| 摘要: | 近幾年由於全球股市飆漲，使得臺灣投資人無視於風險控管，在金融海嘯席捲下，損失連連，甚至大半生的積蓄面臨嚴重縮水，此時個人生命週期資產累積及資產配置更形重要。本研究目的以美國401k計畫重視之生命週期基金及保險公司生命週期理論之連結產品以個案分析法，根據行為財務學解釋投資人行為包括風險趨避決策、心理帳戶、自我控制、貪婪、恐懼、心理偏誤等。 本文先說明生命週期基金運作方式，市場狀況，以個案分析，一是不考慮生命風險，以基金公司推出生命週期目標期限傘型基金為例。另一是考慮生命風險以某一保險公司（以下簡稱N保險公司）以生命週期理論為依據所推出的變額壽險保單為例，從行為生命週期理論及行為財務學的角度，以分析研究投資人投資行為。 研究結果發現投資人設定好目標後，透過生命週期基金，定期定額依目標期限接近隨時間自動調整資產配置，因而不需擔心任何投資問題，也因此能解決貪婪、短視、自控等問題，而較能達成各階段理財目標。 Due to the surging global stock market in the past few years, investors in Taiwan have been ignorant of the risk management. When the financial tsunami swept across the world, investors suffered tremendous financial losses; most of their life-long savings were serious shrinking. Consequently, the asset accumulation and asset allocation of personal life-cycle have become more important. The purpose of this study is explore the analysis of case study relating to the products of the US 401k project, focusing on life-cycle funds and the insurance companies' life cycle Hypothesis. In accordance with Behavioral Finance, we explain the investors' behaviors, including investment risks decision-making, psychological accounts, self-control, greed, fear, and psychological bias, etc. This paper will first describe operational methods of life-cycle funds, market conditions, and case-study analysis. In one case study shows that the risk to life is not considered, an example is that a fund company introduces the life-cyele target date fund. Another case study is to consider the risk to life, an example of an insurance company (hereinafter referred to as N insurance companies) to launch a variable life insurance policy based on the life-cycle Hypothesis. From the perspective of life-cycle Hypothesis and behavioral finance, we analyze and study the investment behavior of investors. The findings of the research shows that after goals are set, through life-cycle funds, investors' funds are planned toward the target with fixed date and fixed amount in accordance with time, asset allocation will automatically be adjusted. Investors thus do not have to worry about any investments. Such an arrangement can therefore exempt investors from the problems, such as greed, short-slightness, self-control and others, enabling investors to reach financial goals at various stages. |
