傳統財務學派以效率市場和理性假設為前提作為發展基礎，但行為財務學派認為理性不會時時刻刻存在，便提出許多截然不同理論來證實市場並非效率與非理性。許多學者都對超額報酬是如何產生有許多的研究，但每個學派的說法皆不一致。本文利用全球各大股票市場，將其月報酬資料於每國形成一投資組合，並使用動能策略獲得動能報酬，試圖利用文化因子解釋動能報酬的來源為何。文化因子可以代表該國國民的想法、習性、傳統與社會風氣等特有象徵。動能報酬可以被拆解為三項來源，最後分別將各拆解項對文化因子進行迴歸分析，結果發現個人主義確實可以解釋動能報酬，而不確定規避更是對所有拆解項呈現統計顯著。;Traditional financial school carries out the prerequisite of effective market and rational assumption to development, but behavioral finance school consider it impossible for rationality to be present all the time. Thus, this school proposes various theories to prove that a market is not necessarily effective and rational. Among those theories, many scholars study how the excess returns are produced but different schools have their own explanation. This study will take the huge stock markets around the word as the source of the research to form a portfolio for each country via the monthly returns and will use from momentum strategy to get the momentum profits, trying to explain what the source of momentum profits is via cultural factors, which are things representing the thoughts, customs, tradition and social trend of certain citizens in some countries. The resource of momentum profits can be divided into three and finally the three parts will conduct regression analyses on different cultural factors. At the conclusion, this study finds that individualism indeed has the weight to explain momentum profits but uncertainty avoidance has prominent influence on the statistics .
