散戶人格特質對投資行為影響之分析-基於展望理論的實證分析

The Effect of Personality Characteristics of Individual Investors’ on Investor Behavior - Empirical Analysis Based on Prospect

人們的行為活動，時常受到他人的影響，經由資訊接觸，模仿或學習成功者的行為，逐漸形成特定的行為傾向。而行為的產生同時取決於個人特質和其他情境因素。本文以投資者的人格特質作為主要投入變數進行實證研究，探討臺灣衍生性金融市場中散戶投資者的人格特質對其投資行為的影響。研究結果發現：投資者在面臨投資決策時，其投資意圖與投資信心會受其人格特質的影響。

People behave in a fashion often influenced by others, via exchange information, imitate and learn successful behavior, forming a specific behavior. However, the generation of behavior depends on the personality characteristics and other factors. This empirical study take personality characteristics as the main input variables, exploring the effect of retail investors’ personality characteristics in Taiwan financial derivative markets to investor behavior. The results find that investment intentions and investor confidence will be affected by personality characteristics when the investors make investment decisions.