情緒與財務:文獻探討與展望

Abstract

財務理論在近代的發展中出現部分瓶頸，難以採用傳統模式來解釋某些市場異常的現象。因此財務學者轉而尋求其他學門領域的整合使用。其中最著名的是加入心理學理論後所形成的新學問—行為財務學。從行為財務學的角度看到，情緒是影響市場報酬的最重要因素之一，因此本文透過情緒在行為財務領域中的文獻探討，試著整理與歸納出一些重要的理論與效應。文章先介紹過去文獻中對情緒的定義與解釋，對研究情緒上給予區分依據。在第三章提出行為財務學中與情緒相關的理論，並將這些理論應用到第四章中情緒相關的財務實證，給予情緒上的解釋。實證文獻探討過後，本文歸納出公司、基金經理人與個人對情緒應用上的一些建議以及未來產業可能出現的新工作—財務心理諮詢。最後附上本文文獻探討後對未來相關研究發展上的一些建議方向。

There are some anomalies in the market and hard to explanted by traditional financial theory. Scholars try to use other theory in different field to solve financial problem. The most famous example is behavioral finance with the combination of finance and psychology. Scholars find out that emotion is one of the most important factors in the model of market returns. Therefore, I try to conclude some effect and theory for financial researches in this article. Firstly, I introduce some definitions of emotion. Secondly, I introduce discussing cognitive dissonance, disposal effect, herding, mental account and some research in empirical finance. By using these theories, I give some explanations in empirical researches. Thirdly, I give some advice for companies, fund managers, and individual investors, then think of a new job named “financial consultant.” Finally, I try to point out some suggestions in the future researches.