台灣投資人之投資組合選擇

Investors' Investment Portfolio Selection in Taiwan

10.6985/TBFQ.200803.0027

傅澤偉(Tze-Wei Fu)；林曼莉(Mon-Li Lin)

投資決策 ； 從眾行為 ； 人口變數 ； 投資組合 ； Investment Preference ； Risk Perception ； Investment Portfolio

台灣金融財務季刊

9卷1期（2008 / 03 / 01）

27 - 56

繁體中文

本研究參酌消費者行為模式、風險認知、人口統計變數與從眾行為的觀點將投資人分群並探討不同分群的投資組合差異。使用問卷調查方式，樣本取自於台灣全島。資料分析結果顯示：1.在投資決策構面有「資訊從眾」、「學習與理性」、「過去經驗」、「長期獲利」等四個投資決策因素構面；而在風險認知構面有「風險愛好」、「風險管理」及「風險規避」等三項因素。2.以投資決策因素及風險認知因素將投資人依集群分析分為三群，分別為「理性控險群」、「避險從眾群」及「短線冒進群」；且有將近1/3的投資人對於投資有從眾的現象。3.各群在性別、年齡及所得等人口統計變數上有顯著差異。4.各群在投資組合的選擇上有顯著差異。本研究針對不同分群的投資人分別提出了投資組合的建議。

This research is based on consumer's decision model, herding behavior and demographic factors to understand investors' investment portfolio selection. Questionnaire survey is used to collect data for further analysis. Research results show that: (1) The investors' preferences are evaluated by four factors: informational herding, learning and rationality, past experience and long-term profitability. The risk perceptions can be measured by three factors: risk-take, risk-control and risk-averse. (2) Investors can be clustered into three groups: rational and risk control, herding and risk-averse, aggressive and short-term profit oriented. (3) Different group has different demographic factors. (4) Different group has different portfolio selection. The research gives some suggestions for financial institutes to provide different financial services to different group.

1. Bagozzi, R. P.,Y. Yi(1988).On the Evaluation of Structural Equation Modes.Jourmal of the Academy of Marketing Science,16,74-94.
2. Barsky, R. F.,T. Juster,M. Kimball,M. Shapiro(1995).An Experimental Approach to Preference Parameters and Behavioral Heterogeneity in the Health and Retirement Survey.Health and Retirement Study Working Paper Series.
3. Byrne K.(2005).How Do Consumers Evaluate Risk in Financial Products.Journal of Financial Services Marketing,10(1),21-36.
4. Chang, E.C.,J. W. Cheng,A. Khorana(2000).An Examination of Herd Behavior in Equity Markets: An International Perspective.Journal of Banking and Finance,24,1651-1679.
5. Christie, W.G.,R. D. Huang(1995).Following the Pied Piper: Do Individual Returns Herd around the Market?.Financial Analysts Journal,51,31-37.
6. Cindy, S.,M. Horm,L. J. Moore,N. Linnon(1987).Risk Taker.
7. Embrey, L. C.,J. J. Fox(1997).Gender Differences in the Investment Decision-making Process.Financial Counseling and Planning,8(2),33-40.
8. Engel, J. F.,D. T. Kollat,R. D. Blackwell(1986).Consumber Behavior.Taipei:Hwa-Tai Co..
9. Garman, E. T.(2000).Personal Finance.Boston:Houghton Mifflin.
10. Gleason, K.C.,I. Mathur,M. A. Peterson(2004).Analysis of Intraday Herding Behavior among the Sector ETFs.Journal of Empirical Finance,11,681-694.
11. Goodman A.(2005).Consumers' Attitudes to Risk.Consumer Policy Review,15(4),147-153.
12. Henker, J.,T. Henker,A. Mitsios(2006).Do Investors Herd Intraday in Australian Equities?.International Journal of Managerial Finance,2,196-219.
13. Howard, J. A.(1989).Customer Behavior in Marketing Strategy.Prentice-Hall. Inc..
14. Kaiser, H. F.(1974).A Score Matrix for Thurstsyone's Box Problem.Multivariate Behavioral Research,10(1),17-26.
15. Kolter, P.,G. Armstrong(2001).Principle of Marketing.Prentice Hall.
16. Krishnan, R.,D. Booker(2002).Investors Use of Analysts' Recommendations.Behavioral Research in Accounting,14,129-157.
17. Lin, Q. C.,J. Lee(2004).Cosummer Information Search When Making Investment Decisions.Financial Services Review,13,319-221.
18. Murphy, K.,J. Soutar(2005).Individaul Investor Preferences: A Segmentation Analysis.Journnal of Behavioral Finance,6(1),6-14.
19. Nagy, R A.,R. W. Obenberger(1994).Factors Influencing Individual Investor Behavior.Financial Analysis Journal,July-August,63-68.
20. Nevins, D.(2004).Goals-Based Investing: Integrating Traditional and Behavioral Finance.Journal of Wealth Management,Spring,8-23.
21. Prechter, R. R.(2001).Unconscious Herding Behavior as the Psychological Basis of Financial Market Trends and Patterns.Journal of Psychology and Financial Markets,2,120-125.
22. Roszkowski, M. J.,G.. E. Snelbecker,S. R. Leimberg(1993).The Tools and Techniques of Financial Planning.Cincinnati, OH:National Underwriter.
23. Thaler, R. H.(1980).Toward a Positive Theory of Consumer Choice.Journal of Economic Behavior and Organization,1,39-60.
24. Tversky A.,D. Kahneman(1986).Rational Choices and the Framing of Decisions.Journal of Business,59,251-278.
25. 吳明彥(1998)。彰化縣，大葉大學事業經營研究所。
26. 吳明隆(2006)。SPSS統計應用學習實務。知城數位科技股份有限公司。
27. 吳麗皙(1999)。公司資訊揭露媒體知名度與投資者信念之關係。文大商管學報，4(1)
28. 郭效佩(2000)。台中縣，朝陽大學財務金融系。
29. 陳清龍(1998)。台北縣，淡江大學金融研究所。
30. 陳麗莉(1997)。台北市，文化大學會計研究所。
31. 黃國瑞(2000)。台北市，政治大學企業管理學系研究所。
32. 潘明全(1990)。台北市，政治大學企業管理研究所。
33. 鮑聖玟(1998)。台中市，東海大學管理研究所。