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題名 父母理財經驗對青壯年理財規劃的影響之實證分析
The empirical analysis of the influence of parents’ financial investment experience on young adults’ financial planning作者 許皓筑
Hsu, Hao-Chu貢獻者 吳文傑
Wu, Wen-Chieh
許皓筑
Hsu, Hao-Chu關鍵詞 父母經驗
子女
青壯年族群理財規劃
Tobit模型
Heckman兩階段模型
Parents’ experiences
Children
Young adults’ financial planning
Tobit regression
Heckman-two-stage regression日期 2022 上傳時間 1-Jul-2022 16:27:37 (UTC+8) 摘要 近年青壯年投入證券市場之趨勢越來越明顯，將資金配置於股市成為青壯年族群理財規劃一種常見的投資方法。本文使用中研院於2018年之華人家庭動態調查，探討青壯年族群在個人理財規劃方面，是否會受到父母經驗的影響，並使用Tobit模型、Heckman兩階段模型，以及OLS模型，對臺灣27至42歲投資人進行實證分析。本文發現：一、當青壯年樣本之父母有將資產長期配置於證券市場時，平均而言其從股市獲取之股利收入金額更高；二、當青壯年樣本之父母有將資產長期配置於證券市場時，該樣本更有可能採同樣投資方法，進行長期證券投資。然而，在有進行長期證券投資之樣本中，父母有無進行長期投資不影響該青壯年樣本之股利收入金額大小。
In recent years, there are more and more young-adults investing in the stock market.Allocating assets to the stock market for a long time and obtaining dividend income has become a common investment method for personal financial planning of young-adults investors. We use the Panel Study of Family Dynamics (PSFD) surveyed by Academia Sinica to explore whether the personal financial planning of young-adult groups is affected by their parents` experience. We use the Tobit model, the Heckman two-stage model, and the OLS model to empirically analyze the investors aged 27 to 42 in Taiwan.We find that 1. If the parents of the young-adults sample holding stocks for the long-term, the average amount of dividend income the young-adults obtained from the stock market is higher; 2. When parents hold stocks for the long-term and receive dividends, it will increase the probability that their children holding stocks for the long-term. However, to the samples with long-term investing, parents’ experiences do not affect the amount of dividend income that children received.參考文獻 王覺興（2002）。單親家庭子女生涯發展與抉擇歷程之質性研究。國立成功大學教育研究所博士論文。周賓凰著。計量經濟學：理論觀念與應用(Econometrics: Theory, Concept and Applications)。台北市：智勝文化，2010。本校圖書館 索書號：550.19 8626 c.2 (綜圖地下一樓)。許璋瑤。（2019）。臺商回流浪潮下，資本市場新契機。證券服務，674期，4-6。陳青浩、林明俊、陸裕方、隋安莉（2008）。高雄縣國小教師理財及退休規劃之研究。嘉南學報（人文類），卷34，791-805.陳滄河（1985）。我國執業會計師風險態度及其相關因素之研究。政治大學會計研究所碩士論文。黃毅志、楊賀凱（2016）。臺灣教育擴充與教育機會不均等性之關聯。臺灣教育社會學研究，16卷1期，1-38。賴鈺城、林義欽、張明宗（2011）。不同投資人對風險商品選擇之研究－以高雄縣市投資人為例。全球管理與經濟，7卷2期，73-95。Cahill, D., Ho, C. C., & Yang, J. W. (2021). Mobility during the COVID-19 Pandemic and Retail Investor Attention. Available at SSRN 3779295.Cera, G., & Tuzi, B. (2019). Does gender matter in financial literacy? A case study of young people in Tirana. Scientific papers of the University of Pardubice. Series D, Faculty of Economics and Administration.Chowdhury, E. K., & Abedin, M. Z. (2020). COVID-19 effects on the US stock index returns: an event study approach. Available at SSRN 3611683.Donkers, B., Melenberg, B. & Van Soest (2001). Estimating Risk Attitudes using Lotteries: A Large Sample Approach. Journal of Risk and Uncertainty, Vol. 22, 165–195.Garman, T. E., & Forgue, R. E. Personal Finance. (2006). NY Houghton Mifflin Company.Graham, J. F., Stendardi, E. J., Myers, J. K., & Graham, M. J. (2002). Gender differences in investment strategies: an information processing perspective. International journal of bank marketing.Heintz-Martin, V., Langmeyer A (2020). Economic Situation, Financial Strain and Child Wellbeing in Stepfamilies and Single-Parent Families in Germany. Journal of Family and Economic Issues, Vol.41, 238–254.Hryshko, D., Luengo-Prado, M.J. and Sørensen, B.E. (2011). Childhood determinants of risk aversion: The long shadow of compulsory education. Journal of Quantitative Economics, Vol.2, 37-72.Jain R (2014), An Analysis of Income and Investment Pattern of Working in the City of Ahmedabad. International Journal of Research in Management & Technology, Vol.4, No.6, 138-147.Kapoor, D. Hughes (2012). “Personal Finance”.Kim, J., & Chatterjee, S. (2013). Childhood financial socialization and young adults` financial management. Journal of Financial Counseling and Planning, 24(1), 61-79,91-92.Kimiyaghalam, F., Mansori, S., Safari, M., & Yap, S. (2017). Parents` influence on retirement planning in Malaysia. Family and Consumer Sciences Research Journal, 45(3), 315-325.Montalto, C. P., Yuh, Y., & Hanna, S. (2000). Determinants of planned retirement age. Financial Services Review, 9(1), 1-15.Sanjeet Kumar and Prashant Kumar (2019). Factors Influencing the Investment Behavior of Women Investors: An Empirical Investigation. IUP Journal of Financial Risk Management, Vol. 16 Issue 4, 30-50Shaw, K. L. (1996). An Empirical Analysis of Risk Aversion and Income Growth. Journal of Labor Economics, Vol. 14 Issue 4, 626-653.Tyler W. Watts, Greg J. Duncan, Haonan Quan (2018). Revisiting the Marshmallow Test: A Conceptual Replication Investigating Links Between Early Delay of Gratification and Later Outcomes. Journal of Psychological Science, Vol. 29 Issue 7, 1159-1177.Wang, A. (2011). Younger Generations’ Investing Behaviors in MutualFunds: Does Gender Matter?. The journal of wealth management, 13(4), 13-23.Zulkarnain, N. M., & Ramli, Z. (2021). Financial Planning Towards Marriage Among the Millennial Generation. Malaysian Journal of Social Sciences and Humanities (MJSSH), 6(1), 255-267. 描述 碩士
國立政治大學
財政學系
109255015資料來源 http://thesis.lib.nccu.edu.tw/record/#G0109255015 資料類型 thesis dc.contributor.advisor 吳文傑 zh_TW dc.contributor.advisor Wu, Wen-Chieh en_US dc.contributor.author (Authors) 許皓筑 zh_TW dc.contributor.author (Authors) Hsu, Hao-Chu en_US dc.creator (作者) 許皓筑 zh_TW dc.creator (作者) Hsu, Hao-Chu en_US dc.date (日期) 2022 en_US dc.date.accessioned 1-Jul-2022 16:27:37 (UTC+8) - dc.date.available 1-Jul-2022 16:27:37 (UTC+8) - dc.date.issued (上傳時間) 1-Jul-2022 16:27:37 (UTC+8) - dc.identifier (Other Identifiers) G0109255015 en_US dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/140692 - dc.description (描述) 碩士 zh_TW dc.description (描述) 國立政治大學 zh_TW dc.description (描述) 財政學系 zh_TW dc.description (描述) 109255015 zh_TW dc.description.abstract (摘要) 近年青壯年投入證券市場之趨勢越來越明顯，將資金配置於股市成為青壯年族群理財規劃一種常見的投資方法。本文使用中研院於2018年之華人家庭動態調查，探討青壯年族群在個人理財規劃方面，是否會受到父母經驗的影響，並使用Tobit模型、Heckman兩階段模型，以及OLS模型，對臺灣27至42歲投資人進行實證分析。本文發現：一、當青壯年樣本之父母有將資產長期配置於證券市場時，平均而言其從股市獲取之股利收入金額更高；二、當青壯年樣本之父母有將資產長期配置於證券市場時，該樣本更有可能採同樣投資方法，進行長期證券投資。然而，在有進行長期證券投資之樣本中，父母有無進行長期投資不影響該青壯年樣本之股利收入金額大小。 zh_TW dc.description.abstract (摘要) In recent years, there are more and more young-adults investing in the stock market.Allocating assets to the stock market for a long time and obtaining dividend income has become a common investment method for personal financial planning of young-adults investors. We use the Panel Study of Family Dynamics (PSFD) surveyed by Academia Sinica to explore whether the personal financial planning of young-adult groups is affected by their parents` experience. We use the Tobit model, the Heckman two-stage model, and the OLS model to empirically analyze the investors aged 27 to 42 in Taiwan.We find that 1. If the parents of the young-adults sample holding stocks for the long-term, the average amount of dividend income the young-adults obtained from the stock market is higher; 2. When parents hold stocks for the long-term and receive dividends, it will increase the probability that their children holding stocks for the long-term. However, to the samples with long-term investing, parents’ experiences do not affect the amount of dividend income that children received. en_US dc.description.tableofcontents 第一章 緒論 1第一節 研究背景與動機 1第二節 研究目的 6第三節 研究方法 7第四節 研究架構 8第二章 文獻回顧 9第一節 個人理財規劃影響因素 9第二節 青壯年個人理財規劃影響因素 11第三節 小結 13第三章 實證模型設定 16第一節 研究方法 17第二節 研究變數選取 19第三節 自變數之預測 23第四章 資料說明與敘述統計 26第一節 資料說明 26第二節 敘述統計 27第五章 實證結果 32第一節 Tobit模型估計結果 32第二節 Heckman兩階段模型估計結果 33第三節 OLS模型估計結果 34第四節 小結 34第六章 研究結論與限制 37第一節 研究結論 37第二節 研究限制與未來方向 38參考文獻 40中文文獻 40英文文獻 40附錄 43 zh_TW dc.format.extent 1563401 bytes - dc.format.mimetype application/pdf - dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0109255015 en_US dc.subject (關鍵詞) 父母經驗 zh_TW dc.subject (關鍵詞) 子女 zh_TW dc.subject (關鍵詞) 青壯年族群理財規劃 zh_TW dc.subject (關鍵詞) Tobit模型 zh_TW dc.subject (關鍵詞) Heckman兩階段模型 zh_TW dc.subject (關鍵詞) Parents’ experiences en_US dc.subject (關鍵詞) Children en_US dc.subject (關鍵詞) Young adults’ financial planning en_US dc.subject (關鍵詞) Tobit regression en_US dc.subject (關鍵詞) Heckman-two-stage regression en_US dc.title (題名) 父母理財經驗對青壯年理財規劃的影響之實證分析 zh_TW dc.title (題名) The empirical analysis of the influence of parents’ financial investment experience on young adults’ financial planning en_US dc.type (資料類型) thesis en_US dc.relation.reference (參考文獻) 王覺興（2002）。單親家庭子女生涯發展與抉擇歷程之質性研究。國立成功大學教育研究所博士論文。周賓凰著。計量經濟學：理論觀念與應用(Econometrics: Theory, Concept and Applications)。台北市：智勝文化，2010。本校圖書館 索書號：550.19 8626 c.2 (綜圖地下一樓)。許璋瑤。（2019）。臺商回流浪潮下，資本市場新契機。證券服務，674期，4-6。陳青浩、林明俊、陸裕方、隋安莉（2008）。高雄縣國小教師理財及退休規劃之研究。嘉南學報（人文類），卷34，791-805.陳滄河（1985）。我國執業會計師風險態度及其相關因素之研究。政治大學會計研究所碩士論文。黃毅志、楊賀凱（2016）。臺灣教育擴充與教育機會不均等性之關聯。臺灣教育社會學研究，16卷1期，1-38。賴鈺城、林義欽、張明宗（2011）。不同投資人對風險商品選擇之研究－以高雄縣市投資人為例。全球管理與經濟，7卷2期，73-95。Cahill, D., Ho, C. C., & Yang, J. W. (2021). Mobility during the COVID-19 Pandemic and Retail Investor Attention. Available at SSRN 3779295.Cera, G., & Tuzi, B. (2019). Does gender matter in financial literacy? A case study of young people in Tirana. Scientific papers of the University of Pardubice. Series D, Faculty of Economics and Administration.Chowdhury, E. K., & Abedin, M. Z. (2020). COVID-19 effects on the US stock index returns: an event study approach. Available at SSRN 3611683.Donkers, B., Melenberg, B. & Van Soest (2001). Estimating Risk Attitudes using Lotteries: A Large Sample Approach. Journal of Risk and Uncertainty, Vol. 22, 165–195.Garman, T. E., & Forgue, R. E. Personal Finance. (2006). NY Houghton Mifflin Company.Graham, J. F., Stendardi, E. J., Myers, J. K., & Graham, M. J. (2002). Gender differences in investment strategies: an information processing perspective. International journal of bank marketing.Heintz-Martin, V., Langmeyer A (2020). Economic Situation, Financial Strain and Child Wellbeing in Stepfamilies and Single-Parent Families in Germany. Journal of Family and Economic Issues, Vol.41, 238–254.Hryshko, D., Luengo-Prado, M.J. and Sørensen, B.E. (2011). Childhood determinants of risk aversion: The long shadow of compulsory education. Journal of Quantitative Economics, Vol.2, 37-72.Jain R (2014), An Analysis of Income and Investment Pattern of Working in the City of Ahmedabad. International Journal of Research in Management & Technology, Vol.4, No.6, 138-147.Kapoor, D. Hughes (2012). “Personal Finance”.Kim, J., & Chatterjee, S. (2013). Childhood financial socialization and young adults` financial management. Journal of Financial Counseling and Planning, 24(1), 61-79,91-92.Kimiyaghalam, F., Mansori, S., Safari, M., & Yap, S. (2017). Parents` influence on retirement planning in Malaysia. Family and Consumer Sciences Research Journal, 45(3), 315-325.Montalto, C. P., Yuh, Y., & Hanna, S. (2000). Determinants of planned retirement age. Financial Services Review, 9(1), 1-15.Sanjeet Kumar and Prashant Kumar (2019). Factors Influencing the Investment Behavior of Women Investors: An Empirical Investigation. IUP Journal of Financial Risk Management, Vol. 16 Issue 4, 30-50Shaw, K. L. (1996). An Empirical Analysis of Risk Aversion and Income Growth. Journal of Labor Economics, Vol. 14 Issue 4, 626-653.Tyler W. Watts, Greg J. Duncan, Haonan Quan (2018). Revisiting the Marshmallow Test: A Conceptual Replication Investigating Links Between Early Delay of Gratification and Later Outcomes. Journal of Psychological Science, Vol. 29 Issue 7, 1159-1177.Wang, A. (2011). Younger Generations’ Investing Behaviors in MutualFunds: Does Gender Matter?. The journal of wealth management, 13(4), 13-23.Zulkarnain, N. M., & Ramli, Z. (2021). Financial Planning Towards Marriage Among the Millennial Generation. Malaysian Journal of Social Sciences and Humanities (MJSSH), 6(1), 255-267. zh_TW dc.identifier.doi (DOI) 10.6814/NCCU202200588 en_US
