Investor Risk Attitudes and Decision-making Behavior in Financial Products from the Perspective of Behavioral Finance

• Main Authors: Hui-Lin Hsu, 許慧琳
• Other Authors: Dow-Liang Huang
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/18136923213206108994

博士 === 國立高雄第一科技大學 === 管理研究所 === 98 === This research combines with behavior finance and risk decision-making model to discuss the forming process of portfolio for investors. This study applied questionnaire investigation that including financial products, for example, stock, stock fund, investment insurance policy, structured notes, future and option. The interviewee is the investors of Taiwan. In the study structure, investors’ risk preference, experience and confidence are idiosyncrasies for exogenous parameters of model. These idiosyncrasies influence the expected return and portfolio through risk propensity and risk perception. In addition, this paper also examines the cognition difference for each financial product and mediator effect for latent variables in study model. This research utilizes the Structural Equation Model to carry on investment decision-making model and inference, the result of study finds, theory model and real example model are fit very well, but investor expected return does not influence the construction of portfolio. As to investors, the determinant is risk when they build portfolio. This result of study establishes a behavioral decision-making model for investment, by way of expecting to help investors understanding the irrational behavior, improving and constructing more rational portfolio. At the same time, the result of study will facilitate financial service organization to understand investors'' manner even more, apply to designing and marketing of the financial products.