| Summary: | 碩士 === 國立臺北大學 === 國際財務金融碩士在職專班 === 94 === According to the principle of Efficient Market Hypothesis, the investors are rational, but in fact, the psychological reflection behavior of investors from relevant research indicates different results. This research surveyed the investors’ reactions when they receive the information disclosed by media and daily stock market condition; and their investment reflections as encountering to realize profit or loss when they hold the securities. In addition, the study used demographic statistics variables to discuss all population attributes against many outside information factors, and whether it affects investment policies made by different attributes investors.
The research results are as follows:
1. In principle, investors tend to agree that they will buy and sell stocks based on stock information disclosed by media. However they are more willing to sell stocks as receiving bad news than to purchase stocks as receiving good news.
2. The factor of “share-holding” is the critical determinant that affects investors’ investment decisions. There also has a phenomenon that investors tend to realize securities with certain profits, but to continue holding securities with loss.
3. When investors hold securities, they have the strongest willingness to sell stocks when media discloses company’s bad news and when market is bearish. Instead, when they do not hold any security, investors have the strongest willingness to buy stocks when media disclose good news and when market is bullish.
4. The two single population attribute investors such as“Academic background under community college” and“Investment experience less than one year”do not have significant differences against to“Disclosed information”、“Market condition”and “Reward”.
5. Investors with six different single population attributes, including “Female”、“Married”、“Non-securities or financial profession”、“Investment experience less than one year” and “Investment experience more than 10 years”, have the strongest willingness to sell stocks when they have huge loss of their stocks, they have to face bad news disclosed by media and when market is under bearish condition. However, investors other than different single population attributes have the strongest willingness to sell stocks when they hold profitable stocks, media disclose bad news and market is under bearish condition.
6. For investors with multiple (dual)-population attributes combinations, except for “married males“who hold securities in loss have stronger willingness to sell stocks than that they hold securities in profit（only the average differences are not huge）. Investors with other multiple (dual) population attributes have stronger willingness to sell stocks in profit than that they hold securities in loss.
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