题名

程式交易：散戶理性行動提升的形式與限制

并列篇名

Algorithmic Trading: Modes of Rationality Enhancement and Their Limitations among Non-Professional Investors

DOI

10.53106/1018189X202209001

作者

陳宇翔(Yu-Hsiang Chen)

关键词

程式交易 ； 散戶 ； 經濟人 ； 社會科技組構集合體 ； algorithmic trading ； retail investor ； homo economicus ； socio-technical agencement

期刊名称

人文及社會科學集刊

卷期/出版年月

35卷3期（2023 / 09 / 01）

页次

481 - 524

内容语文

繁體中文;英文
中文摘要

本文從金融社會研究觀點探討臺灣程式交易散戶，指出MultiCharts模板式交易軟體推出後降低程式交易門檻，但也限制散戶程式交易模式。不同類型的散戶經由程式增強理性行動能力的形式有所不同，顯示多重樣貌的「社會科技組構集合體」。「使用他人策略」的散戶藉由購買策略提升績效，但販售策略為編碼密封黑盒子，散戶只能依有限資訊來判斷品質。「使用自寫策略」的散戶則可經由程式交易的「科學化測試」與「執行避免干擾」來提升自己的交易績效，然而，「回測不等同未來績效」、「策略失效判斷」、「編碼僵固」等因素仍使得他們常需仰賴主觀判斷。
英文摘要

This paper studies algorithmic trading by non-professional investors in Taiwan from the perspective of socio-technical agencements. Software like MultiCharts has lowered the barriers to algorithmic trading, but also restricts the trading strategies available to users. Different types of retail investors have consequently enhanced their ability to trade rationally in differing ways, revealing the differing modes to perform homo economicus. Some retail investors rely on trading strategies purchased from third parties; these strategies, however, are encoded and sealed black boxes. Investors who code their own strategies can improve the rationality through scientific testing and efforts to avoid emotional interference in trading, failures of strategic judgment, rigidity of coding, and the fact that "past results do not guarantee future performance" often leads to the use of intuition in trading. The findings suggest that the attributes of human actors will impact the features of agencements, even when equipped with the same market device.
主题分类 人文學 > 人文學綜合
社會科學 > 社會科學綜合
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被引用次数
  1. (2024)。股票買賣策略實證與模擬。管理資訊計算，13(2)，165-173。
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