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題 名 | 投資人的人格特質、投資策略、風險態度與心理偏誤:論影響基金績效關鍵因素=Factors Influencing Performance of Mutual Fund Investment: A Study on Individual Characteristics, Investment Strategies, Risk Attitudes and Psychological Biases |
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作 者 | 葉智丞; 詹瓊玲; | 書刊名 | 嶺東學報 |
卷 期 | 37 2015.06[民104.06] |
頁 次 | 頁151-179 |
分類號 | 563.5 |
關鍵詞 | 投資策略; 風險態度; 心理偏誤; 基金績效; Strategy; Risk attitude; Psychological bias; Fund performance; |
語 文 | 中文(Chinese) |
中文摘要 | 共同基金是最能分散風險、降低成本及追求穩定獲利的投資工具,然而,影響基金績效的關鍵因素為何,過去相關文獻並未有完整的分析。本研究從事前的投資人人格特質,風險態度,到投資人外在的投資策略以至於內在的心理偏誤等因子,進行系統性的全面探討。實證結果顯示,投資策略、風險態度與心理偏誤,對基金績效均有顯著性的影響,影響力由大而小依序為:1.投資策略2.風險態度3.人格特質4.心理偏誤。進一步分析,發現投資策略中以基金投資資歷、定期定額長期投資、定期檢視基金績效並且調整投資組合,可有效提高基金的投資績效。投資人的人格特質在投資策略、風險態度與心理偏誤上確實有顯著的差異。 |
英文摘要 | This paper conducted a thorough and systematical research on key factors. This research unveiled an empirical result that investment strategies, risk attitudes, individual characteristics and psychological biases all have significant impacts on mutual fund performance. Among the four, investment strategies imposed the greatest impact, followed by risk attitudes, then individual characteristics, and lastly psychological biases. Further findings in this research revealed that experience in mutual fund investment, investing on regular schedule over a long period of time, plus monitoring and balancing the investment portfolio over time would effectively improve the performance of mutual fund investment. Furthermore, this research also found that there existed significant variance in investment strategies, risk attitudes and psychological biases among investors of different individual characteristics. |
本系統中英文摘要資訊取自各篇刊載內容。