虛擬社群涉入對於股票投資行為之影響

The Impacts of e-Stock-Investors' Involvement in Virtual Community on Their Investment Behaviors

本研究探討虛擬社群涉入對於股票投資行為之影響，係國內外首篇針對此議題所進行的大規模調查研究。實證結果發現，臺灣e股民的投資行為，不論是靜態的持股分散程度或是動態的投資進出頻次，均受到投資者虛擬社群的涉入程度所影響，更明確地說，個別投資人對於虛擬社群的參與深度（涉入時間）與其持股分散程度和交易頻次，都呈現顯著的正向關係。此外，本研究也發現，投資人對於虛擬社群的參與廣度（參與的社群網站數）較高者，較能積極設立停損且切實執行。此現象意味著，虛擬世界中的人際網絡並不「虛擬」，對於投資人的決策與行為已具有十分顯著的影響。本研究的成果發現，對於財務學中的投資行為與社會心理學的人際關係等議題之探討，都具有開創性的重要價值。

This study explores the impacts of e-stock-investors' involvement in virtual community on their investment behaviors. It is the first paper, as far as we know, discussing this issue systematically by a large-scale survey. The empirical results show that individual e-investors' involvement in virtual communities significantly affects their portfolio diversification and trading turnover. Specifically, when a Taiwanese e-investor spends more time in virtual community, he/she holds a more diversified portfolio and trades more frequently. In addition, when he/she attends more social websites, he/she is more inclined to do the loss-stops. It implies that the virtual community is not 'virtual' and brings about significant influences on investment behaviors. The findings of this paper are insightful for the re- searches on the social networks analysis in Sociology, the interpersonal relationships in Social Psychology, as well as the investment behaviors in Finance.