不同賺賠狀態的股票賣出傾向：資金籌碼與損失規避之調節

The relationship between circumstances of capital gains or losses and tendency of selling stock: The moderating effects of capital and loss aversion

本研究利用股票投資情境指導語操弄賺賠狀態及資金籌碼，採用 4（多賺、少賠、少賺、多賠）×2（籌碼多、籌碼低）全受試者間類實驗設計，探討不同股票購買價格的投資人在股票漲跌後的股票賣出傾向，並分析資金籌碼與損失規避傾向的調節效果。邀請受試者分別觀看八種不同模擬情況的指導語，請受試者看完指導語之後填寫問卷。分析 168 份有效樣本資料，獲得以下研究發現：1. 股票投資人在「多賺」狀態下的股票賣出傾向高於「多賠」及「少賠」狀態；2. 股票投資人的損失規避與股票賣出傾向呈正向關聯性，特別是在「少賠」的狀態；3.高籌碼且低損失規避股票投資人在「多賺」狀態下股票賣出傾向高於「多賠」狀態下股票賣出傾向之差距，小於低籌碼且高損失規避者。最後，本文討論了研究發現的學術性與實務性意涵。

This study adopted a 4 (higher gain, lower loss, lower gain, and higher loss) × 2(large and small capital) all between subject quasi-experimental design by instruction within stock investment. We investigated the investor tendency to sell stocks-after changes in stock pri-ces-with respect to the stocks’ price of purchase. We also analyzed the moderating effects of investor capital and loss aversion on the correlation between investor tendency to sell stocks and conditions of capital gains and losses. We recruited participants were briefed on eight simulation scenarios and subsequently completed a questionnaire. The questionnaire measured the participant’s tendency of loss aversion and tendency to sell stocks, 168 valid samples were obtained. The results were as follows. First, investors tended to sell stocks in cases of “higher gain” rather than “higher loss.” and “lower loss”. Second, loss aversion was positively correlated with tendency to sell stocks in the condition of “lower loss”. Thi rd, the difference in tendencies to sell between the conditions of “higher gain” and “higher loss” was smaller for investors with a large (rather than small) capital and low (rather than high) tendency of loss aversion. Finally, we discuss the academic and practical implications of our findings.