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題名：非常態收入對投資者風險態度之影響 –中國大陸與台灣投資者 之比較研究
作者：陳俊言
作者(外文)：Chen, Chun-Yen
校院名稱：中國文化大學
系所名稱：國際企業管理學系
指導教授：謝安田
學位類別：博士
出版日期：2014
主題關鍵詞：非常態收入；風險態度；unusual income；risk attitude
原始連結：連回原系統網址new window
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根據本研究結果指出，擁有非常態收入會影響投資者之風險態度。我們發現，投資者的風險態度受到非常態收入影響並呈現正相關。樣本抽樣首先篩選在台灣、大陸均有上市公司及海外子公司、且具獲利良好水準之國際企業。再者，從中篩選公司須為發放配股後曾有股價上漲、發放過超額紅利、或獲利獎金高於業界平均水準的公司員工及主管，作為投資者代表樣本。受測者回收有效樣本分別為台灣107位及大陸97位共204人。經由這些抽樣投資者之實證分析，結果顯示其中非常態收入者，其風險態度或風險行為受影響並傾向風險愛好。透過比較台灣與中國大陸兩地之間投資者，在非常態收入對投資者的風險態度影響上，台灣投資者和中國投資者具有干擾效果，大陸投資者因非常態收入影響其風險態度改變效應較台灣投資者強烈。
Results of this research study demonstrate that investors risk attitudes in both Taiwan and Mainland China are influenced by unusual income. We find out that risk attitude of investors have been affected by unusual income, moreover, the relationship between the impact of unusual income and investors risk attitudes is positively correlated. Sample subjects are taken from employees and managerial staff working for multinational corporations that are publicly listed, profitable and have operations in both Taiwan and Mainland China. These selected multinationals also have to meet one of the following criteria, i.e., increased stock price after offering stock option plan, giving extra-paid bonuses to employees, or profit-sharing higher than its industry average.
We issued 360 questionnaires, consisting of 204 valid respondents of which 107 were from Taiwan and 97 were from Mainland China. Through empirical analyses of the questionnaires, our results show that investors are influenced by unusual income and their risk behavior or risk attitudes tend to have high risk propensity and risk perception. When comparison was made on the impact of unusual income on investors risk attitude in both Taiwan and Mainland China, a moderately positive effect was observed on both groups. Furthermore, our results strongly indicate that the impact of unusual income on investor risk attitude in Mainland China is more pronounced than that of Taiwan, and investor risk attitude in Mainland China have a higher risk propensity.
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