我國證券市場內個別投資者之資訊行為

Abstract

本研究的目的是對於台灣證券市場內個別投資者的資訊行為進行探討，以16位個別投資者的訪談資料分析證券市場內個別投資者所發生的資訊行為的特徵、注重的 資訊與來源管道和使用情形等等。研究發現，在資訊行為的特徵上，個別投資者較為重視瀏覽、監視以及查核三項特徵。因為無法真正有效的掌握證券市場資訊，個 別投資者只能透過瀏覽各式資訊來監視市場資訊的發展，並將各種資訊進行反覆查核。個別投資者會先盡力蒐集所有能得到的資訊以持續監視週遭環境，再串聯各種 資訊進行投資決策。進一步來說，個別投資者相當重視產品資訊與公司獲利能力資訊，但獲得資訊的時間較證券分析人員延遲。參展、人際關係、報章雜誌與營業員 等都是個別投資者主要的資訊來源管道，個別投資者同樣重視基本分析資訊與技術分析資訊，並會從過去的投資經驗與現今的資訊進行研判作出投資決策，以嘗試在 股票真值的認知上與機構投資者的認定趨向一致。

The goal of this paper is to study the information behavior of individual investors when they performed in the Taiwan stock market based on the data acquired from the interviews with 16 individual investors, especially focusing on characteristics of the behavior and the type of information and the information sources that they really take care. The results show that browsing, verifying, and monitoring are more significant phenomena in the information seeking behaviors of these individual investors. Because not every piece of effective information in the stock market can be easily to be handle, all of the inventors should try their best to browse all possible information that they can find, and then to verify information again and again. They also must continuously monitor the environment of the stock market by collecting information. Finally, all of the information that they can find out is used to integrate for supporting their investment decision. The types of information that the investors prefer are those about product and profit ability of companies which they are interested to, but they usually obtain the information later than stock analysts do. The major information sources to acquire the information are business shows, personal relationship, newspapers, magazines, and stockbrokers. As professional analysts of the stock market, they also put emphasis on both the fundamental analyses and the technical analyses of the stock information, and integrate current information with their past investment experience to make final decisions. In summary, they try to keep the same stock’s intrinsic value as that those institution investors do.