台灣證券投資人之擇股因素研究

CCUR > College of Business > Department of Business Administration & Graduate Institute of International Business Administration > Thesis > Item 987654321/27352

Please use this identifier to cite or link to this item: https://irlib.pccu.edu.tw/handle/987654321/27352

Title:	台灣證券投資人之擇股因素研究 The Research of Stock Selecting Factors of Taiwan Stock Market Investors
Authors:	林俊谷
Contributors:	國際企業管理研究所
Keywords:	投資者特質選股投資者行為 investor characteristics stock selecting investor behavior
Date:	2006
Issue Date:	2014-05-30 14:39:03 (UTC+8)
Abstract:	過去對於投資人選股策略的研究偏向探討單一構面或報酬之關連性，缺乏投資人擇股時概括性的構面分析。有鑒於此，本研究藉由國內外之期刊進行研析，從中整理並挑選了5個構面來檢測台灣股市主要交易者，即一般投資人。分別是，總體經濟面、財務面、技術分析面、訊息推薦面與投資人認知行為來進行分析。其中總體經濟與財務面看的是國家與公司的基本結構，而技術分析面、訊息推薦面與投資人行為特性看的是市場釋出之訊息與投資人反應。由於專業投資人員相較於一般投資人較具相關專業知識，本研究目的希望藉此探討出兩類投資人對於各類訊息判讀的行為反應與投資模式是否存在差異。研究結果發現一般投資人與專業投資人員在資訊收集行為、技術面訊息、推薦訊息、多頭技術指標及空頭技術指標有顯著差異。在資訊收集行為方面，一般投資人資訊收集行為較專業投資人員為不足，顯現一般投資大眾並沒有花時間進行各股產業資料的搜集；在推薦訊息的部份，一般投資者較為倚賴分析師或報章雜誌的專欄推薦。並發現內控傾向的投資者較外控傾向投資者在資訊收集時偏重基本面資訊(包括產業基本面、公司財務資訊)；因此內控投資者較外控投資者重視產業外部環境與內部環境之因素；而外控投資者對於推薦訊息的知覺程度較內控投資者為高。 The research of the individual investor had intention to probe into single dimension and closing with individual investor's remuneration in the past, lacking of analysis of generality about the individual investor and stock selecting. In view of this, this research analysis with the domestic and international periodical has put in order and selected 5 dimensions to measure main dealers of stock market of Taiwan from it, namely individual investors. Separately are macroeconomics, financial index, information recom-mendation and investors characteristics. Among the macroeconomic variables and fi-nancial index they are the fundamental structure of the country and company and that technical analysis, recommendation, and investors characteristics being watched how investor react with information release. Because stockbrokers have relevant professional knowledge relatively to the individual investors. This research purpose hopes to probe into two kinds of investors and reflect to the behavior of all kinds of information inter-pretation whether to have a difference with the investment way or not. The result of study finds that individual investors and stockbrokers have difference between the in-formation gathering behavior, technological side information, information of recommending, and technical indicators. In information gathering behavior, the general investors’ information gathering behavior are insufficient, appear that individual investors have not spent time to collecting of industry's information; The part of information recommending, general investors comparatively rely on the special columns of the analyst or the newspaper’s writers. And discover that internal locus of control investors more stress on fundamental information than external locus of control investors in in-formation gathering behavior (include the industrial environment, company's financial information); So internal locus of control investors relatively paying attention to the factors of industry's external environment and inside environment conditions than external locus of control investors; The consciousness degree of external locus of control investors on recommend information are higher than internal locus of control investors.
Appears in Collections:	[Department of Business Administration & Graduate Institute of International Business Administration ] Thesis

Files in This Item:

There are no files associated with this item.

View Licence

Loading...