行為財務學者認為投資人是有限理性，在面對投資時，受到心理因素及社會因素等影響，會做出偏離理性之決策行為。本研究探討投資人風險態度對投資行為偏誤之影響，主要探討風險態度對心理帳戶、經驗效應、從眾效應、處置效應及過度自信五種行為偏誤之影響。本研究以有購買股票或基金之投資人為研究對象，採用問卷調查方式，蒐集373份有效樣本，並採用最小平方法（OLS）進行迴歸分析。研究結果發現，投資人風險愛好程度愈高，決策行為愈不會受心理帳戶、經驗效應及處置效應之影響；而風險愛好程度愈高，投資人則愈會有過度自信之行為偏誤，另外研究發現投資人風險愛好程度與從眾效應無關。

Behavioral finance scholars consider investors to have bounded rationality. Affected by psychological and social factors, decision-making behaviors with behavioral bias are seen when investors are faced with an investment. In this study, the impact of investor risk attitude on investment behavioral bias was explored. The primary topic of exploration is the impact of risk attitude on five types of behavioral bias: mental accounting, experience effect, bandwagon effect, disposition effect, and overconfidence. This study focused on investors who have purchased stock shares or funds as the research participants. The questionnaire survey method was employed, with 373 effective samples collected. The Ordinary Least Squares (OLS) method was used to carry out regression analysis. Results show that the higher the degree of investors’ risk preference, the lower the impact of mental accounting, experience effect, and disposition effect investors are subject to; while the higher the degree of risk preference, the higher their overconfidence behavioral bias was. In addition, it was found that investors’ degree of risk preference is unrelated to the bandwagon effect.

目 錄
中文摘要	I
英文摘要	II
目錄	III
表目錄	V
圖目錄	VII
第一章　緒論	1
第一節　研究背景及動機	1
第二節　研究目的	3
第三節　研究流程	3
第二章　文獻回顧與研究假說	5
第一節　風險態度	5
第二節　行為偏誤	11
第三節　研究假說推論	17
第三章　研究設計	21
第一節　研究架構	21
第二節　問卷內容與變數操作性定義	22
第三節　研究對象及資料蒐集	27
第四節　研究方法	28
第四章　實證結果分析	30
第一節　敘述性統計分析	30
第二節　信度分析	39
第三節　風險態度對投資行為偏誤之迴歸分析	41
第五章　結論與建議	49
第一節　研究結論	49
第二節　研究限制與建議	50
參考文獻	51
中文文獻	51
英文文獻	52
附錄	58
 
表目錄
表3-1 人口統計變項之問卷設計	22
表3-2風險態度之問卷設計	23
表3-2風險態度之問卷設計（續）	24
表3-2風險態度之問卷設計（續）	25
表3-3控制變數定義	28
表3-3控制變數定義（續）	29
表4-1研究樣本統計量	32
表4-2風險態度之敘述性統計量	33
表4-3第9題及第10題項結果之敘述性統計量	34
表4-4心理帳戶之敘述性統計量	36
表4-5經驗效應之敘述性統計量	37
表4-6從眾效應之敘述性統計量	37
表4-7處置效應之敘述性統計量	38
表4-8過度自信之敘述性統計量	38
表4-9風險承受力量表Cronbach's α係數分析	39
表4-10心理帳戶問項Cronbach's α係數分析	40
表4-11從眾效應問項Cronbach's α係數分析	40
表4-12風險態度對心理帳戶影響之迴歸分析	42
表4-13風險態度對經驗效應影響之迴歸分析	43
表4-14風險態度對從眾效應影響之迴歸分析	45
表4-15風險態度對處置效應影響之迴歸分析	46
表4-16風險態度對過度自信影響之迴歸分析	48
 
圖目錄
圖1-1 2000年至2021年台股加權指數走勢圖	2
圖1-2 研究流程	4
圖2-1 風險態度曲線	7
圖2-2 價值函數	8
圖3-1 研究架構	21
圖4-1 展望理論反射效應決策結果	35

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