台灣上市公司績效與投資人行為偏誤之研究

A Study on the Performance of Listed Firms and Investors' Behavioral Biases in the Taiwan Stock Market

10.6545/JFS.2006.14(2).1

吳貞慧(Chen-Hui Wu)；劉維琪(Victor Wei-Chi Liu)

行為財務 ； 保守性偏誤 ； 代表性偏誤 ； Behavioral Finance ； conservatism bias ； representativeness bias

財務金融學刊

14卷2期（2006 / 06 / 30）

1 - 39

繁體中文

本研究應用不同公司績效指標的趨勢及序列，探討台灣股市投資人是否存在保守性偏誤及代表性偏誤的現象。本文建立兩項公司績效的趨勢指標值，在總趨勢指標值中，分別出現保守性及代表性偏誤，但在局部趨勢指標值，則傾向沒有系統性行為偏誤的現象。此外，本研究利用分段式迴歸進行分析，發現財務會計績效指標中，僅本期淨利呈現代表性偏誤。

This paper uses trends and sequences of different firm performance indices to examine the existence of investors' conservatism and representativeness biases in the Taiwan stock market. We construct two performance trend indices. In the global trend index, we find that there exist conservatism and representativeness biases. However, in the local trend index, evidences incline to show that there is no systematic behavioral bias. In addition, we apply a piecewise regression analysis and find that among financial accounting performance indices, only net income exhibits a representativeness bias.

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