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題名 投資人羊群行為對高股息與市值型ETF偏好的影響
The Impact of Investor Herding Behavior on Preferences for High-Dividend and Market-Capitalization ETFs
作者 朱原廷
Chu, Yuan-Ting
貢獻者 羅光達
朱原廷
Chu, Yuan-Ting
關鍵詞 行為財務學
高股息ETF
市值型ETF
羊群行為
金融素養
Behavioral finance
High-dividend ETFs
Market-capitalization ETFs
Herding behavior
Financial literacy
日期 2026
上傳時間 2-Mar-2026 11:20:41 (UTC+8)
摘要 近年臺灣ETF市場瘋搶高股息ETF，但研究顯示市值型ETF長期總報酬表現通常更佳。本研究從行為財務學出發，探討投資人是理性考量還是在盲目從眾。透過問卷蒐集330份有效樣本，並以二元羅吉斯迴歸進行實證分析。 研究發現：「羊群行為程度」是影響高股息偏好的最強預測因子，每增加1單位，選擇高股息的勝算比即增加約2倍。「客觀金融素養」與高股息ETF偏好呈顯著負相關，代表金融知識水準越高者越傾向市值型ETF。風險承受度與短期訊息關注度則無顯著影響。結果證實，高股息狂熱主因是集體從眾而非理性決策。本研究建議監理機關應強化「總報酬」觀念的金融教育，以抑制非理性投資風險。
In recent years, Taiwan’s ETF market has seen a frenzy for High-Dividend ETFs, despite research indicating that Market-Capitalization ETFs generally offer superior long-term total returns. From a behavioral finance perspective, this study investigates whether investors are making rational choices or blindly following the crowd. Using 330 valid questionnaire samples and binary logistic regression for empirical analysis. The results reveal that Herding Behavior is the strongest predictor of high-dividend preference; for every one-unit increase in herding, the odds ratio of choosing high-dividend ETFs increases approximately twofold. Furthermore, Objective Financial Literacy is significantly negatively correlated with high-dividend ETFs preference, suggesting that individuals with higher financial knowledge favor Market-Capitalization ETFs. Risk tolerance and attention to short-term information showed no significant impact. The findings confirm that the high-dividend ETFs craze is primarily driven by collective conformity rather than rational decision-making. This study suggests that regulatory authorities should strengthen financial education regarding the "Total Return" concept to mitigate irrational investment risks.
參考文獻 林美珍(Mei-Chen Lin), 陳妙珍(Miaw-Jane Chen), & 陳有佾(You-Yi Chen). (2013). The impact of limited attention and news on the investment decisions of mutual fund investors. 財務金融學刊, 21(2), 1–29. https://doi.org/10.6545/JFS.2013.21(2).1 Banerjee, A. V. (1992). A simple model of herd behavior. The Quarterly Journal of Economics, 107(3), 797–817. Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy, 100(5), 992–1026. https://doi.org/10.1086/261849 Bikhchandani, S., Hirshleifer, D., & Welch, I. (1998). Learning from the behavior of others: conformity, fads, and informational cascades. Journal of Economic Perspectives, 12(3), 151–170. Bogle, J. C. (2017). The little book of common sense investing : the only way to guarantee your fair share of stock market returns / John C. Bogle. (10th anniversary edition, updated&revised.). Wiley. Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance (New York), 59(3), 1125–1165. https://doi.org/10.1111/j.1540-6261.2004.00658.x Fuster, A., Laibson, D., & Mendel, B. (2010). Natural expectations and macroeconomic fluctuations. The Journal of Economic Perspectives, 24(4), 67–84. https://doi.org/10.1257/jep.24.4.67 Grable, J., & Lytton, R. H. (1999). Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services Review (Greenwich, Conn.), 8(3), 163–181. https://doi.org/10.1016/S1057-0810(99)00041-4 Gordon, M. J. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/10.2307/1927792 Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 47(2), 263–291. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: theory and evidence: theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5 Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business (Chicago, Ill.), 34(4), 411–433. https://doi.org/10.1086/294442 Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183–206. https://doi.org/10.1002/(SICI)1099-0771(199909)12:3<183::AID-BDM318>3.0.CO;2-F van Rooij, M., A. Lusardi and R. Alessie (2011a), “Financial literacy and stock market participation,” Journal of Financial Economics, 101, 449-472. 財團法人中華民國證券暨期貨市場發展基金會（2024）。金融市場常識與職業道德測驗題庫專區，2025年7月13日，取自：https://webline.sfi.org.tw/t/ethics/download.asp。
描述 碩士
國立政治大學
行政管理碩士學程
112921058
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0112921058
資料類型 thesis
dc.contributor.advisor 羅光達zh_TW
dc.contributor.author (Authors) 朱原廷zh_TW
dc.contributor.author (Authors) Chu, Yuan-Tingen_US
dc.creator (作者) 朱原廷zh_TW
dc.creator (作者) Chu, Yuan-Tingen_US
dc.date (日期) 2026en_US
dc.date.accessioned 2-Mar-2026 11:20:41 (UTC+8)-
dc.date.available 2-Mar-2026 11:20:41 (UTC+8)-
dc.date.issued (上傳時間) 2-Mar-2026 11:20:41 (UTC+8)-
dc.identifier (Other Identifiers) G0112921058en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/161711-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 行政管理碩士學程zh_TW
dc.description (描述) 112921058zh_TW
dc.description.abstract (摘要) 近年臺灣ETF市場瘋搶高股息ETF，但研究顯示市值型ETF長期總報酬表現通常更佳。本研究從行為財務學出發，探討投資人是理性考量還是在盲目從眾。透過問卷蒐集330份有效樣本，並以二元羅吉斯迴歸進行實證分析。 研究發現：「羊群行為程度」是影響高股息偏好的最強預測因子，每增加1單位，選擇高股息的勝算比即增加約2倍。「客觀金融素養」與高股息ETF偏好呈顯著負相關，代表金融知識水準越高者越傾向市值型ETF。風險承受度與短期訊息關注度則無顯著影響。結果證實，高股息狂熱主因是集體從眾而非理性決策。本研究建議監理機關應強化「總報酬」觀念的金融教育，以抑制非理性投資風險。zh_TW
dc.description.abstract (摘要) In recent years, Taiwan’s ETF market has seen a frenzy for High-Dividend ETFs, despite research indicating that Market-Capitalization ETFs generally offer superior long-term total returns. From a behavioral finance perspective, this study investigates whether investors are making rational choices or blindly following the crowd. Using 330 valid questionnaire samples and binary logistic regression for empirical analysis. The results reveal that Herding Behavior is the strongest predictor of high-dividend preference; for every one-unit increase in herding, the odds ratio of choosing high-dividend ETFs increases approximately twofold. Furthermore, Objective Financial Literacy is significantly negatively correlated with high-dividend ETFs preference, suggesting that individuals with higher financial knowledge favor Market-Capitalization ETFs. Risk tolerance and attention to short-term information showed no significant impact. The findings confirm that the high-dividend ETFs craze is primarily driven by collective conformity rather than rational decision-making. This study suggests that regulatory authorities should strengthen financial education regarding the &quot;Total Return&quot; concept to mitigate irrational investment risks.en_US
dc.description.tableofcontents 第壹章 緒論 1 第一節 研究背景 1 第二節 研究目的 3 第貳章 文獻回顧 5 第一節 市值型ETF與高股息ETF 5 第二節 行為財務學解釋羊群行為 9 第三節 金融素養 14 第四節 風險承受度 15 第五節 短期訊息關注度 18 第參章 研究方法 21 第一節 研究架構 21 第二節 研究假設 22 第三節 研究對象 23 第四節 變項操作與量表設計 24 第五節 資料分析工具 28 第肆章 研究結果 33 第一節 敘述性統計 33 第二節 差異性分析 45 第三節 相關性分析 53 第四節 迴歸分析 55 第伍章 結論與建議 61 第一節 研究結論 61 第二節 學術與實務貢獻 63 第三節 實務建議 63 第四節 研究限制與未來建議 65 參考文獻 66 附錄 68zh_TW
dc.format.extent 1131793 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0112921058en_US
dc.subject (關鍵詞) 行為財務學zh_TW
dc.subject (關鍵詞) 高股息ETFzh_TW
dc.subject (關鍵詞) 市值型ETFzh_TW
dc.subject (關鍵詞) 羊群行為zh_TW
dc.subject (關鍵詞) 金融素養zh_TW
dc.subject (關鍵詞) Behavioral financeen_US
dc.subject (關鍵詞) High-dividend ETFsen_US
dc.subject (關鍵詞) Market-capitalization ETFsen_US
dc.subject (關鍵詞) Herding behavioren_US
dc.subject (關鍵詞) Financial literacyen_US
dc.title (題名) 投資人羊群行為對高股息與市值型ETF偏好的影響zh_TW
dc.title (題名) The Impact of Investor Herding Behavior on Preferences for High-Dividend and Market-Capitalization ETFsen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 林美珍(Mei-Chen Lin), 陳妙珍(Miaw-Jane Chen), & 陳有佾(You-Yi Chen). (2013). The impact of limited attention and news on the investment decisions of mutual fund investors. 財務金融學刊, 21(2), 1–29. https://doi.org/10.6545/JFS.2013.21(2).1 Banerjee, A. V. (1992). A simple model of herd behavior. The Quarterly Journal of Economics, 107(3), 797–817. Bikhchandani, S., Hirshleifer, D., & Welch, I. (1992). A theory of fads, fashion, custom, and cultural change as informational cascades. Journal of Political Economy, 100(5), 992–1026. https://doi.org/10.1086/261849 Bikhchandani, S., Hirshleifer, D., & Welch, I. (1998). Learning from the behavior of others: conformity, fads, and informational cascades. Journal of Economic Perspectives, 12(3), 151–170. Bogle, J. C. (2017). The little book of common sense investing : the only way to guarantee your fair share of stock market returns / John C. Bogle. (10th anniversary edition, updated&revised.). Wiley. Baker, M., & Wurgler, J. (2004). A catering theory of dividends. The Journal of Finance (New York), 59(3), 1125–1165. https://doi.org/10.1111/j.1540-6261.2004.00658.x Fuster, A., Laibson, D., & Mendel, B. (2010). Natural expectations and macroeconomic fluctuations. The Journal of Economic Perspectives, 24(4), 67–84. https://doi.org/10.1257/jep.24.4.67 Grable, J., & Lytton, R. H. (1999). Financial risk tolerance revisited: the development of a risk assessment instrument. Financial Services Review (Greenwich, Conn.), 8(3), 163–181. https://doi.org/10.1016/S1057-0810(99)00041-4 Gordon, M. J. (1959). Dividends, earnings, and stock prices. The Review of Economics and Statistics, 41(2), 99–105. https://doi.org/10.2307/1927792 Kahneman, D., & Tversky, A. (1979). Prospect theory: an analysis of decision under risk. Econometrica, 47(2), 263–291. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: theory and evidence: theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5 Miller, M. H., & Modigliani, F. (1961). Dividend policy, growth, and the valuation of shares. The Journal of Business (Chicago, Ill.), 34(4), 411–433. https://doi.org/10.1086/294442 Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 183–206. https://doi.org/10.1002/(SICI)1099-0771(199909)12:3<183::AID-BDM318>3.0.CO;2-F van Rooij, M., A. Lusardi and R. Alessie (2011a), “Financial literacy and stock market participation,” Journal of Financial Economics, 101, 449-472. 財團法人中華民國證券暨期貨市場發展基金會（2024）。金融市場常識與職業道德測驗題庫專區，2025年7月13日，取自：https://webline.sfi.org.tw/t/ethics/download.asp。zh_TW