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| Title: | 從行為財務學探討金融投資服務
Probe into Financial Investment Service from Behavioral Finance |
| Authors: | 鄭以承
Cheng, Yi-Chen |
| Contributors: | 周冠男
Chou, Robin K.
鄭以承
Cheng, Yi-Chen |
| Keywords: | 行為財務學
金融投資服務
展望理論
心理帳戶
過度自信
Behavioral finance
Financial investment service
Prospect theory
Mental account
Overconfidence |
| Date: | 2021 |
| Issue Date: | 2022-02-10 13:02:06 (UTC+8) |
| Abstract: | 傳統經濟學認為，社會人都是理性的、追求私利以及價值效用極大化的，但在行為財務學的研究中發現，社會人常是有限理性的，而且在面對獲得時，相對更在乎損失。
本研究的動機，由個人投資人的短期交易行為出發，從行為財務學來探討金融投資服務，將「展望理論」、「心理帳戶」、「過度自信」等文獻理論延伸，發現個人投資人在投資預期報酬率上，明顯受到前次投資報酬率經驗影響，且喜愛多次小獲利的投資經驗，更勝於一次較高的投資獲利經驗。「心理帳戶」的運用在積極型投資人與保守型投資人展現不同方向，積極型投資人會設立數個理財目的不同的保守帳戶，而保守型投資人傾向讓投資獲利的部分承受更高的風險。
在「過度自信」的研究上，發現個人投資人在金融投資服務上，需要「能提升自信」的諮詢建議更勝於「能投資獲利」的諮詢建議，顯示行為財務學對金融投資的運用，在「行為投資操作」與「金融投資服務」兩方面都能有很好的延伸。
Traditional economics believes that social people are rational, pursuing self-interest and maximizing value utility. However, in the study of behavioral finance, it is found that social people are often bounded rationality, and they are relatively more concerned about loss when facing gains.
The motivation of this study is based on why individual investors like short-term transactions. It probes into financial investment services from behavioral finance. It extends the academic thesis such as "Prospect Theory", "Mental Account", and "Overconfidence". It is found that the expected return on investment of individual investors is obviously affected by the previous experience of return on investment, and they consider that several and small profits is better than a higher investment return. The use of "mental accounts" shows different directions for active investors and conservative investors. Active investors will set up several conservative accounts with different financial purposes, while conservative investors tend to make the profit of investment bear more invest risks.
In the research of "overconfidence", it is found that in financial investment services, individual investors need "confidence-enhancing" consultation rather than "investing profitable" consultation. The application of behavioral finance to financial investment has a good extension in both "behavioral investment strategy" and "financial investment services". |
| Reference: | 1.Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2009). Just How Much Do Individual Investors Lose by Trading? Review of Financial Studies, 22(2), 609-632. https://doi.org/10.1093/rfs/hhn046
2.Han, J. (2011). Behavioral Biases Among Professional Traders
3.Kahneman, D., & Riepe, M. W. (1998). Aspects of Investor Psychology. The Journal of Portfolio Management, 24, 14. https://doi.org/https://doi.org/10.3905/jpm.1998.409643
4.Kahneman, D., & Tversky, A. (1979). PROSPECT THEORY AN ANALYSIS OF DECISION UNDER RISK. Econometrica, 47, 29.
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9.友野典男. (2019). 有限理性 (謝敏怡, Trans.). 遠足文化事業股份有限公司.
10.王韻怡, 池祥萱, & 周冠男. (2016). 行為財務學文獻回顧與展望：台灣市場之研究. 經濟論文叢刊(Taiwan Economic Review), 44, 55.
11.周賓凰, 池祥萱, 周冠男, & 龔怡霖. (2002). 行為財務學: 文獻回顧與展望. 證券市場發展季刊, 14, 48.
12.理查．賽勒. (2016). 不當行為 (劉怡女, Trans.). 先覺出版股份有限公司. |
| Description: | 碩士
國立政治大學
經營管理碩士學程(EMBA)
109932126 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0109932126 |
| Data Type: | thesis |
| DOI: | 10.6814/NCCU202200024 |
| Appears in Collections: | [經營管理碩士學程EMBA] 學位論文
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