Ming-Chan Hsu

[[abstract]]隨著金融市場的發展，個別投資人的投資行為變得更加普遍，由Kahneman and Tverskey (1979)所提出的展望理論為基礎，認為每個人做投資時都有可能造成不理性行為，而使得投資偏誤行為更加受到矚目，由於行為的產生取決於人的心理因素及外在環境影響，故本文結合心理學及外在環境作為討論，探討是否與投資偏誤行為有密切關聯性。 本研究問卷以便利抽樣的方式針對曾經有購買股票的台灣個別投資人收集554份有效問卷，並透過結構方程模式(structure equation modeling, SEM)建構人格特質與投資偏誤行為之關係之路徑模式，及人口統計變數與投資偏誤行為之路徑模式，驗證其因果關係及檢驗配適度是否符合。 實證結果發現人格特質與投資偏誤行為確實存在關係，且性別的不同對過度自信也有顯著差異性、年齡的不同對處分效果、過度自信有顯著差異性、地理區隔的不同對從眾行為有顯著差異性。[[abstract]]As the financial market developments, individual investors’ investment behavior becomes more common. The prospect theory is suggested that every person may have some irrational behavior when they invest (Kahneman and Tverskey, 1979). This has drawn attention to investment biases behavior. As people’s behavior determined from psychology and outside environment, so this study discuss the relevance whether psychology and outside environment implicated to investment biases behavior. This study focuses on Taiwanese individual stock investors and uses questionnaire investigation method. By adopting convenient sampling, 554 effective samples were collected. Moreover, this study through a Structure Equation Model (SEM), and constructed a path analysis model of relationships between the personality traits and investment biases behavior, and between demographic variables and investment biases behavior. The results showed that personality traits related to investment biases behavior. In addition, there have different significant in gender and overconfidence. Age have significant differences with disposition effect and overconfidence. Different geographic segmentation had significant differences with herding