本研究建構在行為財務學的基礎下，探討投資人在資訊不對稱、人際網絡、自信心程度、及避免後悔等四個構面是否會讓散戶投資者產生從眾傾向。再者，散戶投資者在從眾傾向的心理偏誤下，探討是否因股友社利用投顧頻道的慫恿而產生衝動性購買行為。研究結果發現，投資人在資訊不對稱程度越高、自信心程度愈不足、及避免後悔心態愈明顯時，愈會有顯著性的從眾傾向。而從眾傾向愈高的散戶投資人，其受投顧頻道影響產生衝動性購買行為愈顯著。另外，投顧老師在頻道中使用不同的行銷手法、或在不同的環境情境條件下，影響從眾傾向的因素及造成衝動性行為的程度皆存在差異性。

Based on behavioral finance theory, this study examines how retail investors' herding tendency are affected by four constructs, including information asymmetry, social network, self-confidence level, and avoiding regret. Furthermore, we examine whether the retail investors who have herding bias are affected by investment advisor, and then result in impulse buying behavior to join stock clubs. The study finds that the more degree of the information asymmetry, the less degree of confidence level, and the avoiding regret attitudes more seriously, the herding tendency of retail investors are more significantly. The higher the herding tendencies of retail investors are influenced by stock clubs through cable TV, they will generate impulse buying behavior more significantly. In addition, the result somehow exists differences if the investment consultants apply different marketing strategies or in different scenarios.