資訊搜尋在投資選擇中的角色：數位資訊、尋求忠告與捷思

Abstract

購買風險投資是創造個人財富的方法之一，當個人面臨有關投資結果的不確定時，會進行資訊搜尋作為減少風險的策略。過去許多相關的研究多聚焦在數位資訊的搜集與尋求忠告訊息的討論，本研究嘗試在資訊搜尋面向上、擴展探討個人對於捷思(一種簡化的資訊搜尋方法)的依賴。其次，我們也將檢視個人的風險趨避態度對於本文中資訊擴展模型的影響效果。在投資選擇方面、本文區分為直接投資(例如：股票/選擇權)與間接投資(例如：基金)兩方面進行探討。採用問卷調查方式、蒐集到有效樣本共378位有投資經驗的投資人為資料。以兩階段分析程序進行資料分析。第一階段，進行驗證性因素分析，以評估測量構面的有效性。第二階段，以路徑分析檢視研究模型的結構關係。研究結果發現：風險趨避顯著直接影響投資人的股票/選擇權投資偏好，但是經由資訊搜尋間接影響投資人的基金投資偏好。愈具有風險趨避傾向的個人愈偏好搜尋資訊。投資人尋求忠告與依賴捷思正向影響他們對於基金的偏好。此外，投資顧問應提升所提供資訊的專業性與準確性，特別是對於較具有風險趨避傾向的投資人。最後，本研究也提出相關的實務意涵與道德議題意涵。

Purchasing risky investments can be a means to create individual wealth. When faced with uncertainty about the investment outcome, individuals search for information on risk-reducing strategies. Most studies focus on digital information and advice-seeking information. This study extends the investigation of information search to discuss heuristics reliance, a simplified information search method. We also examine the effect of risk aversion on our extended information search model. Specifically, this article reports on two dimensions of direct (e.g., stocks/options) and indirect (e.g., mutual fund) investment. We test our model with a sample of 378 experienced investors by self-reported measurement. Data analysis is performed in two-step analytical procedures. The first stage, confirmatory factor analysis is conducted to assess the validity of the measures. The second stage, the structural relationships are examined by path analysis. The findings show the significant direct effect of risk aversion on stocks/options investment choices, but a great indirect effect of risk aversion on mutual fund choices through information search. Individuals with more risk aversion are more likely to search information. More advice-seeking information searching and heuristics reliance through demands of digital information positively influence mutual fund investment preferences. The results demonstrate the value of enhancing the sophistication and accuracy of the information that a counselor provides, especially for investors who are risk averse. This study also has an implication for ethical issues.