| 摘要: | 本研究藉由實地調查共同基金之投資人，瞭解個案銀行推動財富管理業務之商品適合度制度的成效，本調查依風險高低程度將投資人行為屬性區分成三個群組，第一級為保守型投資人、第二級穩健型投資人、和第三級積極型投資人；同時依商品屬性的風險高低區分三個群組，分別為第1級保守型商品、第2級穩健型商品、和第3級積極型商品。其次則利用投資人的各項變數資料，包括性別、年齡、教育程度、年收入等等，進行相關的驗證，並進一步歸納不同投資客群的行為屬性與商品偏好相互的關係。最後，利用共同基金持有者面對政治經濟相關訊息的反應檢測投資人之投資行為。 本研究顯示，共同基金投資人對風險屬性的主觀認知與客觀認知，結果存在顯著的關係。另外，保守型、穩健型二種風險等級之投資人，與保守型、穩健型二種風險等級商品偏好之關係，分佈符合投資人行為屬性與商品適合度的一致性表現，但積極型投資人，理論上應比較偏好積極型商品，實際上偏好穩健型商品，投資行為與商品偏好呈現顯著不同。另將公教群組、領薪已婚群組、領薪單身群組、家管退休群組、專業群組等五類目標客群，透過本研究的實證結果，發現公教群組多屬第一級保守型投資人，商品偏好選擇亦多為第1級保守型商品；家管退休群組多屬第二級穩健型投資人，商品偏好選擇亦多為第2級穩健型商品；領薪已婚群組與領薪單身群組多屬第三級積極型投資人，商品偏好選擇多為第3級積極型商品；專業群組雖多屬第三級積極型投資人，但對商品偏好選擇亦多為第2級穩健型商品。最後，並透過共同基金、政治經濟相關訊息，如何影響投資人投資行為的分析，發現二者間存在顯著的相關。 This study is aimed to investigate the relationship between mutual fund investors’ investment behavior and risk preferences by conducting a questionnaire survey. The study then probes the efficiency of the commodity fitness system in the case bank. According to the risk degrees in the system, investors are divided into three groups - namely the first is conservative investors, the second is steady investors, and the third is active investors. While goods properties, according to the risk degrees, are also divided into three levels – respectively the first level is called conservative commodity, the second steady commodity, and the third active commodity. Next, the study takes into account all the variables of the investors, including gender, age, education level, income, etc. to verify the correlation. Further, the study generalizes the relation between different customer groups and preferred goods properties. Besides, the study examines investors’ investment behavior by means of their response to politics and economy-related information. The results in this survey indicate both subjective and objective cognition when investors confront different risk degrees. It generally shows consistency between investment behavior and risk preferences in that conservative and steady investors prefer conservative and steady commodity. However, different from the theoretical studies, the active investors show no preference to active commodity. In addition, the target subjects are categorized into five groups - the public servants, the married employees, the unmarried employees, the housewives or the retired, and the professional group. It is found the public servants are conservative investors, and their preferred goods are of the 1st level; the housewives or the retired to be steady investors, and their preferred goods are of the 2nd level; the married and unmarried employees to be active investors, and their preference is of the 3rd level; the professional group to be active investors, but their preference is only of the 2nd level. Finally, a high correlation is found that investors’ investment behavior relates to their response to the influence of political and economic information. |
