[[alternative]]An Investigation of Personality Traits on the Stock Investors' Performance and Escalation of Commitment

Abstract

[[abstract]]　　隨著媒體科技日新月異的快速發展，資訊取得相對方便的現代，投資人可以從很多媒體報章雜誌中獲取資訊，然而每個人的心理特質都是獨一無二的，因此心理特質的影響是值得研究的。過去不少研究針對處分效果、續擴承諾、心理因素等因素進行投資人之投資行為的探討，而本研究將從人格特質這部份來進行研究，探討人格特質的不同是否產生不同程度的續擴承諾之行為，並且探討人格特質對於投資績效之影響。　　本研究以台灣股票投資人為研究對象，共計發出450份問卷，有效樣本數296份。根據本研究實證分析結果提出以下結論：一、五大人格特質量表分析得知，受測的股票投資人在友善性人格平均數為最高，神經質人格平均數最低。二、開放性人格與外向性人格對續擴承諾與投資績效均有正向關係；嚴謹性人格對投資績效有正向關係；神經質人格對投資績效有負向關係。本研究結果可提供投資人對於自身人格特質之不同，而影響投資行為與投資績效，作為後續投資參考之依據。[[abstract]]　　With the rapid development of media technology is changing rapidly, information is relatively easy to obtain modern and investors can get information from newspapers and magazines in many media. Each person is unique psychological characteristics, thus affecting psychological traits are worth studying. Many previous studies focused on the disposition effect, escalation of commitment and psychological factors of investors but this study examines whether the different personality traits affecting escalation of commitment and investment performance of investors.　　The questionnaire is mainly aimed at investors of Taiwan. The 450 questionnaires were delivered and 296 are valid samples. The following conclusions based on empirical results of this study:1. Norman’s Big Five Scale analysis showed that friendly personality is the highest one in investors and neuroticism. Personality is the lowest one.2. Openness and extraversion personality have positive effects on escalation of commitment and investment performance. The effects of rigorous personality on investment performance are positive, but effects of neuroticism personality on investment performance are negative.　　The results can provide investors' decision-making on managing their investment with different types of personality, which will also affect investment behavior and investment performance