對後續研究的建議

一、 雖然本研究嘗試以股利支付率上下變動 10%及 20%來定義股利增 減，但這仍然是研究者主觀的設計，實無法完全避免研究者主觀設 計對研究結果正確性的影響，建議後續研究者可嘗試以股利金額變 動來定義股利增減。

二、 關於研究變數方面，由於行為偏誤的早期相關文獻大多以實際帳戶 資料或實驗設計進行分析，然而，由於受限於投資人帳戶資料的保 密原則與取得管道的困難性，本研究所採用的行為偏誤代理變數乃 是由公開揭露的市場交易資料整理而成。雖然此一研究方式為行為 偏誤的調查提供另一種分析的途徑，但是仍無法排除其與實際帳戶 資料分析或實驗設計結果出現不一致的可能性；因此後續研究者若 能獲得實際帳戶交易資料，則建議他們可以比較公開揭露資料與實 際帳戶資料的研究結果異同。

三、 本研究使用事件研究法過程中，將事件期定義為股利發放宣告日前 後十天，但這仍然是研究者的主觀設計，無法避免主觀性對研究結 果正確性的影響；建議後續研究者可嘗試將事件期定義為股利發放 宣告日前後更長的時間。

四、 關於行為偏誤的探討，由於台灣經濟新報資料庫(databank of Taiwan Economic Journal)無法取得委買(賣)量資料，導致我們無法使用肯 證偏誤(confirmation bias)的代理變數來探討此行為偏誤對股利宣告 效果之間的關係。因此，建議後續研究者可以試著從其他資料庫取 得委買(賣)量資料。

五、 由於早期的財務資料較欠缺，使得本文在研究期間的設定上受到限 制。後續研究者若能獲得早期上市公司的財報資料，則建議延長研 究期間。

39

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