影響股票市場投資決策因素之研究－－以證券商為例

The Research of Factors Affecting Investment Decision-Making in Stock Markets- In Accordance With Securities Firm

影響股市的因素眾多且廣泛，為了提供投資者在瞬息萬變的股票市場裡，瞭解影響股票市場投資決策的主要因素，本研究以15位專家問卷親訪資料為基礎，以證券專業人員為研究對象來收集資料找出重要相關因素，並以層級分析法（AHP）驗證，先求出層級架構一致性檢定，接著算出各階層主要因素、次要因素、底層因素之權重大小，並進行權重排序。研究結果顯示，在這20項因素排序中，專家共識中前5項因素為「證券交易所得稅」、「人為操縱」、「財務比率分析」、「計量化指標」、「貨幣供給額」。這些因素可作為投資人與證券專業人員重要投資決策的參考依據。

The factors affecting the stock market are numerous and extensive. In order to provide investors, in such a fast-forwarding stock market, with a comprehensive understanding about the key factors that affect the investment decisions as the financial professionals. Based on the memorandums from interviewing 15 experts, this report includes the data of focus group consist of professionals and applies Analytic Hierarchy Process (AHP) that firstly decomposes the hierarchy structure, defines the weights of primary decision factors, sub decision factors, and bottom decision factors respectively, and finally prioritizes the wrights to pick up the most suitable ones. According to the result of this report, among the 20 factors selected by the experts, the top five are “Securities Transaction Tax”, “Market Manipulation”, “Analysis of Financial Ratios”, “Quantitative Indicators”, “Money Supply”. These five factors are regards as the key factors for both investors and securities professionals at investment decision-making stage.