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題名 Z世代的投資行為與策略分析
Analysis on Generation Z’s Investment Behaviors and Strategies
作者 謝佳芸
Hsieh, Jia-Yun
貢獻者 蔡政憲
Jason Tsai
謝佳芸
Hsieh, Jia-Yun
關鍵詞 Z世代
投資者
訪談
Gen Z
investors
interview
日期 2025
上傳時間 1-Jul-2025 14:59:46 (UTC+8)
摘要 在這個經濟動盪、數位顛覆和地緣政治不確定性盛行的時代，Z世代正逐漸成為一個獨特且具影響力的投資者群體。本論文透過對13位來自不同職業、收入和教育背景的參與者進行質性訪談，探討了台灣Z世代的投資行為。研究結果表明，Z世代的財務決策不僅受到宏觀經濟因素，例如通貨膨脹、住房負擔能力和貿易政策風險的影響，還受到其數位成長經驗、行為偏好和財務自主意願的影響。性別、產業背景和收入水準進一步影響投資組合的組成、調整頻率和資訊信任。本研究透過提供及時且基於具體情境的洞察，深入了解台灣Z世代投資者的動機和策略，為行為金融學和代際投資領域的文獻做出了貢獻。
In an era defined by economic volatility, digital disruption, and geopolitical uncertainty, Generation Z is emerging as a distinct and influential class of investors. This thesis explores the investment behaviors of Taiwanese Gen Z individuals through qualitative interviews with 13 participants from diverse occupational, income, and educational backgrounds. Findings reveal that Gen Z’s financial decisions are shaped not only by macroeconomic forces—such as inflation, housing unaffordability, and trade policy risks—but also by their digital upbringing, behavioral preferences, and desire for financial autonomy. Gender, industry background, and income level further influence portfolio composition, adjustment frequency, and information trust. This study contributes to the literature on behavioral finance and generational investing by providing timely, context-specific insights into the motivations and strategies of Gen Z investors in Taiwan.
參考文獻 F. Douglas Foster and Geoffrey J. Warren. (2016). Interviews with Institutional Investors: The How and Why of Active Investing. University of Technology Sydney; Australian National University. Brading, R. (2020). Generation Z in Taiwan: Low Salaries, 'Little Happiness', and a Social-Media World in the Mix. In Youth Economy, Crisis, and Reinvention in Twenty-First-Century China (pp. 89–106). Palgrave Macmillan. Weinbrenner, H. L. (2023). Impact Investment Intentions of Generation Z: Exploring the Factors That Drive Young Private Investors to Decide for Environmental, Social, and Governance (ESG) Funds. Master’s Thesis, University of Barcelona. Rizki, N. M., Ryanto, F.R. (2024). Financial Behavior Mediation Effect on the Influence of Risk Tolerance and Financial Efficacy on Investment Decisions of Gen Z in Pontianak City. Indonesia. Mei-Hua Chen, Bryan H. Chen and Christina Geng-qing Chi. (2019). Socially responsible investment by generation Z: across-cultural study of Taiwanese and American investors. Department of Finance, National Changhua University of Education, Changhua City, Taiwan; School of Hospitality Business Management; Carson College of Business, Washington State University, Pullman, USA. Edsgård, Gustav (2024). Understanding the Financial Decision-Making of Generation Z. Karstad Business School. Sweden. Annabella Claudia Kurniadi, Christian Herdinata. (2024). Factors Affecting Investment Decisions On Millennials And Gen Z. Doctor of Management and Entrepreneurship,School of Business and Management, Ciputra University, Surabaya, Indonesia. Diki Suhendar, Mohammad Hatta Fahamsyah (2024). The Effect of Financial Literacy, Income, and Financial Behaviour on Gen-Z Investment Decisions in Bekasi Regency. Jurnal Manajemen Bisnis Vol. 11, No.2(2024) September, Page. 655-664. Paul Gerrans, Sherin Babu Abisekaraj and Zhangxin (Frank) Liu. (2023). The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance. Cambridge University Press. Tim Leung and Brian Ward. (2015). The golden target: analyzing the tracking performance of leveraged gold ETFs. Industrial Engineering and Operations Research (IEOR) Department, Columbia University, New York, New York, USA. Luis M. Viceira, Zixuan (Kevin) Wang. (2018). GLOBAL PORTFOLIO DIVERSIFICATION FOR LONG-HORIZON INVESTORS. Cambridge, MA 02138. Devanshi Dave, Abhishek Parikh. (2022). Preferences of Gen Z for Investing in Socially Accountable Funds. Ganpat University, India. Gedvilaitė, D., & Šimelytė, A. (2024). Exploring Generation Z's Investment Patterns and Attitudes towards Green Investments. Sustainability, 16(1), 352. Rick Munster. 2025. How Gen Z Is Rewriting the Rules of Money in 2025. https://www.moneyfit.org/gen-z-and-money/ Accessed Jan. 15, 2025. Empower.com. 2023. Survey: Gen Z's views and approach to investments https://www.empower.com/the-currency/money/what-are-gen-zers-attitudes-toward-money Accessed Mar. 10, 2025. Peter Lauria. 2024. Generation Z: Stepping into Financial Independence. https://www.investopedia.com/generation-z-stepping-into-financial-independence-5224362. Accessed Mar. 18, 2025. Tilmann Galler, Max Mckechnie. 2025. How to invest in an age of tariffs and growing trade tensions. Accessed Mar. 18, 2025. https://am.jpmorgan.com/ch/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/how-to-invest-trade-tensions/ Bloomberg. 2025. Taiwan Retail Investors Buy Record Amounts of US Assets. https://www.bloomberg.com/news/articles/2025-01-24/taiwan-retail-investors-buy-record-amounts-of-us-assets-in-2024. Accessed Mar. 30, 2025. Securities Investment Trust & Consulting Association (SITCA). 2025. Fund Information and Statistics. https://www.sitca.org.tw/ENG/FundInf/FI1001.aspx?PGMID=FI01. Accessed Mar. 30, 2025. James Chen. 2024. What Are Treasury Inflation-Protected Securities (TIPS)? https://www.investopedia.com/terms/t/tips.asp. Accessed Mar. 30, 2025.
描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
112933026
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112933026
資料類型 thesis
dc.contributor.advisor 蔡政憲zh_TW
dc.contributor.advisor Jason Tsaien_US
dc.contributor.author (Authors) 謝佳芸zh_TW
dc.contributor.author (Authors) Hsieh, Jia-Yunen_US
dc.creator (作者) 謝佳芸zh_TW
dc.creator (作者) Hsieh, Jia-Yunen_US
dc.date (日期) 2025en_US
dc.date.accessioned 1-Jul-2025 14:59:46 (UTC+8)-
dc.date.available 1-Jul-2025 14:59:46 (UTC+8)-
dc.date.issued (上傳時間) 1-Jul-2025 14:59:46 (UTC+8)-
dc.identifier (Other Identifiers) G0112933026en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/157800-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 112933026zh_TW
dc.description.abstract (摘要) 在這個經濟動盪、數位顛覆和地緣政治不確定性盛行的時代，Z世代正逐漸成為一個獨特且具影響力的投資者群體。本論文透過對13位來自不同職業、收入和教育背景的參與者進行質性訪談，探討了台灣Z世代的投資行為。研究結果表明，Z世代的財務決策不僅受到宏觀經濟因素，例如通貨膨脹、住房負擔能力和貿易政策風險的影響，還受到其數位成長經驗、行為偏好和財務自主意願的影響。性別、產業背景和收入水準進一步影響投資組合的組成、調整頻率和資訊信任。本研究透過提供及時且基於具體情境的洞察，深入了解台灣Z世代投資者的動機和策略，為行為金融學和代際投資領域的文獻做出了貢獻。zh_TW
dc.description.abstract (摘要) In an era defined by economic volatility, digital disruption, and geopolitical uncertainty, Generation Z is emerging as a distinct and influential class of investors. This thesis explores the investment behaviors of Taiwanese Gen Z individuals through qualitative interviews with 13 participants from diverse occupational, income, and educational backgrounds. Findings reveal that Gen Z’s financial decisions are shaped not only by macroeconomic forces—such as inflation, housing unaffordability, and trade policy risks—but also by their digital upbringing, behavioral preferences, and desire for financial autonomy. Gender, industry background, and income level further influence portfolio composition, adjustment frequency, and information trust. This study contributes to the literature on behavioral finance and generational investing by providing timely, context-specific insights into the motivations and strategies of Gen Z investors in Taiwan.en_US
dc.description.tableofcontents ABSTRACT i TABLE OF CONTENTS ii List of Tables vii 1. Introduction 1 1.1 Motivation 1 1.2 Methodology 4 1.3 Limitations 4 2. Investment markets, advices and implications 6 2.1 Forces influencing Gen Z’s investment behaviors 6 2.2 Commonly preferred asset classes and investment rationales 7 2.2.1 Equities and ETFs 8 2.2.2 Mutual funds 10 2.2.3 Bonds and fixed-income products 11 2.3 Less commonly selected assets: roles and strategic importance 12 2.3.1 Gold and precious metals 12 2.3.2 Cryptocurrencies 13 2.4 Recommendations: further diversification of investment tools 13 2.4.1 Broad-based international ETFs 14 2.4.2 Gold and gold-backed ETFs 14 2.4.3 Sustainable global growth 14 3. Analysis of Gen Z investment behavior: interview findings 16 3.1 Overview of interviewees' backgrounds 16 3.2 Investment behavior and decision-making patterns 22 3.2.1 Investment motivation 22 3.2.2 Information sources 23 3.2.3 Attitude towards risks 24 3.2.4 Asset allocation 24 3.2.5 Herding behavior 25 3.3 Gender differences analysis 26 3.3.1 Investment motivations 26 3.3.2 Investment product preferences 26 3.3.3 Frequency of portfolio adjustment 27 3.3.4 Reasons for portfolio adjustment 28 3.3.5 Risk tolerance and return expectations 28 3.3.6 Sources of information and trust in recommendations 29 3.3.7 Herding behavior and social influence 30 3.3.8 Overall comparison between males and females 31 3.4 Differences Between Finance and Non-Finance Industry Interviewees 31 3.4.1 Portfolio composition: current vs. future 31 3.4.2 Proportion of income and bonus allocated 34 3.4.3 Rebalancing frequency 36 3.5 Income-Based Comparative Analysis 37 3.5.1 Investment motivations 37 3.5.2 Product preference and portfolio composition 40 3.5.3 Risk attitudes and tolerance 42 3.5.4 Investment strategies: reasons of adjusting the portfolio 43 3.5.5 Trust preferences 45 4. Findings 48 4.1 Familiarity with financial instruments 48 4.2 Information accessibility and source trust 48 4.3 Digital and behavioral preferences 49 4.4 Psychological risk tolerance vs. actual portfolio design 49 4.5 Desire for long-term goals, but short-term adjustments 49 5. Conclusions 51 References 54 Appendix 57zh_TW
dc.format.extent 1472943 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112933026en_US
dc.subject (關鍵詞) Z世代zh_TW
dc.subject (關鍵詞) 投資者zh_TW
dc.subject (關鍵詞) 訪談zh_TW
dc.subject (關鍵詞) Gen Zen_US
dc.subject (關鍵詞) investorsen_US
dc.subject (關鍵詞) interviewen_US
dc.title (題名) Z世代的投資行為與策略分析zh_TW
dc.title (題名) Analysis on Generation Z’s Investment Behaviors and Strategiesen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) F. Douglas Foster and Geoffrey J. Warren. (2016). Interviews with Institutional Investors: The How and Why of Active Investing. University of Technology Sydney; Australian National University. Brading, R. (2020). Generation Z in Taiwan: Low Salaries, 'Little Happiness', and a Social-Media World in the Mix. In Youth Economy, Crisis, and Reinvention in Twenty-First-Century China (pp. 89–106). Palgrave Macmillan. Weinbrenner, H. L. (2023). Impact Investment Intentions of Generation Z: Exploring the Factors That Drive Young Private Investors to Decide for Environmental, Social, and Governance (ESG) Funds. Master’s Thesis, University of Barcelona. Rizki, N. M., Ryanto, F.R. (2024). Financial Behavior Mediation Effect on the Influence of Risk Tolerance and Financial Efficacy on Investment Decisions of Gen Z in Pontianak City. Indonesia. Mei-Hua Chen, Bryan H. Chen and Christina Geng-qing Chi. (2019). Socially responsible investment by generation Z: across-cultural study of Taiwanese and American investors. Department of Finance, National Changhua University of Education, Changhua City, Taiwan; School of Hospitality Business Management; Carson College of Business, Washington State University, Pullman, USA. Edsgård, Gustav (2024). Understanding the Financial Decision-Making of Generation Z. Karstad Business School. Sweden. Annabella Claudia Kurniadi, Christian Herdinata. (2024). Factors Affecting Investment Decisions On Millennials And Gen Z. Doctor of Management and Entrepreneurship,School of Business and Management, Ciputra University, Surabaya, Indonesia. Diki Suhendar, Mohammad Hatta Fahamsyah (2024). The Effect of Financial Literacy, Income, and Financial Behaviour on Gen-Z Investment Decisions in Bekasi Regency. Jurnal Manajemen Bisnis Vol. 11, No.2(2024) September, Page. 655-664. Paul Gerrans, Sherin Babu Abisekaraj and Zhangxin (Frank) Liu. (2023). The fear of missing out on cryptocurrency and stock investments: Direct and indirect effects of financial literacy and risk tolerance. Cambridge University Press. Tim Leung and Brian Ward. (2015). The golden target: analyzing the tracking performance of leveraged gold ETFs. Industrial Engineering and Operations Research (IEOR) Department, Columbia University, New York, New York, USA. Luis M. Viceira, Zixuan (Kevin) Wang. (2018). GLOBAL PORTFOLIO DIVERSIFICATION FOR LONG-HORIZON INVESTORS. Cambridge, MA 02138. Devanshi Dave, Abhishek Parikh. (2022). Preferences of Gen Z for Investing in Socially Accountable Funds. Ganpat University, India. Gedvilaitė, D., & Šimelytė, A. (2024). Exploring Generation Z's Investment Patterns and Attitudes towards Green Investments. Sustainability, 16(1), 352. Rick Munster. 2025. How Gen Z Is Rewriting the Rules of Money in 2025. https://www.moneyfit.org/gen-z-and-money/ Accessed Jan. 15, 2025. Empower.com. 2023. Survey: Gen Z's views and approach to investments https://www.empower.com/the-currency/money/what-are-gen-zers-attitudes-toward-money Accessed Mar. 10, 2025. Peter Lauria. 2024. Generation Z: Stepping into Financial Independence. https://www.investopedia.com/generation-z-stepping-into-financial-independence-5224362. Accessed Mar. 18, 2025. Tilmann Galler, Max Mckechnie. 2025. How to invest in an age of tariffs and growing trade tensions. Accessed Mar. 18, 2025. https://am.jpmorgan.com/ch/en/asset-management/adv/insights/market-insights/market-updates/on-the-minds-of-investors/how-to-invest-trade-tensions/ Bloomberg. 2025. Taiwan Retail Investors Buy Record Amounts of US Assets. https://www.bloomberg.com/news/articles/2025-01-24/taiwan-retail-investors-buy-record-amounts-of-us-assets-in-2024. Accessed Mar. 30, 2025. Securities Investment Trust & Consulting Association (SITCA). 2025. Fund Information and Statistics. https://www.sitca.org.tw/ENG/FundInf/FI1001.aspx?PGMID=FI01. Accessed Mar. 30, 2025. James Chen. 2024. What Are Treasury Inflation-Protected Securities (TIPS)? https://www.investopedia.com/terms/t/tips.asp. Accessed Mar. 30, 2025.zh_TW