The Relationship between Personality Traits and Investment Strategy on Stock Market:A Case of Financial Company in Kaohsiung

• Main Authors: Chiung-Chu Huang, 黃瓊珠
• Other Authors: Jung-Fang Chen
• Format: Others
• Language: zh-TW
• Published: 2011
• Online Access: http://ndltd.ncl.edu.tw/handle/31845364727703376903

碩士 === 國立高雄應用科技大學 === 企業管理系碩士在職專班 === 99 === According to statistic information, in Taiwan stock markets, the majority of investors who participate in transactions are so-called “retail investors”, who have small amounts of transactions. The strategy behavior of retail investors is not based on the hypothesis of “rationalism” and “efficient markets” in terms of traditional finance theory. Instead, it is on the basis of behavior finance as its research theory. Investors will often change their investment strategies or stock holding time because of different preferences or external influence. Investors’ strategy behavior does not occur at random. In addition, it would probably generate experiences by learning and further modify investors’ strategy behavior. Therefore, we have further research and explore the relationship between personality traits, investment strategies and investments patterns of stock investors. We use questionnaires as our research method. This is a regional research, and we select stock investors of one financial company in Kaohsiung as our objects. The effective questionnaires are 298. We manipulate statistic software SPSS 17.0 version as our statistical tool and proceed hypothesis testing and analyze by descriptive statistics, reliability analysis, independent sampleT-test, one-way ANOVA, and regression analysis. In this research, we had results and concluded as followings. First, internal control influences more than external control in personality traits of stock investors. Second, in demographic parameters, personal experiences have obvious differences in internal control; sex and personal experiences have distinct differences in self-fulfillment and professional fundamentals; ages and asset conditions have apparent differences in cost estimation. Third, investment patterns of stock investors have both obvious differences in skill experiences and cost estimation. Fourth, internal control of personality traits has apparent influence in investment motivation. Fifth, internal control of personality traits influences obviously on information sources.