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    政大機構典藏 > 商學院 > 金融學系 > 學位論文 >  Item 140.119/67601
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/67601

    Title: 法人與散戶投資人選股偏好與報酬關係探討
    Investment Preference and Performance between Institutional and Individual Investors
    Authors: 陳怡靜
    Chen, Yi Ching
    Contributors: 陳威光

    Chen, Wei Kuang
    Lin, Ching Ting

    Chen, Yi Ching
    Keywords: 法人
    institutional investors
    individual investors
    behavioral finance,
    return disparity
    stock preference
    Date: 2013
    Issue Date: 2014-07-21 15:38:35 (UTC+8)
    Abstract: 本篇論文藉由文獻探討與迴歸分析探討法人與散戶的投資偏好與行為的不同而造成的報酬上的差異,本文共收集了54篇探討法人與散戶投資行為和選股偏好的文獻並進行整理,其54篇文獻細分成三個方向探討投資人的投資行為:交易策略、認知與情緒偏誤和訊息內含。由文獻的整理中發現,法人與散戶的投資報酬差異確實與交易策略和選股偏好相關,相較於散戶,法人具有資訊與資源上的優勢,所以他們較能夠在面臨投資和選股決策時,做出正確的決定。然而,散戶在資訊的取得上相較法人處於劣勢,所以在做決策時較為不明確,並且由統計數據來看,散戶的部位通常與法人為相反的,所以散戶通常為法人提供流動性,並且因此得到較差的報酬。

    This paper surveys the literatures relating to the investment preference and performance between institutional and individual investors in order to determine the reason of return disparity. 54 papers are surveyed to understand the preference and performance through three aspects: trading strategies, cognitive and emotional biases, and information content. Disparity of returns is due to trading behaviors and stock preferences. Institutional investors tend to be informed and make correct decision when trading. However, individual investors tend to invest in the opposite direction to institutions and provide liquidity for them. Therefore, institutional investor have better performance due to their less irrational behaviors and correct selection of underlying objects.

    In the fourth part, using data of 658 listed equities from Taiwan Economic Journal from Taiwan’s stock market, we investigate the relation between investors’ ownership and financial indicators. The regression analysis shows that the stock preferences between individual and institutional investor are different. Results indicate that institutional and individual investors have distinct preferences based on turnover rate, size, price to earnings per share ratio, stock volatility, and dividend yield. Foreign institutions’ stock selection preference is similar to domestic institutions.
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    Description: 碩士
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0101352022
    Data Type: thesis
    Appears in Collections:[金融學系] 學位論文

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