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記錄
編號
6812
狀態
NC094FJU00457001
助教
查核
索書
號
學校
名稱
輔仁大學
系所
名稱
管理學研究所
舊系
所名
稱
學號
491706104
研究
簡妃瑾
生(中)
研究
Fei-Ching Chieh
生(英)
論文
名稱
(中)
關注效果與個人投資行為之研究
論文
名稱
(英)
The effect of attention on the investment behavior of individual investors
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題名
指導
教授
(中)
許培基
指導
教授
(英)
Pei-Gi Shu
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學位
類別
碩士
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學年
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94
出版
年
語文
別
中文
關鍵
關注效果、行為財務、個人投資行為、買壓
字(中)
關鍵 Attention Effect,Behavioral Finance,Individual Investor’s Behavior,Order
字(英) Imbalance Investor’s Behavior,Order Imbalance At
摘要
(中)
本研究透過國內某知名券商所提供共計 53680 位個別投資者開立帳戶交
易明細資料，並以 Barber and Odean（2001）的研究模型為基礎，建立台
灣地區散戶投資人購買決策的行為架構，目的在於探討個別投資人的購
買行為是否會受到關注資訊的吸引，進而積極買入。實證結果發現，當
市場出現高異常成交量時，投資人在當日未能充份反應於買量上，除了
男性、年齡層低、開戶時間短的投資人會積極買入、其它皆為賣壓現
象。然而，投資人在隔日交易卻充份反應買壓強勁的現象。再者，當日
股價大跌或大漲時，投資人於隔日皆呈淨買入現象，尤其在股價跌幅最
大群組，投資人買壓達到最高點。最後，新聞事件個股會吸引投資人目
光，進而加碼買入；其中尤以負報酬的新聞個股對個別投資者的買入行
為影響最是顯著。
摘要
(英)
論文
目次
參考
文獻
Through a certain domestic reputed securities company, 53680 individual
investors account transaction details were supplied for this research. Based on the
research model of Barber and Odean (2001) as the basis, the behavioral
framework of procurement decision by dispersed investors is established. The
purpose is to explore whether the procurement behavior of individual investors
will be attracted by information with concern and then they will buy in actively?
The result from the actual proof discovers that when the market has abnormal
trading volume, investors cannot sufficiently react in the buying volume on that
day. Except investors who are male, low age group and short account opening
time will actively buy in, the others will form a selling pressure phenomenon.
However, in the trading of the next day, investors will sufficiently react strong
buying pressure phenomenon. Furthermore, when the stock prices of that day
encounter large fall or large rise, investors will reveal a net buy in phenomenon in
the trading of the next day. Especially on the largest group of stock with falling
price, the buying pressure of investors will reach a maximum point. Finally, news
incident on individual stock will attract the sight of investors and will further buy
in additionally, especially the most significant buy in behavior is individual
investors affected by news individual stock with negative reward.
中文摘要-----------------------------------------------------Ⅰ 英文摘要----------------------------------------------------Ⅱ 目錄---------------------------------------------------------Ⅲ 表目錄--------------------------------------------------------Ⅳ 圖目錄-------------------------------------------------------Ⅴ 第壹章、緒論------------------------------------------------1 第一節、研究背景------------------------------------------1 第二
節、研究動機------------------------------------------4 第三節、研究目的-----------------------------------------7 第四節、研究流程與限制-----------------------------------8 第貳章、文獻探討--------------------------------------------11 第一節、市場
無效率---------------------------------------12 第二節、投資人行為法則相關文獻
---------------------------13 第三節、關注效果影響投資人行為--------------------------21 第參章、研究設計-------------------------------------------23 第一節、研
究期間與對象-----------------------------------23 第二節、研究方法----------------------------------------24 第三節、統計檢定-----------------------------------------27
第四節、研究假說-----------------------------------------28 第肆章、實證結果與
分析--------------------------------29 第一節、異常交易量分群----------------------------------29 第二節、報酬分群-----------------------------------------45 第三節、
錯置效果驗證-------------------------------------47 第四節、新聞分群----------------------------------------57 第伍章、結論與建議------------------------------------61
第一節、研究結論-----------------------------------------61 第二節、研究貢獻與
未來建議-------------------------------62 參考文獻---------------------------------------------63
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M admin Y2008.M7.D3 23:18 61.59.161.35