研究建議

本研究以臺灣期貨市場上為基礎，利用臺灣期貨交易所提供的成交檔資料並

依據每為投資人之個別帳號篩選出兩類具有處分效果與過度自信行為偏誤之投

資人，並探討在不同行為偏誤程度下，對於不同交易型態之投資人，其交易經驗

與學習效果之關聯性以及對於行為偏誤程度之影響。然而，本研究仍有可改善之

處，故我們提供以下建議以便後續能繼續往該方向研究發展。

1. 由於本研究樣本之資料對象為探討整體市場中兩類特定行為偏誤投資人的學 習效果研究，研究對象包含一般自然人、法人、自營商及法人等，雖本研究

主要研究對象仍以一般自然人占多數，但我們建議後續研究可將投資者身分

別再進一步細分成各類，並且比較各類投資人學習效果之組間差異，如此更

能了解不同類型投資人其交易經驗對行為偏誤之影響程度。

2. 由於本研究迴歸模型之自變數主要以累積交易量和累積交易天數兩者作為經 驗之替代變數來衡量，並探討經驗之累積與學習效果之間的關聯性，而我們

建議未來可在多加入經驗的平方項於迴歸模型中以更進一步了解投資人在學

習速度之變化，試著觀察其學習效果隨經驗累積會是如何變化，並進而影響

處分效果與過度自信程度。

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