臺灣博碩士論文加值系統

投資決策的訂定不只受到財務理論的影響同時也受到包括投資人的人格特徵等因素的影響進行改變其投資行為。本研究的目的在研究與心理學相關的人格特質及資訊來源如何影響投資人的行為。同時也進一步了解這些人格特質如何影響投資人的資訊取得傾向及投資績效表現。故本研究主要包括三個方面：投資人人格特質對交易頻率的影響、資訊來源對投資決策的影響及人格特質對不同資訊來源的選擇及對投資決策的影響有何不同。為了完成此目的，本研究蒐集了316個越南股市投資人的樣本，並以累積常態分配迴歸法進行分析。本研究的結果有助於增進對投資人的投資決策行為的分析，同時也有助於對如越南等發展中國家行為財務實證的進一步瞭解。本研究發現在五項人格特質中，開放性、責任心、外向性及神經質對投資頻率是有影響的。而投資資訊方面，三種資訊來源對投資決策也是有影響的。此外在考慮人格特質之下，不同資訊來源對投資行為的影響方面顯示不同人格特質的人在接受到相同資訊時的反應並不致。本研究的結果也有助於建立對像越南這類開發中國家消費者的心理分析。透過本研究實證上的分析，希望能對人口及心理特徵對金融市場的影響能有更深的瞭解。

The investment decision-making process is affected not only by standard financial theories but also depends on various other factors, one of which is psychological characteristics affecting investor’s cognition then moderate their trading behavior. The specific objective of this study is to evaluate how behavioral characteristics related to the psychological aspect and key financial information sources impact investor’s trading behavior. Simultaneously, an examination of how these psychological characteristics regulate the association of information sources acquired by investor and their financial behavior is also conducted. To achieve such goal, a sample of 316 retail investors attending the Vietnamese stock market was analyzed by performing ordinal probit regression. The results of this study provide evidence to reinforce previous findings in the application of behavioral finance in analyzing investor behavior. Specifically, among five personality traits examined in this study, there are four characteristics found to impact the investor trading frequency including Openness, Conscientiousness, Extraversion, and Neuroticism. On the relationship between information sources and investment behavior, all three sources mentioned above are demonstrated to have significant effects on the investor’s financial decisions. In addition, when evaluating the way in which the selection of information sources for investment decision-making process is subject to investor’s individual personality traits, the study found evidence that investors who are distinct in their personality characteristics tend to be dissimilar in their stock purchasing behavior when they obtaining financial information from different sources. Consequently, the findings of this study could aid in the existing literature by setting a construct to implement empirical research in a new context of an emerging and developing economy like Vietnam. Thanks to its practical value, this study may create a framework for the financial advisory sector regarding customer profiling based on demographics and psychographics characteristics.

摘要........................................................................... i
Abstract....................................................................... ii
Acknowledgements............................................................... iv
Table of Contents.............................................................. v
List of Tables................................................................. viii
List of Figures................................................................ ix
Symbols........................................................................ x
List of Abbreviations.................................................................. xi
Chapter 1 Introduction ............................................... 1
1.1 Research Background ............................................... 1
1.2 Problem Statement ............................................... 6
1.3 Research Questions and Objectives...................................... 7
1.4 Research Framework ............................................... 8
Chapter 2 Literature Review and Hypothesis Development ............... 10
2.1 Vietnamese Stock Market................................................ 10
2.2 Concept about the Big Five Inventory................................... 11
2.3 Hypothesis Development................................................. 15
2.3.1 Personality traits and trading behavior................................ 16
2.3.2 Information sources and trading behavior............................... 19
2.3.3 Psychological factors, information sources and trading behavior........ 23
2.4 Conceptual Framework................................................... 26
Chapter 3 Methodology.................................................... 28
3.1 Research Design........................................................ 28
3.2 Research Process....................................................... 29
3.3 Research Sampling...................................................... 29
3.4 Data Collection........................................................ 33
3.5 Sample Size............................................................ 34
3.6 Data Analysis Techniques............................................... 34
3.6.1 Descriptive Statistics................................................. 35
3.6.2 Reliability and Validity............................................... 35
3.6.3 Regression Analysis.................................................... 39
Chapter 4 Data analysis.................................................. 42
4.1 Sample description..................................................... 42
4.2 Validity of the Big Five............................................... 44
4.2.1 Reliability Analysis................................................... 44
4.2.2 Exploratory Factor Analysis............................................ 46
4.2.3 Confirmatory Factor Analysis........................................... 48
4.3 Structural Model and Hypothesis Checking............................... 49
4.3.1 Investor personality and trading behavior.............................. 50
4.3.2 Information sources and trading behavior............................... 54
4.3.3 Moderating role of investor personality on the relationship between information sources and trading frequency...................................... 57
4.4 Robustness Test........................................................ 64
4.4.1 Investor personality traits and trading behavior....................... 64
4.4.2 Information sources and trading behavior............................... 65
4.4.3 Moderating role of investor personality on the relationship between information sources and trading frequency...................................... 65
Chapter 5 Conclusions and Recommendations................................ 70
5.1 Main findings and Contributions........................................ 70
5.2 Practical Implications................................................. 75
5.3 Limitations and Suggestions............................................ 75
References..................................................................... 77
Appendix I – English Questionnaire............................................. 89
Appendix II – Vietnamese Questionnaire......................................... 94
Appendix III – Total Variance Explained........................................ 99
Extended Abstract 100
Chapter 1 Introduction................................................... 101
Chapter 2 Literature Review and Hypothesis Development................... 101
Chapter 3 Methodology.................................................... 103
Chapter 4 Data analysis.................................................. 103
Chapter 5 Conclusions.................................................... 104
References ............................................................... 105

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