| dc.contributor.advisor | 邱志聖 | zh_TW |
| dc.contributor.author (作者) | 陳杰廷 | zh_TW |
| dc.creator (作者) | 陳杰廷 | zh_TW |
| dc.date (日期) | 2006 | en_US |
| dc.date.accessioned | 11-九月-2009 17:07:15 (UTC+8) | - |
| dc.date.available | 11-九月-2009 17:07:15 (UTC+8) | - |
| dc.date.issued (上傳時間) | 11-九月-2009 17:07:15 (UTC+8) | - |
| dc.identifier (其他 識別碼) | G0094351009 | en_US |
| dc.identifier.uri (URI) | https://nccur.lib.nccu.edu.tw/handle/140.119/30043 | - |
| dc.description (描述) | 碩士 | zh_TW |
| dc.description (描述) | 國立政治大學 | zh_TW |
| dc.description (描述) | 國際經營與貿易研究所 | zh_TW |
| dc.description (描述) | 94351009 | zh_TW |
| dc.description (描述) | 95 | zh_TW |
| dc.description.abstract (摘要) | 券商分析師的研究報告、投資者的個人特質、參考資訊皆會影響投資者的投資決策與策略，而投資決策的差異會影響到投資者的投資報酬與績效。而現行投資學理論中，較偏重於對證券的風險與報酬的分析或投資組合的分析，故本研究試著以散戶投資者之個人特質與參考資訊為出發點，對投資者的投資行為作一探索，希望能藉此分析出投資者在哪些特質上或是何種資訊上能夠獲取較高的報酬。 本研究主要在探討投資者的個人特質與參考資訊，對於投資者的操作策略、投資績效之影響。另外，亦探討券商分析師報告對於投資者是否具有資訊價值、是否真能幫助散戶投資者獲取較高的報酬。本研究以台灣地區證券市場自然人(散戶)為主要研究對象，採問卷法進行研究，資料分析結果與結論如下： 一、投資者的個人特質變數(風險態度、投資自信程度)與參考資訊變數(主要消息來源、推薦資訊重視內容)大致上是彼此獨立、互相不影響，只有在主要消息來源變數會對投資自信程度變數會有些許的干擾與影響。 二、投資人重視的推薦資訊內容會顯著的影響投資者在操作策略的使用以及影響其投資績效；另外，在不同的投資自信程度上，則會對投資者的績效報酬有所影響。而投資者在操作策略上的不同，並不會就能帶來較高的報酬，反而是採用追漲殺跌策略較為頻繁者，容易有投資損失。 三、投資人不論是否有依據分析師研究報告都無法獲得較高的報酬；同時分析也發現，聽取外資的研究報告並無法顯著的可以得到較高的報酬。但是，分析結果也指出，仍有很高比率的散戶投資人，即使依據研究報告投資失利後，日後仍願意繼續參考該券商或分析師的研究報告，顯示分析師及研究報告在散戶投資者心中仍佔有一定的參考價值與指標作用。 | zh_TW |
| 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 2 第三節、研究流程 4 第四節、論文結構 5 第二章、文獻探討 6 第一節、投資人投資型態與風險偏好 6 第二節、行為財務學-展望理論 8 第三節、投資人的過度自信、從眾行為與交易績效 11 第四節、公開推薦資訊 19 第五節、分析師推薦相關文獻 26 第六節、投資操作策略 29 第三章、研究方法 30 第一節、研究架構與主題 30 第二節、研究變項 34 第三節、問卷設計與變數衡量 40 第四節、研究對象、問卷發放與資料分析方法 42 第四章 實證分析與結果 45 第一節、受訪者結構分析 45 第二節、因素分析與信度分析 52 第三節、主要資訊來源與推薦資訊重視內容兩變數-獨立性檢定 55 第四節、主要資訊來源變數與投資自信程度兩變數-獨立性檢定 56 第五節、推薦資訊重視內容與投資自信程度兩變數-獨立性檢定 57 第六節、風險態度與投資自信程度兩變數-獨立性檢定 58 第七節、風險態度與推薦資訊重視內容兩變數-獨立性檢定 59 第八節、投資者不同的風險態度對於其股票操作策略是否會有影響 60 第九節、投資者不同的投資自信程度對於其股票操作策略是否會有影響 62 第十節、重視不同的推薦資訊內容對於其股票操作策略是否會有影響 63 第十一節、投資者不同的風險態度對於其投資績效是否會有影響 64 第十二節、投資者不同的投資自信程度對於其投資績效是否會有影響 65 第十三節、投資者重視不同的資訊內容對於其投資績效是否會有影響 66 第十四節、不同的股票操作策略對於其投資績效是否會有影響 67 第十五節、投資人是否參考投資研究報告是否能帶來較高的報酬 68 第五章、結論與建議 71 第一節、結論 71 第二節、對投資者的建議 72 第三節、對後續研究之建議 74 參考文獻 75 英文部分 75 中文部份 81 附 錄：研究問卷 84 圖 目 錄 圖 1-1 研究流程圖 4 圖2-1 展望理論價值函數 9 圖2-2 展望理論 9 圖3-1 本研究之研究架構圖 34 表 目 錄 表4-1 樣本投資者背景資料分佈 46 表4-2 樣本投資者投資經驗分布 49 表4-3 樣本投資者風險態度與報酬率分布 51 表4-4 主要資訊來源因素分析 53 表4-5 推薦資訊重視內容因素分析 54 表4-6 投資自信程度之因素分析 54 表4-7 主要資訊來源與推薦資訊重視內容-獨立性檢定交叉表 56 表4-8 主要資訊來源與投資自信程度-獨立性檢定交叉表 57 表4-9 推薦資訊重視內容與投資自信程度-獨立性檢定交叉表 58 表4-10風險態度與投資自信程度-獨立性檢定交叉表 59 表4-11風險態度與推薦資訊重視內容-獨立性檢定交叉表 60 表4-12風險態度變數對操作策略之變異數檢定 61 表4-13投資自信程度變數對操作策略之變異數檢定 62 表4-14推薦資訊重視內容變數對操作策略之變異數檢定 63 表4-15風險態度對投資績效之變異數檢定 65 表4-16投資自信程度對投資績效之變異數檢定 66 表4-17推薦資訊重視內容對投資績效之變異數檢定 67 表4-18操作策略與投資者績效之複迴歸分析 68 表4-19參考研究報告與否、報告出處對投資人績效影響之分析 69 表4-20參考研究報告失利，投資人是否繼續參考研究報告之分析 69 | zh_TW |
| dc.language.iso | en_US | - |
| dc.source.uri (資料來源) | http://thesis.lib.nccu.edu.tw/record/#G0094351009 | en_US |
| dc.subject (關鍵詞) | 散戶 | zh_TW |
| dc.subject (關鍵詞) | 參考資訊 | zh_TW |
| dc.subject (關鍵詞) | 投資績效 | zh_TW |
| dc.subject (關鍵詞) | 個人特質 | zh_TW |
| dc.subject (關鍵詞) | 分析師 | zh_TW |
| dc.title (題名) | 券商分析師研究報告、個人特質與參考資訊對散戶投資人投資績效影響之研究 | zh_TW |
| dc.type (資料類型) | thesis | en |
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