投資經驗對投資人資訊處理過程及投資績效的影響之研究

The effects of trading experience on information processing and investment performance

林郁捷(Yu-Chieh Lin)

指導教授 ： 呂麒麟

國立虎尾科技大學/管理學院/經營管理研究所/碩士(2010年)

https://doi.org/10.6827/NFU.2010.00076

摘要

關於投資經驗的研究中，多數認為投入股市的時間越長越能獲得較高的投資報酬，但交易經驗是否為改善績效表現的關鍵因素，或者經驗是投資績效的毒藥。在行為財務領域的研究中發現交易經驗豐富的投資者較易存在過度自信、處置效應與代表性偏誤，因而造成負面的績效表現。這些心理偏誤都是指人在做決策時，並不會積極而廣泛地蒐集資料並深入研讀，反而會利用捷思或經驗法則來進行判斷。仔細觀察可發現，許多心理偏誤是與資訊行為有關。因此，本研究建構在行為財務學的理論下，試圖以投資經驗為主要投入變數，並修正Schiffman and Kanuk在2000年所提出的消費者決策過程模式，探討個別投資者的經驗如何影響資訊處理過程與投資績效。期望能描繪出投資者的本質及活動方式，並幫助投資人瞭解何種資訊行為或特質是具有高度價值。本研究依據問卷方式所得的資料進行分析。研究結果發現，投資經驗對資訊搜尋的時間有顯著差異：七年以上者搜尋資訊所花費的時間比三年以下者多。在影響投資績效之因素的部份，研究發現投資經驗與績效間未達顯著水準，就表示經驗多寡並不影響績效的表現。在資訊來源方面，選擇「上市櫃公司的財報與法說會」為投資前的訊息來源較沒有選擇者擁有較佳的績效表現，而搜尋資訊的時間超過四小時者的績效顯著優於搜尋時間僅有三十分鐘的投資人。

關鍵字

資訊行為 ； 投資經驗 ； 投資績效 ； 認知需求

並列摘要

More studies show that individual investors learn from their trading experience, and they adjust their behavior to improve their investment performance. However, researches in financial behavior have documenting biases of individual investors. In fact, the implementation of investment decision-making is based on psychological dimension of behavioral finance, so investors make various mistakes cause negative investment performance. As investors’ trading experience increases, so does her/his ensuing overconfidence and disposition effect. Determining whether investors learn from their experience-specifically, whether trading experience affects behavior and, perhaps more importantly, improves investment performance-would be a significant purpose of this study. This research is based on trading experience as the main variable, and be the amendment for Schiffman and Kanuk’s(2000) simple three-phase model of consumer decision into investor investment behavior model. To further explore the impact of trading experience on information handling process and investment performance of the individual investors in Taiwan.
The empirical results of this thesis show that. first, investors’ trading experience is significantly relative to information behavior. Second, individual investors’ information behavior is significantly relative to portfolio performance. Finally, the individual investors’ trading experience isn’t significantly relative to portfolio returns. As anticipated, we find evidence that experienced investors are not better to give a correct estimate of their own past realized stock portfolio performance. In sum, individual investors’ experience can lessen the simple mathematical error of estimating portfolio returns, but seems not to influence their behavioral mistakes pertaining to how good (in absolute sense or relative to other investors)they are.

並列關鍵字

information behavior ； trading experience ； investment performance ； need for cognition

參考文獻

3. 朱志航(2008)。國內股票市場投資人過度自信行為之研究。國立台灣大學商學研究所碩士論文。

14. 彭毓珍(2003)。台灣股票與指數期貨市場投資者行為之研究。國立成功大學高階管理碩士在職專班碩士論文。

20. 蘇育慧(2008)。經驗為良師？股市崩盤期之投資人行為分析。國立台灣大學財務金融學研究所碩士論文。

1. Alba, J. W., and Hutchinson, J. W., (1987), Dimensions of Consumer Expertise. Journal of Consumer Research, 13(June), pp.411-454.

2. Anderson, R., Engledow, J., and Becker, H., (1979), “Evaluating the Relationship Among Attitude Toward Business Product Satisfaction, Experience, and Search Effort”. Journal of Marketing Research, 16(August), pp. 394-400.