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題名：人口老化對投資行為之影響-以台灣股票市場為例
作者：李建祈
作者(外文)：Lee, Chien-Chi
校院名稱：國立中正大學
系所名稱：企業管理系研究所
指導教授：鎮明常
學位類別：博士
出版日期：2021
主題關鍵詞：風險因子；報酬因子；集中度；偏態；峰度；投資人老化；台灣股票市場；Risk Factors；Return Factors；Concentration；Investor aging；Taiwan stock market；Skewness；Kurtosis
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在近數十年來，人口結構改變已經變成世界各國所面臨的一個重大的議題。在生育率不斷下降以及整體平均壽命延長造成目前人口老化的現象。多數已開發國家在人口結構改變的情況下，面臨了許多社會問題，特別是在經濟及金融層面上。為了勾勒出台灣目前所面臨的狀況，本研究透過台灣證券交易所提供之99家上市櫃公司之投資人交易資料，分析人口老化對於台灣股票市場所帶來之影響。
人口老化間接地造成股票市場中的老年投資人比例逐年上升。根據過去的研究，老年投資人會較偏好持有低風險資產。因此，本研究使用風險和報酬因子進行分析，檢視投資人在台灣股票市場中之投資行為。並將整體樣本區分為全產業、金融業、科技業及傳統產業。研究結果發現，無顯著證據可以證明老年投資人在台灣股票市場中偏好低風險股票，這與過去國外研究並不一致。另一方面，這些老年投資料在台灣股票市場中偏好高報酬股票，這也與過去文獻結果不一致。
關鍵字：風險因子、報酬因子、集中度、偏態、峰度、投資人老化、台灣股票市場
Demographic transition has already become a major issue in the recent decades. Lower fertility rate and higher expected life length result in the population aging. Most developed countries face social problems due to the demographic transition, especially in the economic and financial field. To figure out the phenomena, this paper selects 99 stocks provided by Taiwan Stock Exchange to explore the impact of population aging on Taiwan stock market. Population aging indirectly make the proportion of the elder investors higher in the stock market. According to past research, elder investors prefer to hold lower risk securities. This paper employs risk and return variables to analyze the investors’ behavior in Taiwan stock market. Also, we divide the whole sample into several groups, whole industry, financial industry, technology industry, and traditional industry to find out the impact of investors aging in the different industries. The results show that there is no significant evidence to prove that the elder investors pursue lower risk stocks in Taiwan stock market, that is inconsistent with the results of the past research. On the other hand, in the whole industry, technology industry, and traditional industry are different from the past research results, showing that Taiwan's elderly investors prefer stocks with higher return in those industries.
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