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    政大機構典藏 > 商學院 > 財務管理學系 > 學位論文 >  Item 140.119/56830
    Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/56830


    Title: 以財務遊戲驗證投資者過度自信
    Verifying overconfidence of investers through stock investment game
    Authors: 李侃奇
    Lee, Kan Chi
    Contributors: 姜堯民
    Chiang, Yao Ming
    李侃奇
    Lee, Kan Chi
    Keywords: 行為財務學
    過度自信
    多角化程度
    資產配置
    Date: 2012
    Issue Date: 2013-02-01 16:50:22 (UTC+8)
    Abstract: 許多研究發現投資人在面對不同情況時,會表現出過度自信之現象,其中最甚者為過度自信現象(overconfidence),亦有研究探討如何解決過度自信,使得投資人之資產配置更加效率。結果發現雖然無利益衝突之財務建議,的確能夠解決資產配置缺乏效率的問題,然而,採納者少之又少,而採納建議者仍會依照自己想法配置資產,使得財務建議效果下降,故本研究便發想,既然投資人普遍已有成見,何不從最根本的學校教育做起,使情況有所改善。
    本研究利用實驗之方式,以政大學生作為研究對象,將樣本分為未修過財管大學生、修過財管大學生以及財管所學生三個子族群,首先以問卷調查其客觀及主觀特性,再進行財務投資遊戲以得出實驗結果,並加以迴歸分析。
    實證結果發現,樣本整體呈現男性、年齡越小者容易發生過度自信現象,由於本樣本之年齡可代表財務教育程度之高低,可推論教育程度較高者可降低過度自信;在子族群中,過度自信之情形尤以修過財管之大學生為嚴重,在未修過財管之大學生及財管所研究生中則不顯著,有”半瓶水響叮噹”之可能,而過度自信現象在財管所研究生族群中不顯著,代表財務教育程度的確能夠有效消除過度自信之現象;風險分散程度方面,樣本整體呈現男性、風險態度較高者之多角化程度較低。研究過程中發現,財務教育程度高之族群,較為了解自己之風險態度,會依照其風險承受度來作資產配置,且未修過財管大學生及修過財管大學生中,男性多角化程度顯著較低;在財管所碩士班學生之樣本,此現象則不顯著。若將多角化程度較低,視為過度自信之指標,亦代表財管所碩士班男性較不容易發生過度自信現象。由以上結果作出財務教育程度越高,的確能夠消除行為偏誤之結論,且財務教育程度越高者,更能夠了解自身之風險態度,並作出相應之資產配置。
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    Description: 碩士
    國立政治大學
    財務管理研究所
    99357032
    101
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0993570322
    Data Type: thesis
    Appears in Collections:[財務管理學系] 學位論文

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