人格特質、投資資訊來源與投資行為有關嗎？－理財規劃顧問投資行為之探討

A Study on the Relationship among Personality Characteristics， Information Source and Investor Behavior － The example on the Certified Financial Planner

陳景煥(Chin-Huan Chen)

指導教授 ： 艾昌瑞 ； 鎮明常

國立中正大學/管理學院/企業管理學系/碩士(2008年)

摘要

理財規劃顧問係通過國際認證的金融專業人士及主要提供投資人理財規劃 ，對於金融商品及投資資訊的了解程度及擁有私有資訊的程度與證券分析師或散戶投資人不同，其進行金融投資時資訊取得來源為何？在專業知識及擁有豐富財富管理規劃經驗架構下其人格特質是否會影響投資決策？所以對於理財規劃顧問在進行金融投資時其投資決策行為產生好奇，引發本研究的動機。 本研究建構在行為財務學的觀點之上，如展望理論是以人格特質為基礎且投資人會根據自身所得知的資訊來做投資決策，決定其投資行為。所以本研究試圖以人格特質與投資資訊來源為主要投入變數，並將Howard（1989）的消費者決策模式引入投資行為模式中，以探討理財規劃顧問的人格特質、投資資訊來源與投資決策之間的關係。 研究結果發現：（一）理財規劃顧問在選擇投資資訊來源時，社會關聯性的資訊受到財務冒險傾向及意見領袖傾向的影響，財務資訊則受到意見領袖傾向的影響。（二）理財規劃顧問在面臨投資決策時其對於商品的熟悉度受到財務冒險傾向影響，投資意圖及投資信心則受到意見領袖傾向影響。（三）理財規劃顧問在面臨投資決策時受到印象資訊、傳統觀念及社會關聯性等三方面資訊來源的影響。（四）理財規劃顧問在進行投資時其投資資訊來源受人格特質影響 ，並進而影響其投資決策行為。（五）理財規劃顧問在選擇投資資訊來源時不重視投顧機構建議、他人推薦、報紙及財務報表等資訊。

關鍵字

人格特質 ； 資訊來源 ； 投資行為 ； 理財規劃顧問

並列摘要

Certified financial planners are internationally certified financial experts to provide financial plans for clients. They are more easily to access the private information and have better knowledge base of financial products than the security analysts and noisy traders. They have professional knowledge and profound investment planning experience to their clients. However, when it comes to their own investment, will their personal characters affect their investment decision? This study attempts to understand the planers' investment decision making on their personal investment.
This study is based on the behavior finance. According to the prospect theory, the investor’s personal characters will affect the information source and then the investors will make their investment decision based on the information acquired. Accordingly in this study the personal characters of certified financial planers and their investment information sources are the two major variables. Based on the Howard consumer decision model (1989), this study explores how those two major elements affect investment decision of certified financial planers.
This study found that the acquisition of social relevant information is positive correlated with the planers' finance adventure inclination and opinion leader
inclination. Financial information is affected by the opinion leader inclination.
When facing the investment decision making, the familiarity of investment product is positively correlated with the financial adventure inclination. The investment intention and investment confidence are affected by opinion leader inclination. The planers' investment decision will be affected by the image coincidence information, classic concept, and social relevance. The financial planers' personal characters will affect the information source and then they will make investment decision based on the information acquired. The financial planers do not pay attention to the recommendations from investment consultants or other persons, the information from newspaper, and financial report.

並列關鍵字

Personality Characteristics ； Information Source

參考文獻

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