投資人自我控制, 財務專家建議及金融消費糾紛之關聯性分析 : 以台灣為例;The Study on the Relationship among Investors' Self-Control, Financial Advisior and Financial Dipute : Evidence Form Taiwan.

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Title:	投資人自我控制, 財務專家建議及金融消費糾紛之關聯性分析 : 以台灣為例;The Study on the Relationship among Investors' Self-Control, Financial Advisior and Financial Dipute : Evidence Form Taiwan.
Authors:	張傳章
Contributors:	財務金融學系
Keywords:	金融知識;自我控制;金融消費糾紛;Financial literacy;self-control;Finandcial dispute.
Date:	2020-12-08
Issue Date:	2020-12-09 10:39:38 (UTC+8)
Publisher:	科技部
Abstract:	許多探討金融知識程度(認知因素)如何影響金融決策行為的文獻已發現，民眾因為金融知識的不足容易導致做出不合理的金融決策(例如：Allmenberg and Dreber (2015); Bellofatto, D’Hondt, and De Winne (2018); Hsiao and Tsai (2018); Klapper and Panos (2011); Klapper, Lusardi, and Panos (2013); Hsiao, and Yeh (2017); van Rooij, Lusardi, and Alessie (2011a, 2011b)等)。然而過去許多文獻也提出，具有自我控制能力(非認知因素)的民眾或是原則上願意遵循財務專家所給予的金融建議，同樣能夠減少財務決策錯誤的發生(例如：Achtziger, Hubert, Kenning, Raab, and Reisch (2015); Gathergood (2012); Gathergood and Webber (2014); Shen, Lin, Tang, and Hsiao (2016a); Strömbäcka, Linda, Skagerlundb, Västfjäll, and Tinghög (2017)等)。為了整合探討自我控制、遵循財務專家建議以及金融消費糾紛三個因素之間彼此關聯性，我將藉由台灣金融監督管理委員會於2011年所做的國民金融知識調查結果，同時在控制民眾金融知識程度與人口特徵因素下，來探討以下過去文獻從未探究的三個關鍵問題：首先，與自我控制有關的非認知因素與遵循財務專家建議之間的關係是什麼？其次，民眾對財務專家的信任是個人決定遵從財務專家建議的必要因素嗎？第三，財務專家在金融知識與財務消費糾紛行為之間是否扮演著中介的角色? 最後，再針對上述問題的研究實證結果，進行多方的穩健測試，包括：金融知識與遵循財務專家建議間之內生性問題以及民眾對財務專家的信任與遵循財務專家建議間之內生性問題等。 ;Tremendous literature have found that people’s lake of financial literacy may be insufficient to guarantee that households make sound financial decisions (Ex. Allmenberg and Dreber (2015); Bellofatto, D’Hondt, and De Winne (2018); Hsiao and Tsai (2018); Klapper and Panos (2011); Klapper, Lusardi, and Panos (2013); Hsiao, and Yeh (2017); van Rooij, Lusardi, and Alessie (2011a, 2011b)). However, many literature also found that people with strong self-control or resort to the advice of experts are more likely to reduce the occurrence of financial decision errors (Ex. Achtziger, Hubert, Kenning, Raab, and Reisch (2015); Gathergood (2012); Gathergood and Webber (2014); Shen, Lin, Tang, and Hsiao (2016a); Strömbäcka, Linda, Skagerlundb, Västfjäll, and Tinghög (2017)). To the best of my knowledge, this study is the first attempt to simultaneously integrate self-control, financial advisors, and financial dispute into investigation compared to the literature. In the first two years, I will use a unique dataset from the 2011 Literacy Survey conducted by Taiwan’s Financial Supervisory Commission while controlling for cognitive factors such as financial literacy and demographic factors and attempt to answer three crucial questions: First, what is the relationship between non-cognitive factors related to self-control and the demand for financial advisement? Second, is trust an essential factor in an individual’s decision to defer to financial advice? Third, what will mediate the relationship between financial advisement and financial disputes? In the last year, I will present a number of additional analyses to verify the robustness of the main empirical results of the above issues. The robustness checks involve: (i) the potential endogeneity of financial literacy and the potential endogeneity of trust towards of financial literacy.
Relation:	財團法人國家實驗研究院科技政策研究與資訊中心
Appears in Collections:	[Department of Finance] Research Project

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