消費者決策風格對風險承受度與投資偏好結構之影響

Abstract

隨著金融政策的開放，金融服務業已從以往公營銀行及大型商業銀行寡佔，演變成各銀行百家爭鳴。金融全球化，加上新科技如電腦、網路的運用，創造出許多以前意想不到的金融服務介面的方式。對消費者而言，金融工具的多元化，如何妥善管理資金已經成為當今重要的課題，也使得資產配置的重要性與日俱增。隨著金融商品不斷的推陳出新、網路發達、交易成本大幅下降，消費者的投資行為將更加活絡。面對資產管理市場的激烈競爭，金融業應多利用客製化的行銷組合。 關於消費者的資產配置，長久以來已有頗多的探討。然而，其共通的缺憾為幾乎都是以總和研究的觀點進行實證的分析與探討，只能推論出一般性、整體性的架構與評估模式，並探討哪些變數在影響著這些差異。風險承受度被認為是影響消費者投資決策的重要因素，並進而影響消費者的資產配置。在本研究中加入決策風格作為調和變數，觀察不同決策風格的消費者，是否擁有不同的風險承受度，並探討其風險偏好。 根據本研究的結論，利用聯合分析模型可以透過消費者的屬性水準偏好推論出個別消費者的最適資產組合，並且可以瞭解個別消費者對投資環境與理財產品之屬性的相對重要性。另外，本研究加入決策風格變數對總樣本數進行分群，經過實證分析的結果證明這些消費者的決策型態的確具有顯著性的決策差異。所以對於造成消費者之間差異性的調和變數是可以用決策風格的差異解釋，因此，證明此一決策風格變數能夠有效的針對廠商個別性的決策差異進行解釋。

With the changing of finance policies, the banking industry is no longer monopolized by public banks or large commercial banks, large numbers of private banks all join the competition. Besides, Globalization and Internet also create various financial services which are out of imagination, for customers, how to manage assets with these multiple financial tools is an important issue. Investment methods are hanged by Financial innovations, Internet and lower transaction cost. To face the competitive market, banks should focus on customerized marketing activities. Consumer asset allocation has been extensively researched for many years and most of them are aggregate-base researches, however, these results only infer general, overall structure and assessment model. It’s impossible to propose a structure reflecting each consumer’s individuality and variance and to discuss which factors determine these variances. Finance risk tolerance is a significant factor in a number of household financial decisions. Besides, the factor of decision style functions as moderators in this research, which helps observe how different decision styles influence the consumers’ final decisions and different investment preferences. This thesis explores individual consumers’ investment preference and importance of attributes with conjoint analysis model, by the way, taking “decision style” into consideration, the research proves that it really works as moderators of differences among the firms. It accounts for why individual consumers make different decisions.