投資者人格特質、風險管理與投資績效之關連性研究－以不動產投資者為例

南華大學機構典藏系統 > 管理學院 > 財務金融學系(財務管理碩士班) > 博碩士論文 > Item 987654321/25806

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题名:	投資者人格特質、風險管理與投資績效之關連性研究－以不動產投資者為例
其它题名:	A Study on the Relationship among Investors' Personality, Risk Management and Investment Performance: Real Estate Investors for Example
作者:	陳銀深 CHEN, YIN-SHEN
貢獻者:	財務金融學系財務管理碩士班趙永祥 CHAO, YUNG-SHIANG
关键词:	投資績效;風險管理;人格特質;不動產 Investment performance;Risk management;Personality traits;Real estate investors
日期:	2017
上传时间:	2017-12-08 13:16:40 (UTC+8)
摘要:	本研究主題，投資者人格特質、風險管理與投資績效之關連性研究主要是以不動產投資者人格特質為主要之因變數，並以購買不動產購買目的是希望藉由投資理財從中獲利之不動產投資者為研究對象，透過實證分析，進一步瞭解目前不動產投資者之人格特質、風險管理及投資績效等三類主要變數間之關連性，經由實證分析結果得知，在投資風險管理的因素構面上除資訊管道中的新聞媒體、專家分析、專業財經雜誌及購買動機中的出租及資金來源中的自有資金、銀行貸款等構面無顯著差異，購買動機中的買賣獲利、置產保值、擁有戶數及投資獲利情形等績效構面與信度分析結果顯示，對投資風險管理的四個構面：投資概念樂觀、積極進修並勇於請教、資訊掌握程度以及投資屬性趨於保守， Cronbach's Alpha 係數分為 0.869、0.787、0.756、0.689，「投資概念樂觀」、「積極進修並勇於請教」以及「資訊掌握程度」等投資風險管理認知具有顯著差異，因此不同績效不動產投資人，所具備的投資風險管理認知也會有所不同。不動產投資人績效管理不同，在投資風險管理認知上有顯著差異。根據研究結果，在人格特質對投資風險管理構面具有顯著相關，由此可知，不動產投資人之人格特質會影響投資風險管理。另外，在檢視人格特質與投資風險管理兩組變數間的整體相關性。分析結果得知，研究結果，在人格特質對投資風險管理構面具有顯著相關，不動產投資人之人格特質的確會影響投資風險管理。另外，由分析結果得知，人格特質與投資風險管理的典型相關係數為 0.697，兩構面間為正向中度相關。當自律嚴謹、社交能力、親和力程度不動產投資者之人格特質傾向程度越低時，特別是對於自律嚴謹人格特質，對資訊掌握與保守型的投資風險管理理念認知意願程度也會越低，特別是對於請益進修投資風險管理認知。同時，驗證結果顯示，在人格特質對投資風險管理構面具有顯著相關，由此可知，不動產投資人之人格特質的確會與投資風險管理及投資績效有高度之關連性。本研究由相關強度概念進一步了解具有不同人格特質的不動產投資者對於透過不同風險管理去驗證相關性以彰顯投資者人格特質與投資績效間之關連性。人格特質傾向自律嚴謹、積極冒險進取、心態謙虛有禮、風險管理認知能不斷積極進修並勇於請教的不動產投資者更能掌握不動產市場的脈動，唯有如此才能在競爭激烈的不動產投資市場中存活創造正面績效。本研究結果與實際操作績效進行實務驗證，應是將理論應用至實務的最好結合。　　Real estate investment is a business with characteristics of high risk, high reward and high capital. Traditionally people believe that where there is a piece of land, there is wealth and consequently result in high preference in real estate investment. The investors would expect their properties remain high value or higher value for sale and receive capital gain no matter they invest the properties for self-residence or simply for investment. The purpose of this study was aimed at the real estate investors to investigate the relationships among their personality, risk management for investment and their investment performances. This study would also present some practical suggestions for real estate investors' self-evaluation in their investment. 400 questionnaires were issued and 388 valid copies were returned with a valid return rate of 97.0%. The data were analyzed by SPSS statistical software Ver.20 to examine the study hypotheses. The major study results included the followings: 1. The real estate investors' personality would include five factors, such as: Conscientiousness, social fashion, agreeableness, credibility and nuroticism with 69.84% of the variance explained. 2. A Pearson relation analysis was used to examine the relationships between investors' personality and risk management factors and the result showed that most factors were positive related except the factors of nuroticism and reviewing hard, credibility and information holder. Besides, the canonical correlation analysis also showed the positive relationships among factors except the factor of nuroticism. 3. As the investors' performance variables were used to examine if any differences existed in personality and risk management and the study results showed that some performance variables did lead to significant differences in some personality and risk management factors. 4. The empirical results show that the results of the analysis show that the personality traits of the real estate investors are obviously related to the investment risk management, and the personality traits of the real estate investors will indeed affect the investment risk management. In addition, the overall relevance of the two sets of variables between personality and investment risk management can be examined. The typical correlation coefficient between personality traits and investment risk management is 0.697, and the two-faceted facies are moderately correlated. When the degree of self-discipline is rigorous, the social ability and the degree of affinity are less, Especially for the diligent self-discipline personality traits, the optimism, willing to learn, grasp the information, conservative investment risk management philosophy will be lower awareness of the degree of willingness to self-discipline personality traits, optimism, learning, information, The results are helpful to investors to get a complete understanding of non-rational side of people. According to the study results, some practical suggestions and future study topics were presented for the references of real estate investors and future researchers and hopefully they would be helpful for investors to evaluate themselves if they are suitable or not to be involved in this investment business.
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