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Please use this identifier to cite or link to this item: http://ir.lib.stu.edu.tw:80/ir/handle/310903100/293

Title: 投資行為與決策因素對台股投資績效影響之研究
A Study on the Influence of Investment Behavior and Decision Making Factors on Investment Performance
Authors: 朱方萍
chufanping
Contributors: 陳清燿
經營管理研究所
Keywords: 投資者;投資行為;決策因素;投資績效
Investor;Investment Behavior;Decision Making;Investment Performance
Date: 2009
Issue Date: 2011-05-23 13:38:28 (UTC+8)
Publisher: 高雄市:[樹德科技大學經營管理研究所]
Abstract: 股市是經濟的櫥窗,也是經濟景氣的領先指標,其反映了經濟未來所面對的成長與衰退。台灣股票市場經歷了多次的金融風暴,2007年之「次級房貸」風暴,至今雷曼兄弟投資銀行破產風暴之影響仍難以評估更不知如何收拾,台灣的金融市場正面臨逐步開放與國際市場接軌,難免不受此風暴之影響。台股在數月中跌掉了五千多點,目前的股價指數為六千多點。投資者也在此次金融海嘯中財富大幅縮水,而散戶遭融資斷頭的賣壓,如排山倒海,更加造成台股的重挫。投資者為能在資本市場獲利,一定要知道影響台股投資績效的因素何在?
本研究主要目的乃在探討投資行為與決策因素對台股投資績效影響之研究,以台灣證券市場之投資者為研究對象,使用便利抽樣法進行施測,透過以敍述統計之次數分配表檢定與單因子變異數分析(one-way ANOVA)來檢驗投資者之背景變項,在投資行為與決策因素上是否有顯著差異。運用Pearson積差相關分析來檢定各變項之間是否顯著性相關,包括驗證投資者的投資行為與決策因素對台股投資績效之變項有無顯著相關性。採用最適尺度迴歸分析來檢驗投資行為與決策因素對台股投資績效對投資績效評估成效的預測,並可解釋變項之間的關係。
本研究結果發現:(1)投資者之背景變項在市場選擇之自變數資產狀況有顯著差異。(2)投資者之背景變項在決策因素之自變數個人年齡、學歷、職務、收入、平均每季投資金額、資產狀況在基本面因素有顯著差異。(3)投資者之背景變項之自變數個人年齡、平均每季投資金額、資產狀況在心理面因素有顯著差異。(4)投資者之背景變項之依變數平均每季投資金額、資產狀況在總體經濟因素有顯著差異。(5)投資者的在投資行為之自變數策略選擇有顯著相關。因此,投資者在空頭市場無論在投資行為與決策因素之變項,保有現金部位及嚴設停損才能持盈保泰。
The stock market is a leading indicator that shows the economy’s future growth or recession. Over the years, Taiwan’s stock market has gone through many times financial crises, including the “Subprime Mortgage” crisis in 2007. Estimating effects of the Lehman Brothers going bankrupt is not easy even today, not to mention try cleaning the mess up. As Taiwan’s financial market is gradually opening up and falling in line with the world, it is more vulnerable, and the crises caused Taiwan’s stock index to plummet over 5000 points in a few months; the stock index is currently at a level above 6000 points. Left with little wealth, individual investors were pressured to liquidate stocks, aggravate the situation even more. In order to make a profit in the capital market, investors must know which factors influence on their investment performance.
The purpose of this study is to explore the influence of investment behavior and the factors of decision making on investment performance. Research subjects are randomly sampled investors from Taiwan’s stock market; the frequency distribution table of descriptive statistics and one-way ANOVA were used to examine background variables of investors and whether they reached the significant level in investment behavior and decision making. Pearson product-moment correlation was used to analyze whether variables were significantly related, including the relation among investment behavior, the factors of decision making and investment performance variables. Optimal scaling regression analysis was adopted to examine anticipations of investment performance based on different investment behavior and the factors of decision making , it was also used to explain the relation between different variables.
Research findings are as follows: (1) In investor’s background variables of financial condition, the independent variable reached level of significance in market selection. (2) In investor’s background independent variables, age, education, position, income, average investment amount per quarter and financial condition reached level of significance in decision making. (3) In investor’s background variables, the independent variables age, average investment amount per quarter and financial condition reached the significance level in the mental aspect. (4) In investor’s background variables, the independent variables average investment amount per quarter and financial condition reached level of significance in macro economics. (5) In investor’s investment behavior, the independent variable strategy selection reached level of significance. Therefore, among all investment behavior and decision making variables, maintaining cash position and setting strict stop loss points are the key to making a profit in a bear market.
Appears in Collections:[經營管理研究所] 博碩士論文

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