Study on the Relationship between Investment Behavior and Investment Performance of Mutual Fund Investors.

• Main Authors: HUANG CHIN CHUN, 黃錦春
• Other Authors: 蔡豐隆
• Format: Others
• Language: zh-TW
• Published: 2009
• Online Access: http://ndltd.ncl.edu.tw/handle/49210172547591210318

碩士 === 樹德科技大學 === 經營管理研究所 === 97 === The investment theory in the past always neglect the investor's psychology and the decision-making process. However, the Behavior Finance Study starts with the human decision-making behavior and combines with the Social Investment Study, the sociology, and the psychology, which is to propose new thinking direction for the traditional finance theory. In addition, the Subprime Mortgage Crisis in US has explored the global financial storm, which makes most investors sold their most mutual funds. The real reasons on influencing the investors should be clarified. In view of the impacts for an individual Mutual-Fund investor under and Macro-Economic environment, this research will focus on reviewing whether their investment behavior is based on the “overconfidence”, “disposition effect” and “over-reaction” of financial perspective. Moreover, this research will study the influences of investment performance that is caused from different investment behavior. This research is targeting on the Domestic-Mutual-Funds investors who are buying/selling Mutual Funds. This research is running by 430 random-sample mail questionnaires through the Personal Banking Consults with 324 cases valid responses. Questionnaire’s hit-rate is 75.34%. The analysis result of each construction surface is 0.77-0.84, which achieve the standard. Furthermore, this research will by conducted by using the Factor Analysis, and the Single Factor Variance Analysis for the gradual stepwise regression analysis. According to the analysis result of this research, here are some discoveries. (1) For personal factor, the experiences of the investors, the acquirement of the information, the varieties of personality have the significant influences on the investment performance of the investment rewards and property deployment. The variety of personality has the strongest influence. (2) For Macro Economic Environment, the market fluctuation has remarkable influence on the investment performance of the investment rewards and property deployment. (3) The mutual fund investors with those kinds of investment behavior such as overconfidence, disposition effect will have the impact of the investment influence. However, the investment behavior with over-reaction will not have the significant impact on the investment rewards. (4) The personal factor and the Macro Economic Environment will have the remarkable impact on the investment performance through various investment behaviors. This research has illustrated that the investment behavior has the intermediary effect. The analysis result also proves that indirect effect is bigger than direct one after using path analysis.