台灣股票市場投資人行為研究－以富邦綜合證券公司為例

Abstract

本文擬以台灣富邦綜合証券之投資人為研究對象，旨在探討台灣股票市場投資人的行為特質。為能真實了解投資人的行為傾向，本研究透過資料庫撈取研究樣本，以實際的客戶交易資料進行分析，利用客戶短期的交易資料，進行投資行為分析，進而找出台灣股市投資人所具備的交易特質，並利用此分析之結果來提供研究者對於股票市場的生態之了解，以作為對此區域內學術探討的參考。 本研究旨在探討投資人之投資損益與交易金額、庫存市值、獲利率、週轉率、個人特質等之間的關係，以隨機抽樣方式抽取一定期間內之客戶交易資料進行本研究之探討。此一結果歸納為以下之四大意涵： （一）提出理論架構解釋高獲利與高虧損之投資人，其所獲得的不同報酬率與投資行為的關係； （二）提出投資人財力（庫存市値）與獲利率之間的關係； （三）釐清週轉率與報酬之間的關係； （四）依據各項特質（如：性別、年齡、教育程度、地區、星座及生 肖等）的不同，分析獲利率各項投資行為的特徵。

This object was drown up the investor behavior in Taiwan in case of the Fubon Securities Co. in Taiwan. Besides, the aim is inquiring into the behavior characteristics of the stock market investors in Taiwan. In order to understand the behavior tendency of the investor, this research gains research sample through the database, trading data to carry on analysis with the actual customer, making use of the bargain data of customer's short date, carrying on customer to invest the behavior analysis, then finding out the trading characteristic that the Taiwanese stock market investor has, and making use of this analytical result to provide researcher's the understanding of the ecosystem toward stock market to is the reference to the academic study about this subject. This research aim is inquiring into the investment profit and loss of the investor and trading the amount of money, stock value, profit rate...etc. and trading the relation of the behavior, with random draw samples the way samples the study that the customer in the certain period trades data to carry on this research. These are four greatest meanings that induces for the following as a result: (A) Putting forward the theories structure explains the investor of the high profit and high deficiency, the dissimilarity acquired by it. Try to find out the relation of the profit rate and investment behavior ; (B) Find out the investor financial power(stock value)and the relation of the profit rate; (C) Distinguish the relation of the rate of turnover and profit. (D) According to the different kinds of dissimilarity, such as gender, age, education, location, astrology, Chinese Zodiac Sign; find out the characteristic of the possible influence bargain behavior.