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北商學報

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篇名 金融商品投資人心理帳戶行為之研究
卷期 20
並列篇名 A Study on the Mental Accounting for Financial Commodity Investors in Taiwan Stock Market
作者 姚蕙芸張四薰
頁次 001-015
關鍵字 展望理論心理帳戶框架相依損失規避利得偏好快樂編輯Prospect theoryMental accountFraming dependenceLoss aversionGain preferenceHedonic editing rule
出刊日期 201107

中文摘要

展望理論 (Prospect Theory) 是行為財務學的重要理論基礎。 Kahneman & Tversky (1979) 通過實驗對比發現,大多數投資人並非是理性投資人而是行為投資人,和傳統預期效用理論所提出的現象有所違背。台灣投資人在理財規劃及處理資產配置上,往往亦有心理層面上的考量。投資者對於處理薪資所得與其他所得(例如:利息收入、意外之財)這兩種不同來源的資金,會區分成不同的用途。人們在心理上無意識地把財富劃歸,納入不同的會計帳戶,有不同的記帳方式和心理運算規則。這就是心理學家所提出「心理帳戶」(Mental Account) 的概念。本研究著重於展望理論中,心理帳戶之相關論點,探討其內涵,強調不同類型的心理帳戶反映不同類型個體的認知模式和投資行為;並以國內投資人為樣本,使用問卷調查法進行資料收集,經由項目分析、探索性因素分析 (EFA) 與二階驗證性因素分析 (TCFA) 等統計方法,嘗試建構台灣投資者之心理帳戶行為模式。研究結果發現三個初階因素:「快樂編輯」、「利得偏好」與「損失規避」之間有高度相關;且三個初階因素的背後有一個共同潛在構念存在,此潛在構念即為高階因素 ―「心理帳戶」構念。此外,本文使用量表之構念效度良好,適合用來衡量國內投資者的心理帳戶行為。

英文摘要

Many researchers have examined the prospect theory that created by Kahneman & Tversky (1979). Most literature emphasizes on the empirical research for the overconfidence hypothesis and disposition effect. The purpose of this study tries to focus on the concept (construct) and implication of “Mental Account” within the prospect theory framework. A questionnaire was used to collect data on the individual investors in Taiwan stock market. We have adopted item analysis, exploratory factor analysis (EFA), and two-order confirmatory factor analysis (TCFA) to examine the components of mental account behavior of individual investors in Taiwan. Three first-order factors: loss aversion, gain preference, and hedonic editing rule are highly correlated. Furthermore, there exists an underlying higher-order common factor above three first-order factors, which is the construct of “Mental Account”. These results support the importance of “Mental Account” in considering the behavior or decision pattern of individual investors in Taiwan. It is also proved that an acceptable construct validity and goodness-of-fit statistics for our proposed measuring scales.

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