本文旨在探討投資人情緒、樂觀與悲觀、資訊順序對投資人股票決策之影響,即投資人在閱讀資訊進行投資決策時,是否會受經濟景氣的預期、人格特質、資訊陳述順序所影響,進而在價格信念調整上存在明顯的差異。本研究以一般非專業投資人為受試對象,並運用ANOVA與T檢定進行實證結果與分析。實證結果發現,在投資人情緒方面,投資人在閱讀資訊時確實會受經濟景氣、證券市場的預期所影響,以至於面對正面或負面資訊時有過度反應的現象,進而導致股價被高估或低估。在樂觀與悲觀方面,僅發現人格特質為樂觀的投資人會對正面資訊產生過度反應,至於悲觀的投資人是否會過度反應負面資訊則沒有被證實。此外,在考慮了投資人情緒、樂觀與悲觀後,本研究發現投資人對於資訊的過度反應會同時受市場經濟的預期、人格特質所影響,且在面對正面資訊時,會產生更強烈的效果。在資訊順序方面,投資人的股票決策確實會受資訊的陳述順序影響,且為時近效應。最後,在考慮了投資人情緒、樂觀與悲觀、資訊順序後,本研究則發現當資訊以不同形式呈現時,投資人的股票決策確實會因投資人情緒、樂觀與悲觀的不同而在股票決策上存在差異。
The objective of this research is to investigate the influences of sentiment, personal characteristics, and information sequence on investors’ stock investment decisions. That is, when processing information for investment decisions, whether economic forecasts, personal characteristics, and information sequence affect investors’ decision-making and cause significant discrepancies on investors’ belief adjustment process. Non-professional investors were tested and ANOVA and T-tests were applied for empirical test and analysis. The empirical result suggests that, on the sentiment front, investment decisions are affected by economic and stock-market forecasts, and that investors tend to over-react to both positive and negative information, thus resulting in over or under-valuation in stock prices. On the personal characteristics front, the result merely suggests that optimistic investors tend to over-react to positive information, and whether pessimistic investors over-react to negative information remains unverified. Also, taking into consideration investors’ sentiment and the optimism and pessimism they show, the result indicates that overreaction is jointly affected by economic forecasts and personal characteristics, especially when investors are exposed to positive information. On the information sequence front, the result suggests that investment decisions are affected by information sequence and indicates recency effect. To sum up, this research suggests that, when information is presented in different forms, sentiment and personal characteristics cause significant discrepancies on investors’ stock investment decisions.