The Relationship of Personality Types, Risk Tolerance and Financial Behavioral Biases.

[[abstract]]根據Olsen(1998)發現投資人的決策會因其個人特質、風險的偏好或受情境影響而改變，致使投資決策具有差異性。由此可知，投資人作投資決策時會受到許多內、外在因素影響。但過去研究較少同時探討內在心理與外在環境的影響，因此本研究探討因投資人個性型態及人口統計變項的不同，是否會存在投資偏誤行為與財務風險容忍度之差異性。 本研究之研究對象為有投資經驗的投資人，透過問卷方式調查，以敘述性統計分析樣本結構之人口統計變項比例與配置，接著利用結構方程模式進行檢定有關觀察變項與潛在變項之間的假設關係。 經實證結果發現，投資偏誤行為與財務風險容忍度會受到投資人個性型態所影響，同時投資偏誤行為與財務風險容忍度亦具有明顯相關性。另外，在人口統計變項，性別、年齡、投資經驗、房租/房貸及扶養人數，對過度自信、從眾行為、及財務風險容忍度皆有顯著差異性。[[abstract]]According to Olsen (1998) indicated that an investor’s decision will change with personal characteristics, risk preference or situational influence, leading to investment made difference decision. This shows investors are often affected by many intrinsic and extrinsic factors in the investment decision-making process. However, studies less on internal psychological and external environment in the past. Therefore, this study explores the personality types for investors and the different demographic variables whether possible exist of financial behavioral biases and also explore financial risk tolerance of difference. The object of study is investment experience of investors through a survey questionnaire. A basic structures data of demographic variables using descriptive statistical analysis of the proportion and configuration, testing hypothesized relationship between observed variables and latent variables then proceeding use structural equation model. The empirical results show that the financial behavioral biases and financial risk tolerance of investors will be affected by personality type has significant relationship. Simultaneously, financial behavioral biases are significantly different from financial risk tolerance. In addition, overconfidence, herding and financial risk tolerance dose differ significantly from gender, age, investment experience, rent / mortgage and the number of dependent are relatives