Basic Search / Detailed Display

Author: 李秋微
Chiu-Wei Lee
Thesis Title: 股票投資者對金融商品認知及偏好之研究
Research on Stock Investors Cognition and Preference of Financial Commodities
Advisor: 盧希鵬
Hsi-Peng Lu
羅天一
Tain-Yi Luor
Committee: 盧希鵬
Hsi-Peng Lu
羅天一
Tain-Yi Luor
黃世禎
Sun-Jen Huang
Degree: 碩士
Master
Department: 管理學院 - 管理研究所
Graduate Institute of Management
Thesis Publication Year: 2019
Graduation Academic Year: 107
Language: 中文
Pages: 62
Keywords (in Chinese): 投資偏好性格風險態度總體環境基本面投資趨勢技術面
Keywords (in other languages): Investment Preferences, Characters, Risk Attitude, Overall Environment, Fundamentals, Investment Trends, Technical Aspects
Reference times: Clicks: 266Downloads: 0
Share:
School Collection Retrieve National Library Collection Retrieve Error Report
  • 隨著國內經濟環境的轉變,資本市場的地位日益提高加上低利率的環境下,人們
    對投資需求的慾望變得更加強烈及重視。喜歡做理財規劃的人,比不喜歡做理財規劃
    的人,更容易累積財富。不擅長投資理財的人,財富累積只能用加法,懂得投資理財
    的人,有了複利的加持,財富累積就會以倍數成長!投資者想要累積財富必須學習理
    財知識,要讓錢生錢,生錢是理財的重點。在開始理財之前,先建立正確的理財觀念。
    近年來,投資股市已成為國人最常使用的投資工具。因此,投資人性格會影響投資人
    對承擔風險態度。本研究主要透過文獻探討及深度訪談國內資深投資專家為主要訪談
    對象,並以性別、年齡、婚姻狀況、服務年資、教育程度、職業種類、家庭年收入及
    投資股票經驗為背景變項,以投資人的性格為內在變數、投資標的及投資人收益為因
    變數、外在變數為總體環境(基本面)及投資趨勢(技術面)等考慮因素等作為變數進行
    調查,分析國內投資者對股票產品的認知及偏好,進一步探討投資人的性格及風險態
    度對股票標的之選擇及認知,並分析結果作為證券業者及股市投資者實務上之參考。
    研究結果發現:在投資人背景變數差異分析發現,在各變數間以性別最具顯著差
    異。年齡與家庭年收入僅對投入資金成本顯著差異。另外,各變數間之分析發現:(1)
    股票投資者對股票的認知及偏好與其投資人的性格及風險承擔有密切的相關性。(2)
    風險承擔及投資偏好變數中,男女有顯著差異,以男性投資者風險承擔為較高及為極
    積冒險型性格,女性投資者投資偏好屬性為穩定收益型性格。(3)在資訊來源構面方
    面,較無顯著差異以基本面、技術面、籌碼面、消息面分析作為主要投資參考。(4)
    不同投資人性格及風險態度在投資績效方面具顯著差異(5)在投資標的方面,則偏好
    投資電子股、傳統產業股。


    With the transformation of the domestic economic environment, the status of the capital market increasing and the environment of low interest rates, people is getting to place importance on investments and think of them intensely. People who like to do financial planning are more efficient to accumulate the wealth than those who do not. Those who are not good at investments can only accumulate the wealth by the addition growth approach while those who are good at investments can accumulate the wealth by the multiple growth approach with the assistance of compound interest. To effectively accumulate the wealth, financial knowledge is the necessary to learn know-how for the investors. To have money bring money is the key of financial management. Therefore, establishing the correct concept on financial management is important starting from the very beginning. For the past few years, to invest in the stock market has become the most commonly used investment tool for the people in Taiwan. And the character of investors would influence their attitude on risk tolerance. This study mainly focus on the analysis of the perceptions and preferences of domestic investors on stock products, and further explores how the investors' characters and attitude would influence their choices and perceptions on stocks, and then take the result as references for security firms and stock market investors.
    The study is conducted through literature discussion and in-depth interviews with domestic senior investment experts. And set gender, age, marital status, length of service, education level, occupation type, family annual income and investment stock experience as background variables. And then set characters of the investors as an intrinsic variable, set the investment subjects and the income of investors as the number of strains, and consider the external variables such as the overall environment (fundamental) and the investment trend (technical side) as variables. The outcome of research discovered that the gender is the most significant difference among the variable difference analyses in the background of investors. Age and family annual income would only make the difference from the cost of invested capital. In addition, the analysis of variables discovered that (1) the perceptions and preferences of stock investors are closely associated with their characters and risk-taking. (2) There are significant differences between men and women in the variables of risk-taking and investment preference. The male investors are high risk-taking with active adventure characters while female investors are prone to stable income as their investment preference. (3) And there is no significant difference in terms of the sources structure of information by taking the analyses of fundamental, technology, chips and information surface as the main investment reference. (4) And the differences of the characters of investors would bring differences in the performance of investment. (5) To invest in electronic stocks and traditional industrial stocks are highly preferred in terms of investment targets.

    摘要 ......................................................................... I ABSTRACT ..................................................................... II 誌謝詞 ....................................................................... IV 目 錄 ....................................................................... VI 圖目錄 .................................................................... VIII 表目錄 .......................................................................IX 第一章、 緒論 .................................................................. 1 1.1 研究背景 .................................................................. 1 1.2 研究動機 .................................................................. 3 1.3 研究目的 .................................................................. 3 1.4 研究流程 .................................................................. 3 第二章、 文獻探討及金融商品介紹 ................................................. 6 2.1 金融商品 .................................................................. 6 2.2 股票市場 .................................................................. 9 2.3 股票類股及特性 ............................................................ 19 2.4 投資偏好-投資人性格 ....................................................... 21 2.5 風險態度 ................................................................. 23 第三章、 研究方法.............................................................. 26 3.1 研究模型 ................................................................ 26 3.2 深度訪談 ................................................................. 26 3.3 訪談對象與訪談過程 ........................................................ 26 第四章、 研究分析及結果 ....................................................... 28 4.1 股票投資專家訪談結果 ..................................................... 28 4.2 研究分析................................................................. 30 第五章、 結論與建議............................................................ 34 5.1 研究結論 ................................................................ 34 5.2 研究建議 ................................................................ 35 5.3 研究貢獻 ................................................................ 36 5.4 研究限制 ................................................................ 36 5.5 未來研究之建議 ........................................................... 36 參考文獻 ..................................................................... 38 中文文獻 ..................................................................... 38 英文文獻 ..................................................................... 39 訪談問卷 .................................................................... 41 逐字稿(一) ................................................................... 43 逐字稿(二) ................................................................... 45 逐字稿(三) ................................................................... 47 逐字稿(四) ................................................................... 49

    中文文獻
    1. 王邵佑 (2000)。「隨機指標KD値投資績效之實證研究」。國立台北大學企業管理研究所碩士論文。
    2. 台灣金融研訓院(2014)。理財實務。台北市:財團法人台灣金融研訓院。
    3. 江佳宇 ( 2006 )。個人特質對投資行為影響之研究。朝陽科技大學企業管理系,碩士論文。
    4. 牟聖遠 (2013) 。「台灣股市技術分析實證-以KD指標、RSI指標、MACD指標、DMI指標為例」。義守大學資訊管理學系碩士在職專班碩士論文。
    5. 宋明哲 (民90)。現代風險管理。 台北:五南圖書公司。
    6. 李亦文 (2017)。投資者對投資型金融產品的認知與偏好研究。天主教輔仁大學金融與國際企業學系金融碩士班碩士論文,頁1。
    7. 李宏達 ( 1989 )。證券市場投資者之金融投資行為分析。政治大學國際貿易,研究所碩士論文。
    8. 杜梅明 ( 2005 )。風險偏好、組織氣候、激勵因素與組織承諾之相關性研究。中山大學人力資源管理研究所碩士論文。
    9. 周宗仁(1987)。股票投資人決策過程及投資成效之研究。國立台灣科技大學工程技術研究所碩士論文。
    10. 林天運 (2007)。「大盤未來走勢預測-KD指標的實證分析」。國立成功大學國際企業研究所碩士論文。
    11. 林怡汝(2014)。國中教師理財態度、理財行為及風險偏好之研究-以台東縣國中教師為例。國立臺東大學教育學系學校,行政碩士在職專班碩士論文,頁2。
    12. 洪志豪(1999),「技術指標KD、MACD、RSI與WMS R之操作績效實證」。國立台灣大學國際企業研究所碩士論文。
    13. 孫中玠 (2006)。台灣股市投資人之人格特質、影響投資因素對投資型態、投資績效之相關研究。大葉大學國際企業管理學系碩士班碩士論文,頁5。
    14. 徐俊明(2004)。投資學理論與實務。福懋出版社有限公司。
    15. 許修旗(2005)。台中市民財務風險認知之研究。朝陽科技大學保險金融管理學系碩士論文。
    16. 許維玲(2002)。個人金融商品選擇模式之研究。屏東科技大學,企業管理研究所碩士論文。
    17. 郭淑慧(2007)。 投資人屬性與資產配置之關係研究-以某銀行理財中心為例(未出版之碩士論文)。輔仁大學管理學研究所,新北市。
    18. 陳嘉惠、高郁惠、劉玉珍(2002)。投資人偏好與資產配置,臺灣管理學刊,第1 卷第2 期,頁213。
    19. 陳麗莉(1997)。台灣地區共同基金投資人投資行為之研究。中國文化大學,會計研究碩士論文。
    20. 彭毓珍 (2003)。台灣股票與指數期貨市場投資者行為之研究。成功大學高階企業管理碩士在職專班碩士論文。
    21. 黃光廷(2002)。技術分析、基本分析與投資組合避險績效之研究(未出版之碩士論文)。國立成功大學會計學研究所。
    22. 黃思婷(2010)。屏東縣公教人員理財態度與投資決策關係之研究(未出版之碩士論文)。國立屏東教育大學社會發展學系,屏東縣。
    23. 黃洲煌 ( 2000 )。個人人格特質、激勵認知、工作態度與組織公民行為之關連性研究。台灣科技大學管理研究所企業管理學程碩士論文 (未出版之碩士論文)。台北市。
    24. 溫國信 ( 民100) 。找到雪球股,讓你一萬變千萬。台北市:大是文化。
    25. 詹勳章 (2005)。我國 OBU 成立後,大陸台商人格特質、資金調度因素對資金行為及財務績效之相關研究。大葉大學會計系研究所碩士論文。
    26. 廖學寅(2004)。台灣中小企業創業家人格特質與創業績效關係之研究。輔仁大學管理研究所碩士論文。
    27. 維基百科,「股票市場」。
    28. 蕭彰志 (2011)。「 KD指標買賣績效之研究」。東吳大學資訊管理研究所碩士論文。

    英文文獻
    1. Atkinson, J.W.& Feather, N.T.(1966). “A theory of achievement motivation.” NewYork:John Wiley&Sons.
    2. Beaver, W. H. (1968). The information content of annual earnings announcements. Journal of Accounting Research, 6, 67-92.
    3. Bernheim, B. D., and Levin, L ., (1989). Social security and personal saving: An analysis of expectations. American Economic Review, 79(2), 97-102.
    4. Chan, S., and Stevens, A. H. (2008). What you don’t know can’t help you: Pension knowledge and retirement decision-making. Review of Economics and Statistics, 90(2), 253-266.
    5. Fama, E. F. (1965). The Behavior of Stock Market Prices. Journal of Business, 38,34-105.
    6. Fama, E.F.,(1981). Stock Returns, Real Activity, Inflation, and Money. American Economic Review ,Vol.71 ,No. 4, 545–565.
    7. Farley, D. E.,(2000). Achieving a Balancebetween Risk and Return.Journalofthe.
    8. Kotler, P., (1998). Marketing Management: Analysis, Planning, Implementation and Control (9th ed.). Prentice Hall Inc.
    9. Kotler, P., (2000). Marketing Management , 10th ed. Upper Saddle River, NJ: Prentice Hall.
    10. Lev, B., Thiagarajan, S. R. (1993). Fundamental information analysis. Journal of Accounting Research, 31, 190-215.
    11. Lusardi, A., and Mitchell, O. S. (2007a). Baby boomers retirement security: The role of planning, financial literacy and housing wealth. Journal of Monetary Economics, 54(1), 205-224.
    12. Lusardi, A., and Mitchell, O. S. (2007b). Financial literacy and retirement preparedness: Evidence and implications for financial education. Business Economics, 42(1), 35-44.
    13. Lusardi, A., and Mitchell, O. S. (2008). Planning and financial literacy: How do women fare? American Economics Review, 98(2), 413-147. 14. Lusardi, A., and Mitchell, O. S. (2011b). Financial literacy around the world: An overview. Journal of Pension Economics and Finance, 10(4), 497-508.
    15. Ou, J.A., Penman, S. H. (1989). Financial statement analysis and the predication of stock returns. Journal of Accounting and Economics, 27, 295-329.
    16. Park, C. H. and Irwin, S. H. (2004). The profitability of technical analysis: A review,67 AgMAS Project Research Report, No.2004-04.
    17. Park, C. H. and Irwin, S. H. (2007). “What do we know about the profitability of technical analysis” Journal of Economic Surveys, Vol. 21, No.4, pp.786–826.
    18. Robbins, S.P., (1991).Organization theory: Structure, Design, and Application. Englewood cliffs ,New Jerry: Printice-Hall.

    無法下載圖示 Full text public date 2024/01/16 (Intranet public)
    Full text public date 2029/01/16 (Internet public)
    Full text public date 2029/01/16 (National library)
    QR CODE