社群認同與模仿係社會觀察學習的常態，本文由投資者行為面觀點出發，採用結構方程模式及跨群體檢驗，探討散戶在台灣股市的決策行為及其績效表現，結果發現：投資者存在明顯的資訊串流現象，期待正向報償外部性與劣質訊息匯集等特性，新手與老手投資行為呈現明顯之差異，投資績效的表現產生訊息矛盾性。

Localized conformity has been recognized as one of the norms of social learning. Based upon the observations of investors’ behavior in Taiwanese stock market, this article adopted structural equations modeling and multi-group testing to explore individual investor’s decision-making process and related performance. It was concluded that the phenomena of information cascades do exist in investor’s decision-making process, so do the positive payoff externality as well as poor information aggregation. Differences in information preference and the effects of information cascades were also found between experienced investors and new comers. Finally, the paradoxicality was observed in the study, which states that, due to poor information aggregation, information cascades would not necessarily lead to more accurate investment decisions.