網路下單對投資行為與投資績效之影響

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黃品豪(Pin-Hao Huang) 查詢紙本館藏

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資訊管理學系

論文名稱

網路下單對投資行為與投資績效之影響
(The Impact Of On-line Trading On Invest Behavior and Performance)

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摘要(中)

網際網路改變了許多產業的商業模式，證券業也是其中之一。台灣自民國86年開放網路下單業務以來，使用人數即不斷增加，至今約佔市場總成交值的8%。網路下單一方面提供投資人豐富的資訊與手續費折扣，另一方面，也大幅降低券商的營業成本，使得新興網路券商如雨後春筍般的湧現。在美國，著名的網路券商像是嘉信理財（Charles Schwab）、E*trade等，不但以低廉的手續費爭取到不少的顧客，更迫使傳統券商龍頭美林證券（Merrill Lynch）於1999年開始提供網路下單服務，而台灣雖然由於法令的緣故無法有純網路券商的出現，但各大券商也紛紛推出網路下單的服務。
　　但是，就在投資人紛紛擁抱網路下單之際，有研究發現，網路下單會增加投資人的交易次數，而這一向被視為不利於報酬率的行為。因此，本研究即在探討網路下單是否會影響投資人的交易行為與績效，結果發現：
（1）使用網路下單的投資人多為年輕的男性。
（2）網路下單會造成投資人過度自信，且男性投資人比女性投資人更自負。
（3）網路下單會增加投資人在交易前的成本（資訊處理成本）。
（4）網路下單會透過自負程度來增加投資人的交易次數。

關鍵字(中)

★ 控制幻覺
★ 知識幻覺
★ 自負
★ 網路下單
★ 資訊處理成本

關鍵字(英)

★ Illusion of Control
★ Illusion of Knowledge
★ Overconfidence
★ On-line Trading
★ Information Processing Cost

論文目次

第一章緒論 1
1.1 研究背景 1
1.2 研究動機 4
1.3 研究目的 5
1.4 論文架構與研究流程 6
第二章文獻探討 8
2.1 網路理財概述 8
2.2 網路證券交易 10
2.2.1 網路券商 10
2.2.2 國內網路下單概況 11
2.2.3 網路下單的優缺點 12
2.2.3.1 網路下單的優點 12
2.2.3.2 網路下單的缺點 14
2.2.4 網路券商經營模式 15
2.3 行為財務學（Behavioral Finance） 16
2.3.1 行為財務學簡介 16
2.3.2 行為財務學的三大主題 17
2.4 自負（Overconfidence）理論 21
2.4.1 自負和金融市場 22
2.4.2 性別和自負 23
2.4.3 相關調查和研究 24
2.4.4 小結 25
2.5 知識幻覺（Illusion of Knowledge） 27
2.6 控制幻覺（Illusion of Control） 28
2.7 資訊處理成本（Information Processing Cost） 31
2.7.1 網路下單與資訊處理成本 31
2.7.2 資訊處理成本與交易次數 34
2.7.3 資訊處理成本與投資人特徵 34
第三章研究方法 35
3.1 研究架構 35
3.2 研究假說 36
3.2.1 網路下單對自負程度的影響 36
3.2.2 性別的調節效果 36
3.2.3 網路下單對資訊處理成本的影響 37
3.2.4 投資人經驗的調節效果 37
3.2.5 網路下單對交易次數的影響 37
3.2.6 交易次數對投資報酬率的影響 38
3.3 變數的定義與操作化 39
3.3.1 自變數：下單方式 39
3.3.2 中介變數 39
3.3.2.1 自負程度 39
3.3.2.2 資訊處理成本 39
3.3.2.3 交易次數 40
3.3.3 調節變數：投資人性別與經驗 40
3.3.4 依變數：投資報酬率 40
3.3.5 變數操作化方式與相關文獻彙整 41
3.4 問卷設計 42
3.5 研究設計 43
3.6 資料分析方法 44
第四章資料分析 47
4.1 基本資料分析 47
4.1.1 樣本來源之卡方檢定 48
4.1.2 網路下單比例之卡方檢定 53
4.1.3 小結 57
4.2 信度與效度檢定 58
4.2.1 信度 58
4.2.2 效度 59
4.3 統計假說 61
4.4 假說檢定 62
4.4.1 下單方式對自負程度的影響 62
4.4.2 性別的調節效果 62
4.4.3 下單方式對資訊處理成本的影響 63
4.4.4 投資人經驗的調節效果 64
4.4.5 下單方式對交易次數的影響 65
4.4.6 自負程度與資訊處理成本對交易次數的影響 66
4.4.7 交易次數對獲利率的影響 67
4.5 本章小結 69
第五章結論與建議 71
5.1 研究結論 71
5.2 管理意涵 73
5.3 研究限制 74
5.4 後續研究建議 75
參考文獻 76

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指導教授

林子銘(Tzu-Ming Lin)

審核日期

2002-7-2

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