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    Title: 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
    Authors: 陳杰廷
    Contributors: 邱志聖
    陳杰廷
    Keywords: 散戶
    參考資訊
    投資績效
    個人特質
    分析師
    Date: 2006
    Issue Date: 2009-09-11 17:07:15 (UTC+8)
    Abstract: 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。
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    Description: 碩士
    國立政治大學
    國際經營與貿易研究所
    94351009
    95
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0094351009
    Data Type: thesis
    Appears in Collections:[國際經營與貿易學系 ] 學位論文

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