投資屬性、時間距離、人格特質與投資決策行為關係之研究

A Study on the Relationship among Investment Attribute, Temporal Distance, Personality Characteristics and Investment Decision-making Behavior

林玉梅(YU-MEI LIN)

指導教授 ： 黃月春

國立臺中科技大學/商學院/企業管理系碩士班/碩士(2016年)

摘要

當今行為財務學的盛行，其常以「展望理論」為基礎，即研究金融消費者在有限理性下進行投資決策時，藉由過去許多次的錯誤經驗學習新知，進而期望自己能夠獲得更高報酬。此一行為模式亦常激發學者們從心理學觀點對投資行為展開探討。
本研究建構在此理論基礎之下，以人格特質與時間距離為主要投入變數，於事件發生所處不同時間觀點下，引用投資行為理論，試圖瞭解個人對投資風險的偏好策略，探討對金融消費者投資屬性與投資決策行為之關係。
本研究為方便取樣，以中部某金融控股公司銀行通路理財部門客戶為實證研究對象，設計和發放250份問卷並回收210份有效樣本，將所得資料予以量化，依照研究目的分成四大構面，建立研究架構及假說，採用迴歸分析，逐步驗證假說，經由研究的結果發現：
一、金融消費者的財務冒險傾向對投資屬性有正向顯著影響。
二、金融消費者的遠期未來對投資屬性有負向顯著影響。
三、金融消費者的人格特質對投資決策行為有正向顯著影響。
四、金融消費者的遠期未來對投資決策行為有負向顯著影響。
五、金融消費者的積極型投資屬性對投資決策行為有正向顯著影響。
人們的知覺風險態度及風險承受度會對人格特質產生影響，進而影響投資決策行為，運用本研究的結果分別向金融消費者、金融服務業者提出相關的建議：
一、就金融消費者而言，於投資前要瞭解本身的投資屬性，投資標的的相關資訊，設立停損點與停利點，降低對事件過度反應現象，避免陷入直覺的錯誤，依賴深度的思考勝過社群的討論。
二、就金融服務業者而言，設計適合的金融商品投資組合，利用舉辦理財講座及研討會方式，加強與金融消費者雙向溝通，提供自我檢視風險承受度的系統，教導投資人認識投資風險的新趨勢，避免對金融消費者做過度行銷，若投資結果不如預期時，將導致投資人對業者喪失信心。面對未來Fin Tech數位銀行時代來臨，首先要加強本身的財務經濟分析能力，注重在資產規劃能力而非行銷能力。接著擴大使用大數據資料在金融科技分析上，瞭解金融消費者的心理需求與想法，最後提供客制化的服務，創造雙贏的契機。

關鍵字

金融消費者 ； 投資屬性 ； 時間距離 ； 人格特質 ； 投資決策行為

並列摘要

The Behavioral Finance which researching scope sometimes bases on the Prospect Theory is prevailing nowadays. That is, when financial consumers are making investment decisions under the limited rationality, they would expect to gain higher reward by learning from past mistakes. This model of behavior always causes the scholars to embark on the study of the investment behavior from a psychology view.
This study was constructed on the above theory, be used to personality characteristics and temporal distance as the main input variables. From the perspective of different time when events occur, people also quote the investment decision-making behavior theory, trying to understand the strategy preferences of individual on their investment risks, to explore the relationship of the financial consumer's investment attribute and investment decision-making behavior.
For the convenience of sampling, those are collected by financial management sector of a financial holding company in central Taiwan as the empirical object for the study. We design and send 250 copies of questionnaires and receive 210 valid copies of samples. The datas obtained were quantified in four dimensions in accordance with the purpose of research to establish research framework and hypothesis, regression analysis was adopted to the hypothesis step by step. Through the results of this study, it was found that:
1. The effect of financial consumer’s financial risk-taking tendency to investment attribute is significant positive.
2. The effect of financial consumer’s distance future to investment attribute is significant negative.
3. The effect of financial consumer’s personality characteristics to investment decision-making behavior is significant positive.
4. The effect of financial consumer’s distance future to investment decision-making behavior is significant negative.
5. The effect of financial consumer's aggressive investment attribute to investment decision-making behavior is significant positive
People’s perception of risk attitude and risk tolerance would have an impact on personality characteristics, thereby affecting the investment decision-making behavior. Recommendations to financial consumers and financial service providers were made by the research results：
For financial consumers, they should understand their investment attribute before investing and get information about investment target. They should set up stop-loss point and take-profit point, reduce overreaction to event, avoid falling into intuitive error, and rely on in-depth thinking rather than discussing from community.
For financial service providers, they should design suitable financial portfolio product, enhance two-way communication with financial consumer by holding financial talk and seminar, provide a self-review system of risk tolerance, teach investor to understand the new trend of investment risks, and avoid excessive marketing to financial consumers in case they lose their confidence when the investment result are not as they have expected. With the coming of Fin Tech in the future, at first, it is necessary to strengthen their economic analysis ability and focus on estate planning rather than marketing. Next, it is necessary to use large data analysis on financial technology more often to understand financial consumer's psychological needs and ideas. By doing so, they may be able to provide customized services to create a win-win opportunity.

並列關鍵字

financial consumer ； investment attribute ； temporal distance ； personality characteristics ； investment decision-making behavior

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