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題名：投資人對金融商品的風險態度與投資決策行為：行為財務學的觀點
作者：許慧琳 引用關係
作者(外文)：Hui-Lin Hsu
校院名稱：國立高雄第一科技大學
系所名稱：管理研究所
指導教授：黃國良
周賢榮
學位類別：博士
出版日期：2010
主題關鍵詞：行為決策；結構方程模式；行為財務；風險認知；Decision-making；Structural equation model；Behavioral finance；Risk perception
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本研究以行為財務學的觀點結合風險決策行為模型探討投資人建立投資組合決策的過程。研究利用問卷調查的方式，對台灣的投資人施測，調查內容的金融商品包括股票、股票型基金、投資型保單、連動債以及期貨與選擇權五種商品。研究架構以個別投資人的風險偏好、過去投資經驗之成功或失敗以及投資人自信心做為個人特質中的「定錨」的觀念，以行為財務學的觀點探討個人如何透過風險認知和風險傾向去影響金融商品報酬的預期和風險性資產投資組合的建構，藉以了解投資人對預期報酬和投資組合建構的決策行為模式，另外，本研究也進行投資人對不同金融商品風險認知差異之研究以及重要潛在變數的中介效果之檢驗。本研究利用結構方程模型進行決策模式探討和推論，研究結果發現，理論模式與實證模式配適良好，但是投資人對金融商品報酬之預期並不會影響投資組合之建構，對投資人而言，建構風險性投資組合過程中最重要的考量因素是風險。本研究結果期望建立一個符合投資人決策行為之模式，以期幫助投資人了解投資行為中不理性的決策方式，並建構更理性的投資組合，同時，研究結果將有助於金融服務機構更了解投資人的行為模式，並應用於規劃和改善金融商品之設計和行銷，以求更符合不同風險偏好的投資人對於金融商品的風險規避與報酬之期待。
This research combines with behavior finance and risk decision-making model to discuss the forming process of portfolio for investors. This study applied questionnaire investigation that including financial products, for example, stock, stock fund, investment insurance policy, structured notes, future and option. The interviewee is the investors of Taiwan. In the study structure, investors’ risk preference, experience and confidence are idiosyncrasies for exogenous parameters of model. These idiosyncrasies influence the expected return and portfolio through risk propensity and risk perception. In addition, this paper also examines the cognition difference for each financial product and mediator effect for latent variables in study model. This research utilizes the Structural Equation Model to carry on investment decision-making model and inference, the result of study finds, theory model and real example model are fit very well, but investor expected return does not influence the construction of portfolio. As to investors, the determinant is risk when they build portfolio. This result of study establishes a behavioral decision-making model for investment, by way of expecting to help investors understanding the irrational behavior, improving and constructing more rational portfolio. At the same time, the result of study will facilitate financial service organization to understand investors'' manner even more, apply to designing and marketing of the financial products.
中文參考文獻
1. 李顯儀，吳幸姬，李亮君，2006， “投資人對股票報酬與風險的關心程度之探討 ”，台灣管理學刊，8卷，2期，頁71-94。new window
2. 周賓凰，池祥萱，周冠男，龔怡霖，2002，“行為財務學：文獻回顧與展望”, 證券暨期貨展季刊，14卷，2期，頁1-48。new window
3. 吳靖東，2007，“個別投資人風險偏好程度與股票交易行為：以模擬交易為例”，創新與管理，6卷，2期，頁21-37。
4. 郭敏華，2004，“代表性偏誤與經驗效應之探討”，貨幣觀測與信用評等，49期，頁66-75。


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