台灣地區股票市場資訊對投資人心理及行為影響性研究

Abstract

@ 本研究以股市投資人在資訊環境中，接收資訊；據此引發預期心理反 應, 進而產生決策及行為的模式；且以此模式是市場股價反應基本動力的 理論基礎，設計問卷；並以取得之樣本資料，以瞭解股市投資人的資訊態 度（包含品質認知、環境認知、影響性認知、需求認知等）、資訊心理反 應及資訊行為反應，並以統計方法（卡方檢定、變異數分析），分析其影 響因素、相互關係及效果差異，並加以解釋。 @ 本研究結果得到：一 、投資人的資訊態度上：大多數的投資人認為資訊對股價及對自己的 @ 投資策略及行為有重大影響。而此資訊態度，受投資人的交易形態 @ 、決策環境、決策個性之差異而有所不同。二、在面對資訊的心理反 應及行為反應上，投資人亦會因其決策環境、 @ 決策工具、決策個性 之差異而有所不同。三、引發預期心理並進而產生決策行為的資訊，並不 限於基本面有關之 @ 資訊，亦包含許多其它無關（或關係不顯著）資 訊或雜訊；此類資 @ 訊之效果（引發預期心理、行為反應及股價波動 等）又往往更勝於 @ 前者。表示資訊對投資人之傳播預期意義更重於 其表相意義。四、資訊內涵之正反性、不確定性等性質之不同，對投資人 的效果強弱 @ 亦會有所不同。五、由資訊產生預期心理，並進而產生 決策行為的模式應可成立。 The thesis rationale is based on though that investor on securities market is incited anticipation mentality by information received among information environment, thus make decision and reply, and it is the impetus of fluctuations of stock market price. Within this framework, questionaive is designed to get the primary data of trader, then try to understand the investor's attitude to information (including quality cognition, environment cognition, influence cognition and demand cognition etc ), mentality and behaviour reactions causing information, and using the approach of statistics to analyze the effect factors about information inflence to investor and correlation between those factors, and try to explicate the analytic result. @ The followings are obtained in the study: 1. In attitude to information: Most of investors hold that @ information influence the market price of stock, also @ investor's decision-making and replying greatly, and this @ attitude is affected by investor's trading pattern, decision @ environment and decision-making style etc. 2. Both of mentality and behaviour reaction causing information @ also affected by investor's trading pattern, decision @ environment and decision-making style etc. 3. Content of informations which would incting anticipation @ contain not only foundmentals about firm operation, but also @ other irrelative information (or called "noise"). On the @ incidence, the latter is often more than former. It denotes @ informations communicating signals of anticippation being more @ signficant than its appatent meanning to investors. 4. Attributes of information like uncertainty, contradictory make @ different influence to the investor. 5. The model that informations inciting anticipation mentality, @ then making decision and accuring behaviour is accepted.