風險承受度能以問卷衡量嗎？風險承受度問卷的普遍存在下顯示出肯定之是，尤其是現今國內財富管理業者盛起，有效的評估投資人風險忍受度，方能協助投資人建構自己合適的投資組合。本研究以Roszkowski，Davey and Grable（2005）之概念發展一項風險承受度問卷，風險忍受度問項取自於FinaMetrica Pty Limited的25題、Grable & Lytton (1999)13題、及整理國內外金融服務業風險問卷後，形成本研究問卷，並運用Levenson (1981)「內控、外控、及機控量表」，檢測投資人之人格特質傾向，將投資人環境與生物心理社會因素對財務風險忍受度的影響加以分析。針對國內某財富管理業者之投資人進行抽樣調查(N = 224)，運用最小平方法迴歸發現，環境因素中的職業、投資經驗、家庭所得，生物心理社會因素中的年齡、性別，人格特質中的內控特質、外控特質，與財務風險忍受度有關。 其次，評估風險忍受度對投資績效的影響，研究結果發現，高風險忍受度與高投資績效具顯著正相關，環境因素中的投資經驗、家庭所得，生物心理社會因素中的出生順序，與投資績效有關。 最後，進行投資人面臨空頭之際投資決策之研究，結果發現投資人空頭未實現損失增加，投資人越不願意調整部位，致空頭帳面參考日投資本金增加，此即投資人有「急售利得、惜售虧損」的處分效果對報酬率帶來負面影響。 ;Can risk tolerance be measured with questionnaires? The ubiquity of risk tolerance questionnaires would suggest a definitive yes. Especially when domestic financial services industries become popular at present time, effectively assessing risk tolerance of investors can help them build up suitable investment portfolios. This research is based on concepts of Roszkowski, Davey and Grable (2005) to develop the questionnaires about risk tolerance. The assigned questions are from 25 ones of FinaMetrica Pty Limited, 13 ones of Grable & Lytton (1999) and foreign and domestic questionnaires related to financial service industry. The study of Levenson (1981) is used to inspect personality traits of investors to analyze their financial risk tolerance due to environmental and biopsychosocial factors. Investors of a financial service company in Taiwan are then sampled (N=224) and examined. From OLS regression models, we find that environmental factors like occcpation, investment experience and household income and biopsychosocial factors such as age, gender, and personality traits-internality and powerful others are related to financial risk tolerance. In addition, influences of risk tolerance on investment performance are evaluated. Results show that high risk tolerance has notably positive correlation with high investment performance. Environmental factors like investment experience and household income and biopsychosocial factors such as birth order are related to investment performance. Finally, investment behavior of investors when bear market comes is studied. Results show that when unrealized losses of investors increase, they are unwilling to adjust the investment portfolios, which induces investment capital to increase at reference point of bear market. Therefore, disposition effect to sell winers too early and hold losers too long will reduce investors’ welfare.
