基金投資人處置策略、特質與投資績效

The Disposition Strategies, Characteristics, and Investment Performances of Fund Investors

10.6736/JPSR.201209_9(2).0003

葉智丞(Chih-Cheng Yeh)；賴藝文(Yih-Wenn Laih)

處置行為 ； 投資人特質 ； 心理偏誤 ； 投資績效 ； psychological bias ； investor characteristics ； investment habits

績效與策略研究

9卷2期（2012 / 09 / 01）

51 - 70

繁體中文

本研究嘗試透過直接問卷調查與探索性因素分析法，來探討展望理論是否能夠完整的解釋處置效應，以及檢視基金投資人特質、心理偏誤對投資績效的影響性。研究結果顯示，展望理論可以解釋投資人面臨利得的處置行為，但是，無法完全解釋投資人面臨損失所產生的處置行為變化。進一步分析，發現女性在面臨利得的處置行為較男性明顯。年齡層較高或教育程度較高的投資人處置行為較不明顯。女性在經驗效應、風險嫌惡、依賴資訊等心理偏誤上比男性明顯。實證結果亦發現，處置效應無法帶來顯著的報酬，男性比女性有較佳的投資績效，結合單筆與定期定額、依賴個人分析決定買賣決策，以及善用資訊的心理等策略，對基金績效有顯著的正向影響。教育程度與投資績效沒有關聯。

The study uses survey questionnaires and exploratory factor analysis to discuss whether the prospect theory can fully explain the disposition effect and examine the impact of fund investor characteristics and psychological biases on investment performances. We find that the prospect theory can be used to explain the disposition effect of investors who realize capital gains, but it cannot account for the disposition effect of investors who realize capital losses. Moreover, women exhibit a greater tendency of disposition effect than men when they realize gains. Both older investors and investors with higher education exhibit less significant disposition effects. Female investors exhibit greater psychological biases, such as experience effect, risk aversion, and relying on information, than male investors. Empirical results also found that disposition effect does not result in significant returns, and male investors achieve better investment performance than female investors. Psychological strategies such as relying on individual analyses and using information to ensure good quality decision-making have positive impact on investment performance. Education is not associated with investment performance.

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