Please use this identifier to cite or link to this item: http://hdl.handle.net/11455/27585
標題: 風險承受度對投資選擇之影響-以某銀行共同基金投資者為例
The Effects of Risk Tolerance on Investment Choice:A Case Study of Mutual Fund Investors in a Bank
作者: 劉梅雀
Liu, Mei-Chueh
關鍵字: Risk Tolerance
風險承受度
Investment Choice
Mutual Fund
Fund Risk Return
投資選擇
共同基金
共同基金風險等級
出版社: 應用經濟學系所
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摘要: 風險承受度一直是經濟學家用來探討個體經濟效用的重要變數,亦是影響消費者投資決策的重要關鍵,本研究主要針對「共同基金」投資人為對象,樣本數153份,採用Ordered Porbit之研究方法,探討不同風險屬性投資人之投資選擇,及風險承受度之衡量、投資者之風險屬性與實際投資共同基金風險收益等級(Risk Return,簡稱RR)是否存在差異。 經本研究實證結果發現,具有顯著水準的變數中,年齡、閱讀財經資訊、風險偏好為顯著正相關,預期投資期限、個人年收入、個人資產總值呈現顯著負相關。並由本研究實證發現,用客觀的測驗所區分的風險承受度並不顯著、係數為負數,屬於為保守型、穩健型之投資者,其實際選擇的共同基金風險收益等級明顯與其投資屬性不符,積極型客戶實際選擇的共同基金風險收益等級符合其投資屬性;而由主觀認知直覺作答的風險承受度,為顯著正相關。實證結果顯示,受訪客戶於投資選擇時,受到主觀直覺的判斷影響較多,而忽略了客觀的衡量。
Risk tolerance has always been the important variable for economist to probe into the efficiency of microeconomics and it also affects the investment decision of consumer. This research mainly takes the mutual fund investors as the objects. The number of samples is 153 and the research method of Ordered Porbit is adopted in order to probe into the investment choice in relation to the investors of different risk appetite, the measure of risk tolerance and if there is any difference existing between the investors' risk appetite and actual fund risk return (RR). Through the experimental result of this research, it can be found that, for a variable with the level of significance, the age, financial information reading and risk preference are positively correlated and the predicted investment term, individual annual income and individual assets are negatively correlated. Moreover, according to the empirical result, the difference of risk tolerance sorted by objective test is not significant. If the coefficient is a negative number, it belongs to a conservative and robust investor whose risk level of mutual fund can not meet the risk appetite; however, the risk level of mutual fund selected by a aggressive investor meets the risk appetite. The risk tolerance of subjective cognition is positively correlated. According to the empirical result, when an interviewed client selects an investment, the subjective instinct shall affect a lot but objective measure is neglected.
URI: http://hdl.handle.net/11455/27585
其他識別: U0005-2607201109425300
文章連結: http://www.airitilibrary.com/Publication/alDetailedMesh1?DocID=U0005-2607201109425300
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