對後續研究者的建議

本研究旨在探討期貨與現貨投資人行為偏誤的相互關係，並利用台灣股市與 期貨市場 2009 年 1 月 1 日至 2019 年 6 月 30 日的日資料進行實證分析並且獲得 相關的研究結果與結論。然而本研究在實證上仍然遇到一些限制，後續的研究者 可以藉由下列的方向來擴大此議題的研究貢獻:

1. 本研究只使用部分的投資人行為偏誤代理變數，後續的研究著可尋找更多行 為偏誤的合理代理變數進行實證研究。

2. 本研究只能以近 11 年台灣金融市場投資人的行為偏誤作為研究期間，後續 的研究著應可分析更長時間的投資人行為偏誤的變化。

3. 本研究只以台灣股市與期貨市場為研究對象，後續的研究者可擴大至不同市 場成熟度的期貨市場投資人行為偏誤與股票市場投資人行為偏誤之相互關 係的影響。

4. 關於行為偏誤代理變數的計算，本研究是使用成交量進行分析，後續的研究 者如能獲得委買量與委賣量的資料，也可用委買量與委賣量來取代成交量來 計算行為偏誤的代理變數後進行實證分析。

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