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| Title: | 探討未上市股票投資行為之影響因素: 以SOR為理論為基礎 |
| Other Titles: | Discussion on Influencing Factors of Unlisted Stock Investment Behavior: Based on SOR Theory |
| Authors: | 曾惠敏
ZENG, HUI-MIN |
| Contributors: | 莊淑惠
CHUANG ,SHU-HUI
經營管理學系碩士在職專班 |
| Keywords: | 衝動投資;股票投資;信任;忠誠度;涉入程度
Impulse Investing;Stock Investing;Trust;Loyalty;Degree of involvement |
| Date: | 2023 |
| Issue Date: | 2023-11-22 02:08:16 (UTC+0) |
| Abstract: | 本研究以未上市股票投資者為對象， S-O-R理論模型作為理論框架，探討從眾行為、信任與忠誠度影響其投資意願及投資行為之程度，並以涉入程度調節投資意願與投資行為關係。研究以問卷調查並結合訪談未上市公司的投資者及盤商，藉以探索投資者對於各項構面的回應；由於未上市股票投資屬於封閉性市場，研究相關學術文獻甚少，樣本取得不易為本研究限制；但透過調查及訪談相關人士後透過模型彙整資訊，希望結論可做為未來研究未上市公司投資之參考。本次研究總計回收58份有效問卷，經由Smart PLS及SPSS運算後，得知女性投資者佔整體67.1%，表示女性對於未上市股票投資較有興趣，測量模型之信度及收斂效度評估則分別以平均變異抽取量、組合信度、Cronbach's α、區別效度及交叉負荷進行檢測，各項檢驗指標均達標準；經模型分析則發現僅從眾行為、投資意願影響投資行為等二個假設成立，而信任、忠誠度及涉及程度則不明顯。從上結論可發現未上市股票投資者因為公司無法提供訊息，基於對資訊渴望故容易產生從眾行為，但信任及忠誠度雖成立但影響程度不明顯，涉入程度調解股票投資者之投資行為亦不明顯；未上市股票投資者對於投資的判斷及決策會有從眾行為，也會經由尋找更多資訊輔助投資決策，如果經營者能供更多有效資訊，則可以增加投資者的投資意圖及投資行為。
This study focuses on individual investors in unlisted stocks and uses the S-O-R theory model as the theoretical framework to investigate the extent to which herd behavior, trust, and loyalty influence their investment willingness and investment behavior. The study combines questionnaire surveys with interviews of investors and brokers in unlisted companies to explore their responses to various dimensions. Due to the closed nature of the unlisted stock market, there is limited academic literature available, making sample acquisition challenging for this study. However, through surveys and interviews with relevant individuals and by synthesizing information through the model, it is hoped that the findings can serve as a reference for future research on investments in unlisted companies.A total of 58 valid questionnaires were collected for this study. After conducting calculations using Smart PLS and SPSS, it was found that female investors accounted for 67.1% of the overall sample, indicating greater interest among women in investing in unlisted stocks. The reliability and convergent validity of the measurement model were evaluated using average variance extracted, composite reliability, Cronbach's α, discriminant validity, and cross-loadings, and all the test indicators met the standards. Through model analysis, it was found that only two hypotheses were supported: the impact of herd behavior and investment willingness on investment behavior. Trust, loyalty, and involvement level did not show significant effects. Based on these findings, it can be concluded that unlisted stock investors tend to exhibit herd behavior due to the lack of information provided by the companies. Although trust and loyalty were established, their influence was not significant, and the mediation effect of involvement level on the investors' investment behavior was not evident. Unlisted stock investors tend to engage in herd behavior in their investment judgment and decision-making and seek more information to assist in their investment decisions. Providing more effective information to investors can increase their investment intentions and investment behavior. |
| Appears in Collections: | [經營管理學系 ] 博碩士論文
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