投資風險偏好的決定因素：以國內某大金控樣本為例

本研究參考Grable and Lytton (1999) 問卷設計，並參考國內財富管理投資人風險問卷形成本研究問卷，將投資人的環境與心理因素對風險承受度的影響加以分析。以國內財富管理銀行貴賓客戶進行問卷訪問，一共獲得307個樣本。透過最小平方迴歸及order probit 迴歸模型，結果發現年齡、財經知識、投資經驗、與風險承受度有相關。其中，已婚受訪者風險承受度相對未婚者低，年齡愈大風險承受度愈低，由此可見婚姻與年齡與風險承受度呈現負相關。性別對投資風險承受度則無明顯的關係。其次，對是否借錢之Logit模型實證，大學、研究所學歷和期望報酬，對於是否借錢投資之行為具有顯著性。可能的解釋如下：大學學歷與研究所學歷的投資人，相對於高中以下學歷的投資人而言，分別有112.7%和125.3%的機率，借錢從事投資。此結果表示學歷愈高的投資人愈懂得財務規劃，善於利用低利率時機借錢投資商品進行套利。最後，對國內財富管理銀行滿意度，估計結果顯示國人對整體財富管理滿意分數為4分(5分滿分)，顯示國人對財富管理銀行滿意度甚為滿意。將財富管理四項服務中，以服務態度3.95分最高，次為關心3.66分，第三為專業與信賴同為3.6分。由此可看出受訪者對服務態度等四項服務持滿意看法。但在專業及信賴部份仍有待加強，原因可能因為金融海嘯投資人虧損時，會降低對銀行的信賴與專業認同。

關鍵字

風險承受度；投資經驗；財經知識；滿意度

並列摘要

This study refers to Grable and Lytton (1999) and a domestic wealth management to form the questionnaire. With a total of 307 samples, the investor's environment and psychological factors impact on the risk tolerance are fully analyzed. By using logit and order probit model, it is found that age，financial knowledge and investment experience, and risk tolerance are significantly correlated. related. Among them, married and older respondents are with lower risk tolerance than their counterparts. Gender, however, plays no role at the tolerance for investment risk. Secondly, result of the Logit model demonstrats that individuals with college or above degree have a significant influence on loaning to invest than without. Investors with master and bachelor degrees would have 112.7% and 125.3% probabilities, respectively, to loan for investments than that of lower education. This result indicates that the higher the investor’s educational background is, the better financial planning he or she can apply. Finally, the satisfaction rate of the investors to the domestic wealth managing banks is 4 points out of 5, which indicates that investors are basically satisfied with these services. banks. Within the 4 features of wealth managing, Attitudes of Servicing get 3.95. points which is the highest, Attention is 3.66 points, after that is Discipline and Confidence which is 3.6 points. Thus, it realizes that the investors are satisfied with these services, though there are still improvements in Disciplines and Confidence. Probably it is due to the losses that the investors had when financial crisis happened and the reliance and recognition to banks decreased.