股市所發生的重大事件會直接影響投資人的投資決策，值得深入的探究。因此，本研究針對我國近期發生的證所稅開徵事件，進行投資人投資心理與投資行為影響的探討。由證劵市場交易變異量、投資心理、投資行為、人格特質與從眾行為傾向等構面建置研究模型，以瞭解不同人格特質與從眾行為傾向投資人面對事件時，產生對投資心理與投資行為的影響。
　　本研究藉問卷調查蒐集樣本數據，並有良好之信度與效度。各構面間進行相關分析與迴歸分析，以檢定研究假設是否成立。統計人口變項再以變異數分析，驗證不同年齡、學歷、職業、職務、交易頻率與投資金額等對投資人在各構面所產生的認知差異。
　　研究結果顯示證劵市場交易變異量、人格特質與從眾行為傾向對投資心理產生影響，而投資心理亦會影響投資人的投資行為。人口統計變項的分析結論為，知識程度高者或專業投資者對自我認知的意識較為強烈，願意承擔風險，其交易頻率與金額亦可能較高；但軍公教投資者較會採取規避風險的態度。此可提供證券業發展差別服務與行銷策略之參考。

Significant events in the stock market will directly affect the investment decisions of investors, which is worthy of in-depth inquiry. Therefore this study is to investigate how securities trading income tax affects the mentality and behavior of investors. Using abnormal trading volumes, mentality of investors, behavior of investors, personality traits and herd behavior to build the research model, and to understand how trendencies of investors with different personality traits and herd behavior can affect their mentality and behavior when facing events.
　　The research conduct surveys to collect sample data with good reliability and validity; do correlation analysis and regression analysis between each dimension; then test whether the research assumptions establish. It also use demographic variables with ANOVA to verify how different age, education, occupation, position, frequency of transactions and investment amounts cause differences of investor’s cognition in each dimension.
　　Research results indicate abnormal trading volumes, personality traits and herd behavior tend to have an impact on mentality of investors; and mentality of investors will also affect their behavior. Additional research on analyzing demographic variables concluded that highly educated or professional investors have strong senses of self-perception and are willing to take risks, their transaction frequency and amounts may also be higher. But investors who are servicemen, civil servant and teachers are more likely to take a risk-averse approach. The result of this research provides suggestions of developing differentiated services and marketing strategy for the securities industry.

目　錄	I
表目錄	III
圖目錄	IV
第壹章	緒論	1
　　第一節	研究背景	1
　　第二節	研究動機	5
　　第三節	研究目的	8
　　第四節	研究範圍與對象	8
　　第五節	研究流程	9
第貳章	文獻參考	10
　　第一節	重大事件對證券市場交易變異量的影響	10
　　第二節	投資心理	15
　　第三節	人格特質與從眾行為傾向對投資心理的影響	21
　　第四節	投資行為	28
第參章	研究方法	31
　　第一節	研究架構	31
　　第二節	研究假說	32
　　第三節	研究變數之定義與衡量	35
　　第四節	研究對象與抽樣設計	43
　　第五節	資料分析方法	44
第肆章	資料分析	47
　　第一節	樣本結構分析	47
　　第二節	問卷效度與信度分析	49
　　第三節	各構面之相關分析	51
　　第四節	迴歸分析	52
　　第五節	人口統計之ANOVA分析	56
第伍章	結論與建議	67
　　第一節	研究結論	67
　　第二節	管理意涵	68
　　第三節	研究限制與建議	69
參考文獻	70
一、	中文部分	70
二、	英文部分	73
附錄	83
研究調查問卷	83
表目錄
表1-1　2002年至2011年投資人類別成交值比重統計表	2
表1-2　2012年1-8月大盤交易量數據	6
表2-1　重大事件對證券市場交易變異量的影響	11
表3-1　證券市場交易變異量量表問項	36
表3-2　過度自信量表問項	37
表3-3　過度反應量表問項	38
表3-4　內/外控量表問項	39
表3-5　風險承擔量表問項	40
表3-6　資訊不對稱量表問項	41
表3-7　人際網絡量表問項	42
表3-8　投資行為量表問項	42
表4-1　樣本結構分析	47
表4-2　各構念探索性因素分析結果	50
表4-3　各構面之相關分析表	51
表4-4　過度自信迴歸分析結果	53
表4-5　過度反應迴歸分析結果	54
表4-6　投資行為迴歸分析結果	55
表4-7　假說驗證結果一覽表	56
表4-8　年齡對五構面的影響ANOVA表	57
表4-9　學歷對五構面的影響ANOVA表	58
表4-10　職業類別對五構面的影響ANOVA表	59
表4-11　職務對五構面的影響ANOVA表	61
表4-12　股市交易頻率對五構面的影響ANOVA表	62
表4-13　股市投入總金額對五構面的影響ANOVA表	63
表4-14　每月股票平均交易量對五構面的影響ANOVA表	65
圖目錄
圖1-1　2012年3-8月大盤走勢	2
圖1-2　2012年3月26日～9月20日台股與美股的走勢比較圖	3
圖1-3　1988年證所稅事件	4
圖1-4　研究流程圖	9
圖2-1　過度自信假說：投資人自我歸因偏誤與成交量	14
圖2-2　經濟心理學的一般模型	16
圖2-3　Asch’s的研究，判斷線長度	25
圖2-4　投資者行為模式	29
圖3-1　本研究觀念性架構	31

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