過去文獻在探討投資人的心理偏誤，主要是以處置效應、經驗效應與過度自信等為研究重點，本研究以探索性因素分析法，嘗試去萃取投資人的其他潛在心理偏誤，並檢視投資人特質、投資習性與這些偏誤之間的關聯，及投資績效的影響。研究結果顯示，除了文獻提及的上述心理偏誤外，投資人尚存有依賴資訊心理、依賴主力心理、過度謹慎心理與依賴媒體心理等偏誤。並且，投資人的特質，在投資習性與心理偏誤上確實有顯著的差異表現。實證結果亦發現，性別、年齡與投資經驗等投資人特質，買賣時機等投資習性，以及處置效應、過度自信、依賴主力與依賴資訊等心理偏誤，對投資績效均有顯著的影響性。研究結果有助於投資人對人的非理性面貌，有完整的認知。

Previous studies have focused primarily on disposition effects, experience effects and over-confidence in psychological biases of investors. The study uses exploratory factor analysis to uncover other psychological biases plaguing investors to investigate the impact of these psychological biases on investment performance together with investor characteristics and investment habits. The results of the study show that, in addition to psychological biases mentioned in previous literature, there are also other biases such as relying on information, relying on main force, over carefulness and relying on media. Besides. The empirical results also show that investor characteristics such as gender, age and investment experience, investment habits such as investment opportunities, and psychological biases such as disposition effects, over-confidence, relying on information, relying on main force and so on have significant impact on investment performance. The results are helpful to investors to get a complete understanding of non-rational side of people.