在認知風格下客觀知識與金融資訊對金融決策之影響

Abstract

當代的財務行為學結合了財務學、心理學、社會學等其他行為科學，為探究投資人在金融市場的非理性行為與相關消費者決策科學，並與效率市場學說學派相抗衡，財務行為理論認為證券的市場價格很大程度上受到受投資者心理和行為所影響。 事實上，人們因為在認知風格上的不同，而導致他們對於訊息的接收以及處理方式也有差異性，認知風格來自心理學領域，此影響人類的思維，知覺，運用知識解決問題的風格，而在本研究我們探討場地獨立型與場地依賴型人格如何影響消費者處理資訊與其金融決策，除此之外，我們亦探究投資人客觀知識對於決策過程之影響。 我們採用實驗設計，結果發現，認知風格的確影響了投資人處理數字資訊之方式。場地獨立型的人，面對數字資訊較為敏感，當面對較大量數字資訊情況時，有較高度的自主思考及能力來處理複雜資訊。本研究也發現投資人的客觀知識在決策過程中是不可或缺的，擁有較高的客觀知識會使投資人更確信自己的財務決策，而金融專業和投資經驗會在校準過程中強化投資人自信心。

Financial behavior has emerged by psychology and behavioral science to reveal the irrational behavior in financial markets and decision-making rules. Financial behavior theory suggests that market price of securities is affected largely by investors’ psychology and behavior. People with different cognitive style organize information in different way, cognitive style is from psychology, it is the process how people thinking, perceiving, and applying knowledge to solve problems, so we try to study the difference between field dependent and field independent people in their process of calibrating numeric information. In addition, we also discuss how “objective knowledge” to influence investors’ financial decision. We use experimental design and the result shows that cognitive style affects how people deal with numeric information. Field independent people are more sensitive to numeric information than field dependent people. When in the situation with more complicate and numeric information, field independent people show the high autonomy and better ability to handle this. Objective knowledge is indispensable for in decision making process. With higher objective knowledge, they are even more convinced about their financial decision. Furthermore, investors’ expertise and experience would strengthen confidence in process of calibration.