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題名 性別對客戶風險屬性評量的影響探討
The Impact of Gender on Questionnaires of Investors’ Risk Tolerance作者 徐文慧
Hui, Hsu Wen貢獻者 周冠男
徐文慧
Hsu Wen Hui關鍵詞 風險屬性評量表
商品風險等級
性別
客戶風險承受能力
Personal Investment Worksheet
Risk level
Gender
Risk tolerance日期 2021 上傳時間 10-Feb-2022 13:01:51 (UTC+8) 摘要 過去學者研究指出性別是影響投資行為其中一項重要的因素，但經本研究審視T銀行之風險屬性評量表後發現，T銀行未將性別題項列入，因此本研究利用T銀行填答風險屬性評量表之受訪者資料進行分析，來探討性別是否可列入題項，使PIW設計更能全方位了解客戶風險承受能力和適合的投資類型。研究結果發現年齡與性別之商品風險等級承受相關，且本研究逐步迴歸分析指出，專業程度對男性或者是女性都是同要最重要的、可容忍損失對於男性相對重要，而女性較不在意、女性可動用資金不具解釋力，得出性別在投資中具有重要的意涵，且在實務上能夠作為風險承受能力的參考結論。
Men and women have different risk tolerance, and there is a considerable amount of general literature on Behavioral Finance of gender. However, T Bank did not include gender attributes in the Personal Investment Worksheet (PIW). This paper studies 158,046 PIW submitted to the T bank. This research focuses on the relationship between 14 attributes of PIW and gender. The results of this study showed a correlation between age and gender, and the importance of 14 attributes to gender. These findings have implication for T bank參考文獻 Bajtelsmit, V. L., & VanDerhei, J. A. (1997). Risk aversion and retirement income adequacy. Positioning pensions for the twenty-first century, 45-66.Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292.Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of Economic Behavior & Organization, 83(1), 50-58.Cordell, D.M., (2001). RiskPACK: How to evaluate risk tolerance. Journal of Financial Planning 14(6), 36-40.Cordell, D.M., (2002). Risk tolerance in two dimensions. Journal of Financial Planning 15(5), 30-35.Dwyer, P. D., Gilkeson, J. H., & List, J. A. (2002). Gender differences in revealed risk taking: evidence from mutual fund investors. Economics Letters, 76(2), 151-158.Finucane, M. L., Slovic, P., Mertz, C. K., Flynn, J., & Satterfield, T. A. (2000). Gender, race, and perceived risk: The`white male`effect. Health, risk & society, 2(2), 159-172.Hinz, R. P., McCarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments.Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic inquiry, 36(4), 620-630.Olsen, R. A., & Cox, C. M. (2001). The influence of gender on the perception and response to investment risk: The case of professional investors. The journal of psychology and financial markets, 2(1), 29-36.Pan, C.H., Statman, M., (2013). Investor personality in investor questionnaires. Journal of Investment Consulting 14(1), 48-56.Powell, M., & Ansic, D. (1997). Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of economic psychology, 18(6), 605-628.Riley Jr, W. B., & Chow, K. V. (1992). Asset allocation and individual risk aversion. Financial Analysts Journal, 48(6), 32-37.Sunden, Annika and Brian Surette. (1998) “Gender Differences in the Allocation of Assets in Retirement Plans.” American Economic Review, 88, , pp. 207–221.Yook, K.C., Everett, R., (2003). Assessing risk tolerance questioning the questionnaire method. Journal of Financial Planning 16(8), 48-55.周宥妤（2016）。性別與投資行為偏誤：現存狀態、保守性、可取性及損失趨避偏誤。世新大學，臺北市。林奕伸（2010）。台灣地區共同基金投資人投資行為之影響因素分析。國立政治大學，台北市。高敏誠（2018）。性別對風險承擔、處置效應及過度自信之差異。國立屏東大學，屏東縣。 描述 碩士
國立政治大學
經營管理碩士學程(EMBA)
109932124資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109932124 資料類型 thesis dc.contributor.advisor 周冠男 zh_TW dc.contributor.author (Authors) 徐文慧 zh_TW dc.contributor.author (Authors) Hsu Wen Hui en_US dc.creator (作者) 徐文慧 zh_TW dc.creator (作者) Hui, Hsu Wen en_US dc.date (日期) 2021 en_US dc.date.accessioned 10-Feb-2022 13:01:51 (UTC+8) - dc.date.available 10-Feb-2022 13:01:51 (UTC+8) - dc.date.issued (上傳時間) 10-Feb-2022 13:01:51 (UTC+8) - dc.identifier (Other Identifiers) G0109932124 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/138920 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 經營管理碩士學程(EMBA) zh_TW dc.description (描述) 109932124 zh_TW dc.description.abstract (摘要) 過去學者研究指出性別是影響投資行為其中一項重要的因素，但經本研究審視T銀行之風險屬性評量表後發現，T銀行未將性別題項列入，因此本研究利用T銀行填答風險屬性評量表之受訪者資料進行分析，來探討性別是否可列入題項，使PIW設計更能全方位了解客戶風險承受能力和適合的投資類型。研究結果發現年齡與性別之商品風險等級承受相關，且本研究逐步迴歸分析指出，專業程度對男性或者是女性都是同要最重要的、可容忍損失對於男性相對重要，而女性較不在意、女性可動用資金不具解釋力，得出性別在投資中具有重要的意涵，且在實務上能夠作為風險承受能力的參考結論。 zh_TW dc.description.abstract (摘要) Men and women have different risk tolerance, and there is a considerable amount of general literature on Behavioral Finance of gender. However, T Bank did not include gender attributes in the Personal Investment Worksheet (PIW). This paper studies 158,046 PIW submitted to the T bank. This research focuses on the relationship between 14 attributes of PIW and gender. The results of this study showed a correlation between age and gender, and the importance of 14 attributes to gender. These findings have implication for T bank en_US dc.description.tableofcontents 第壹章 緒論 7第一節 研究背景 7第二節 研究動機與目的 8第三節 研究架構 8第貳章 文獻探討 9第一節 設計風險屬性問卷之重要性與指標 9第二節 性別與風險承擔之關聯 11第參章 數據分析 13第一節 性別對各題項風險屬性之差異 13第二節 各題項對客戶購買商品平均風險等級之解釋力 28第三節 逐步迴歸分析 30第肆章 結論 33參考文獻 35附錄 371. T銀行各題項原始配分方式 37 zh_TW dc.format.extent 2458011 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109932124 en_US dc.subject (關鍵詞) 風險屬性評量表 zh_TW dc.subject (關鍵詞) 商品風險等級 zh_TW dc.subject (關鍵詞) 性別 zh_TW dc.subject (關鍵詞) 客戶風險承受能力 zh_TW dc.subject (關鍵詞) Personal Investment Worksheet en_US dc.subject (關鍵詞) Risk level en_US dc.subject (關鍵詞) Gender en_US dc.subject (關鍵詞) Risk tolerance en_US dc.title (題名) 性別對客戶風險屬性評量的影響探討 zh_TW dc.title (題名) The Impact of Gender on Questionnaires of Investors’ Risk Tolerance en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) Bajtelsmit, V. L., & VanDerhei, J. A. (1997). Risk aversion and retirement income adequacy. Positioning pensions for the twenty-first century, 45-66.Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. The quarterly journal of economics, 116(1), 261-292.Charness, G., & Gneezy, U. (2012). Strong evidence for gender differences in risk taking. Journal of Economic Behavior & Organization, 83(1), 50-58.Cordell, D.M., (2001). RiskPACK: How to evaluate risk tolerance. Journal of Financial Planning 14(6), 36-40.Cordell, D.M., (2002). Risk tolerance in two dimensions. Journal of Financial Planning 15(5), 30-35.Dwyer, P. D., Gilkeson, J. H., & List, J. A. (2002). Gender differences in revealed risk taking: evidence from mutual fund investors. Economics Letters, 76(2), 151-158.Finucane, M. L., Slovic, P., Mertz, C. K., Flynn, J., & Satterfield, T. A. (2000). Gender, race, and perceived risk: The`white male`effect. Health, risk & society, 2(2), 159-172.Hinz, R. P., McCarthy, D. D., & Turner, J. A. (1996). Are women conservative investors? Gender differences in participant-directed pension investments.Jianakoplos, N. A., & Bernasek, A. (1998). Are women more risk averse?. Economic inquiry, 36(4), 620-630.Olsen, R. A., & Cox, C. M. (2001). The influence of gender on the perception and response to investment risk: The case of professional investors. The journal of psychology and financial markets, 2(1), 29-36.Pan, C.H., Statman, M., (2013). Investor personality in investor questionnaires. Journal of Investment Consulting 14(1), 48-56.Powell, M., & Ansic, D. (1997). Gender differences in risk behaviour in financial decision-making: An experimental analysis. Journal of economic psychology, 18(6), 605-628.Riley Jr, W. B., & Chow, K. V. (1992). Asset allocation and individual risk aversion. Financial Analysts Journal, 48(6), 32-37.Sunden, Annika and Brian Surette. (1998) “Gender Differences in the Allocation of Assets in Retirement Plans.” American Economic Review, 88, , pp. 207–221.Yook, K.C., Everett, R., (2003). Assessing risk tolerance questioning the questionnaire method. Journal of Financial Planning 16(8), 48-55.周宥妤（2016）。性別與投資行為偏誤：現存狀態、保守性、可取性及損失趨避偏誤。世新大學，臺北市。林奕伸（2010）。台灣地區共同基金投資人投資行為之影響因素分析。國立政治大學，台北市。高敏誠（2018）。性別對風險承擔、處置效應及過度自信之差異。國立屏東大學，屏東縣。 zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200044 en_US
