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| Title: | 投資人的偏好固定嗎? |
| Authors: | 徐新舫 |
| Contributors: | 周行一
徐新舫 |
| Keywords: | 行為財務學
投資人偏好 |
| Date: | 2007 |
| Issue Date: | 2009-09-17 19:22:32 (UTC+8) |
| Abstract: | 本研究利用台灣證券交易所1992到2006年的投資人成交資料，來研究散戶投資人之交易偏好是否隨時間經過而改變的原因。本研究結果顯示散戶投資人買進股票時對於股票特性的偏好（如本益比、規模、帳面價值對市價比等）會隨著時間經過而改變，此外每個年度買進股票的數目並非隨時間經過而維持一致。最後每年度均在市場交易的散戶投資人，其選擇股票的偏好傾向高周轉率、低報酬率標準差、以及高帳面價值對市價比的股票，顯示持續參與市場的投資人，其買進股票的行為較為傾向風險趨避。
In this paper, investors’ trading records from TSEC for the period from 1992 to 2006 are used to do the research about whether the preferences of individual investors have changed from time to time. Also, the results show that the buying preferences of individual investors, such as P/E ratio, size, and book-to-market ratio, changed year by year and their numbers of purchased stocks also changed every year. In addition, the research takes the individuals who traded every year as samples to trace their behaviors, and the result shows they preferred to stocks with high turnover ratio, low standard deviation of stock return, and high book-to-market ratio when they were picking stocks. From this result implies that individuals who consistently participated in the stock market behaved as risk-averse investors. |
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| Description: | 碩士
國立政治大學
財務管理研究所
95357017
96 |
| Source URI: | http://thesis.lib.nccu.edu.tw/record/#G0095357017 |
| Data Type: | thesis |
| Appears in Collections: | [財務管理學系] 學位論文
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