Applying Analytic Hierarchy Process to the Stock Investment Decision Factors

• Main Authors: Chih-Hsiang Huang, 黃志祥
• Other Authors: Dr.Jen-Der Day
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/67936650386024661909

碩士 === 國立高雄應用科技大學 === 工業工程與管理系碩士班 === 96 === The purpose of this study is to investigate the difference and sameness of the factors valued by the professional financiers and people with financial background and concepts while selecting investment targets. It provides the population with the reasons for the selection of the investment targets made by the professional financiers so that consensus between the population and the professional financiers is met more easily. Analytic Hierarchy Process (AHP) and the expert questionnaire survey were applied to explore the investment decision factors. Professional financiers and people with financial background and concepts were interviewed. There were 27 valid responding questionnaires;In the current study, all the possible influential factors in the stock market were organized. The possible influential factors fell on three major influential dimensions: non-economic factors, economic factors, and internal factors in the market. First, AHP was applied to analyze the influence of the main influential dimensions on the interviewees. Subsequently, it analyzed the importance of the factors included in the main influential dimensions. With respect to the professional financiers, the result indicated that the non-economic factors influenced the interviewees most. Amid the non-economic factors, it was war factor that influenced the interviewees most. And amid the internal factors in the market, it was artificial manipulation factor that influenced the interviewees most. Fundamental analyses and technical analyses were utilized to analyze the economic factors. Industry analyses, amid fundamental analyses, influenced the interviewees most. As to technical analyses, the interviewees valued the measurement technical index most . With respect to people with financial background and concepts, the interviewees valued the measurement technical index most Fundamental analyses and technical analyses were utilized to analyze the economic factors. Industry analyses, amid fundamental analyses, influenced the interviewees most. As to technical analyses, the interviewees valued the measurement technical index most. As to the non-economic factors, the interviewees valued the domestic and international political factors most. Finally, amid the internal factors in the market, it was artificial manipulation factor that influenced the interviewees most.