ： 劉立倫

中原大學/商學院/會計研究所/碩士(2016年)

https://doi.org/10.6840/cycu201600280

摘要

本研究旨在探討投資人在面對沉沒成本時，其內控或外控人格、風險知覺是否會影響繼續投資決策。當決策資訊以正、反兩面不同的方式進行陳述，是否會改變決策者的風險知覺和沉沒成本的感受，即框架效應(framing effect)的影響，並進一步分析框架效應對繼續投資決策的影響。本研究採實驗設計，受測者為大學商學院三年級的學生。運用ANOVA分析與迴歸分析所得到的結果指出，沉沒成本、風險知覺差異會對繼續投資決策造成直接影響。而決策者內外控人格特質的差異，也會影響其風險知覺與繼續投資決策。但是，若使用反面的敘述方式，會使內外控人格特質對繼續投資意願的影響減少，因此，框架效應除了對繼續投資決策造成影響外，也會調節內外控人格特質、沉沒成本及風險知覺對繼續投資決策結果的影響。

關鍵字

內外控人格 風險知覺 沈沒成本 框架效應 調節效果

並列摘要

This paper explores how sunk costs, locus of control, and risk perception affect investors’ willingness to continue a project. Besides, the author employs a moderation model to test the framing effect. An experimental study is conducted to observe the influence of above factors, including sunk costs, locus of control, risk perception and framing effect.
Several statistical analyses in this study confirm that the different levels of sunk cost and risk perception are directly influence the decision makers. Moreover, the investors who owned different types of locus of control, internal or external, will have different risk perceptions and investment willingness when facing the same project. However, when the project presented in a negative way, the influence of locus of control on investment willingness has become weaker. Therefore, as a moderator variable, the framing effect not only affect willingness to investment but also weakening the effects of locus of control, level of suck cost and risk perception on willingness to investment.

並列關鍵字

The Impact of Locus of Control Risk Perception Level of Sunk Cost Framing Effect

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