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題名 以行為財務學檢視證券交易規定
作者 郭齡鞠
貢獻者 劉玉珍
郭齡鞠
關鍵詞 行為財務學
詐欺
操縱
資訊揭露
有限注意
過度自信
框架效果
日期 2002
上傳時間 17-Sep-2009 19:24:05 (UTC+8)
摘要 本篇論文藉由行為財務學為橋樑，試圖利用法律經濟分析來檢視證券交易法的制定。結合了行為學、法律以及財務。首先利用認知心理學來介紹投資人行為偏誤的現象。整理出三項投資人處理資訊的偏誤，分別為有限注意、過度自信以及框架效果。在資本市場上投資人因為這些偏誤產生的無效率現象分別有，會計資訊解讀不完整、股價報酬產生動能現象、投資人過度交易、對公司事件宣告產生反應不足的現象、忽略資產配置的重要、處分效果以及偏好現金股利等等的現象。
而在了解行為模型對於投資人的行為預測以後，我們試著去進行法律經濟分析。行為財務學點出了效率市場假說不存在的證據，並試著以心理學的角度來解釋這些現象，但是行為財務學仍然缺乏一個良好的預測模型，它無法預測投資人何時會有反應不足，何時會有過度反應。不過行為財務學仍然提供了一些觀點值得政策制定者考慮。1.投資人偏好是不一致的，可能會因為情境改變而改變。2. 投資人只有有限的理性。3. 投資人會受到資訊揭露形式而有不同的判斷。根據這些觀點，我們以行為學的角度來分析證券交易法對於詐欺、操縱以及資訊揭露的規定。
參考文獻 參考文獻
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描述 碩士
國立政治大學
財務管理研究所
90357006
91
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0903570061
資料類型 thesis
dc.contributor.advisor 劉玉珍zh_TW
dc.contributor.author (Authors) 郭齡鞠zh_TW
dc.creator (作者) 郭齡鞠zh_TW
dc.date (日期) 2002en_US
dc.date.accessioned 17-Sep-2009 19:24:05 (UTC+8)-
dc.date.available 17-Sep-2009 19:24:05 (UTC+8)-
dc.date.issued (上傳時間) 17-Sep-2009 19:24:05 (UTC+8)-
dc.identifier (Other Identifiers) G0903570061en_US
dc.identifier.uri (URI) https://nccur.lib.nccu.edu.tw/handle/140.119/34080-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 財務管理研究所zh_TW
dc.description (描述) 90357006zh_TW
dc.description (描述) 91zh_TW
dc.description.abstract (摘要) 本篇論文藉由行為財務學為橋樑，試圖利用法律經濟分析來檢視證券交易法的制定。結合了行為學、法律以及財務。首先利用認知心理學來介紹投資人行為偏誤的現象。整理出三項投資人處理資訊的偏誤，分別為有限注意、過度自信以及框架效果。在資本市場上投資人因為這些偏誤產生的無效率現象分別有，會計資訊解讀不完整、股價報酬產生動能現象、投資人過度交易、對公司事件宣告產生反應不足的現象、忽略資產配置的重要、處分效果以及偏好現金股利等等的現象。
而在了解行為模型對於投資人的行為預測以後，我們試著去進行法律經濟分析。行為財務學點出了效率市場假說不存在的證據，並試著以心理學的角度來解釋這些現象，但是行為財務學仍然缺乏一個良好的預測模型，它無法預測投資人何時會有反應不足，何時會有過度反應。不過行為財務學仍然提供了一些觀點值得政策制定者考慮。1.投資人偏好是不一致的，可能會因為情境改變而改變。2. 投資人只有有限的理性。3. 投資人會受到資訊揭露形式而有不同的判斷。根據這些觀點，我們以行為學的角度來分析證券交易法對於詐欺、操縱以及資訊揭露的規定。		zh_TW
dc.description.tableofcontents 目 錄
第一章 緒論 1
第一節 研究動機與目的 1
第二節 研究議題 2
第三節 研究架構 5
第二章 投資人行為偏誤 8
第一節 有限注意（limited attention） 10
一、心理學上的探討 10
二、資本市場上的例子 12
第二節 過度自信（Overconfidence） 13
一、心理學上的探討 13
二、資本市場上的例子 16
第三節 框架效果理論（Framing Effect） 20
一、心理學上的探討 20
二、資本市場上的例子 24
第四節 結論 27
第三章 詐欺與操縱 31
第一節 證券交易法詐欺因果關係理論-詐欺市場理論 32
第二節 重大性之判斷 36
第三節 賠償金額之計算 39
一、FISHER的計算觀念 39
二、LEV AND DEVILLIER的計算方法 40
第四節 網路上的股價操縱 42
一、網際網路盛行後對市場交易的影響 42
二、資訊流通與詐欺、操縱案件認定 45
第五節 台灣目前規定 48
第六節 結論 49
第四章 資訊揭露 51
第一節 自願性資訊揭露 53
一、公平資訊揭露立法背景 53
二、公平性 55
三、效率性 57
三、寒蟬效應 58
四、台灣目前的規定 63
第二節 強制性資訊揭露 66
一、會計方法 68
二、會計分類 70
三、會計揭露 71
四、盈餘管理 73
第三節 結論 75
第五章 結論與建議 78
第一節 結論 78
一、詐欺與操縱 78
二、資訊揭露 79
第二節 分析限制與建議 81
參考文獻 83
附錄 94


圖 次
圖1-1 研究範疇 6
圖1-2 分析架構 6
圖2-1 人類資訊處理模式 9
圖2-2 眼球注視運動曲線 10
圖2-3 投資人必須為該決策負責時的效用函數變化 25
圖3-1 網路語音下單開戶人數趨勢 42
圖3-2 網路下單成交金額佔市場成交總金額比例 43
圖3-3 網路盛行後投資人下單及資訊來源的改變 45
圖A-1正義公司股價 98
圖A-2 85/11/1~87/1/31 OTC指數 98
圖A-3 展望理論 99


表 次
表2-1 事件組合表 18
表2-2 事件宣告長期報酬假設狀況 19
表2-3 框架效果的現象整理 23
表2-4 資本市場上投資人行為偏誤整理 28
表3-1 台灣、美國與考慮投資人偏誤之修改的詐欺條款 49
表4-1 公平資訊揭露規定政府與券商看法 55
表4-2 行為學角度分析公平資訊揭露規定 62
表4-3 公平揭露原則與我國有關非定期資訊揭露規定的比較 65
表4-4 員工選擇權認列方法 68
表A-1我國會計原則與國際會計制度差異之處 94
表A-2 賠償金額計算 98		zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0903570061en_US
dc.subject (關鍵詞) 行為財務學zh_TW
dc.subject (關鍵詞) 詐欺zh_TW
dc.subject (關鍵詞) 操縱zh_TW
dc.subject (關鍵詞) 資訊揭露zh_TW
dc.subject (關鍵詞) 有限注意zh_TW
dc.subject (關鍵詞) 過度自信zh_TW
dc.subject (關鍵詞) 框架效果zh_TW
dc.title (題名) 以行為財務學檢視證券交易規定zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 參考文獻zh_TW
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