陽光影響投資情緒？以台灣股票市場為例

10.6985/TBFQ.200506.0035

郭敏華；李謙

行為財務學 ； 陽光效應 ； 季節性情緒失調

台灣金融財務季刊

6卷2期（2005 / 06 / 01）

35 - 51

繁體中文

「陽光影響股市？」原本不見容於傳統財務經濟學的想法，隨著行為財務學(Behavioral Finance)的崛起，心理學理論進入財務學領域，為傳統的財務觀點開啟新視窗後，現在已開始受到重視。進入21世紀以來，全球天災不斷，人類與大自然的關係，更是成為人類不能不嚴肅思考的議題。本文從行為財務學的觀點，檢視陽光與投資行為的關係，利用1986至2000年之台灣股市與氣候資料，採取GARCH(1, 1)與聯立迴歸模型等實證方法進行分析，實證結果發現：台北的陽光量確實是股市價量行為的重要影響因素，台灣股市在陽光充足時，價量俱揚，支持必理學上對於個人情緒與思維受到陽光影響的主張。

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