個人特質對投資者行為影響之研究

A Study on the Effects of Personal Characteristics on Investment Behavior

魏榮宏(Rong- Horng Way)

指導教授 ： 施能義 博士 ； 張庭彰 博士

亞洲大學/管理學院/經營管理學系碩士在職專班/碩士(2009年)

摘要

行為財務學是從投資者的心理決策過程進行探究，認為投資者並非是完全理性的，在投資的過程中，可能存在著心理上的偏誤或決策判斷的偏差。而不同類型的投資人，因其個人條件不同，面臨決策時所考量的因素也不同，致使投資決策具有差異性。自80年代起，關於行為財務學領域的研究備受矚目，引起眾多學者投入的原因在於沒有一個準則能完全預測或衡量人類行為，也因此為財金市場投入了許多變數。
本研究企圖從日常生活的經驗取材，觀察會影響投資者之生活型態，來解釋投資人非理性的行為決策，並對傳統財務理論假設投資人是理性的，而未考慮投資人的心理因素（導致非理性的行為決策）提出質疑，並達到以下目的：一、透過實證研究取得投資者進行投資決策的初級資料。二、找出投資者的個人特質對其投資決策評估過程的影響。三、探討投資者之投資決策評估過程對投資行為之影響。
研究結果發現，風險態度對投資決策過程分析中，商業訊息對風險偏好傾向與風險接受傾向成正相關，與風險規避傾向成負相關。商品熟悉度對風險偏好傾向與風險接受傾向成正相關。投資者信心對對風險偏好傾向成正相關。投資者意圖對風險偏好傾向與風險接受傾向成正相關。

關鍵字

個人特質 ； 投資者行為 ； 投資決策 ； 生活型態

並列摘要

Finance behavior from psychological investors to carry out the decision-making process to explore, that investment management is not entirely of, in the process of investment, may be psychological bias on the judge or decision-making biases. And different types of investors, conditions because of their different personal, clinical decision-making when faced Consideriation different factors, Resulting in different investment decisions. Since the 80's, on the field of behavioral finance research a great deal of attention, input caused by many scholars because the criteria do not have a fully predict or measure of human behavior, for the financial market into a number of variables.
This study attempted to drawn from the experience of daily life, observation of investors will affect the life style, to explain the investment behavior of non-rational decision-making, traditional financial theory and the assumption that investors are rational, investors not to consider the psychological factors(Lead to acts of irrational decision-making)questioned, and achieving the following objectives: First, empirical research by investors made the primary investment decision-making information. Second, identify the personal qualities of investors in their investment decision-making the impact assessment process. Third, investigate the investor's investment decision-making process to assess the impact on investment behavior.
The results found that, risk attitude of decision-making process of investment analysis, commercial message of risk and risk preferences tend to accept the tendency of positive correlation, risk aversion and the tendency to negative correlation. Familiar with the degree of commodity risk and risk preferences tend to accept the tendency of positive correlation. The confidence of investors against the risk of preference was positively related to the tendency. Intent of the risk preferences of investors and risk tend to accept the tendency of positive correlation.

並列關鍵字

Personal qualities ； Investor's Behavior ； Investment decision-making ； Lifestyle

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