人格特質與處分效果關係之探討

Explaining the Relationship between the Personality Traits and Disposition Effect

10.29963/TOJEB.201006.0004

林惠文(Huei-Wen Lin)；林怡寬(Yi-Quan Lin)

處分效果 ； 人格特質 ； 性別 ； 報酬率 ； disposition effect ； personality trait ； gender ； rate of return

真理財經學報

22期（2010 / 06 / 01）

87 - 108

繁體中文

本研究藉由真理大學財務金融系學生參加虛擬投資交易競賽之交易紀錄，輔以問卷調查來探討不同人格特質與性別是否存在處分效果，並進一步驗證當投資人存在處分效果，是否會降低其投資報酬率。透過結構方程模式進行實證分析，研究結果發現散戶投資人之投資行為存在處分效果；男性的報酬率明顯高於女性；同時，人格特質愈外向的投資人，其處分效果愈低；但愈具友善性特質之投資人，其處分效果則愈高。

This study uses the students' virtual trading records along with the questionnaire to explore the relationship of different personality traits, gender and disposition effect through constructing a structural equation modeling. Furthermore, whether the disposition effect of individual investors would lead a lower rate of returns is also discussed. The findings show that the individual investors exhibit a significant disposition effect, and male investors have a higher rate of return than female. The trait of extroversion has a negative effect on disposition effect, and the more agreeable investors would exhibit higher disposition effect.

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