臺灣股票投資市場散戶特性顯著，約占市場六成，深具流動性影響力，這些個人投資人多展現以下特性，偏好短線操作，容易追逐市場熱門題材，投資決策常受市場情緒影響，出現追高殺低與頻繁交易現象。其次，近年來ETF投資成為主流，超過1,153萬人透過定期定額參與，資金流入持續強勁，尤其高股息和防禦型標的備受青睞，儘管資金不斷湧入，散戶獲利表現往往不理想，主要原因包括過度自信、處分效果（易小賺大賠）與從眾心理，導致決策容易受心理偏誤干擾。此外資訊來源大多仰賴財經新聞、網際網路社群討論及投顧建議，資訊落後與不對稱使得判斷失誤頻繁，當今面對國際變局與市場高波動性，散戶未大幅退場，反而偏好逢低加碼，並以分散投資應對風險。整體而言，在臺灣散戶主導投資風氣，操作多元，但行為偏誤和情緒因素仍構成長期獲利障礙，若網路社群平台能扮演持續提升資訊判讀與風險控管能力的角色，是未來關鍵且大有展望的發展方向。
本研究以臺灣地區參與網際網路社群平台之散戶為樣本，採網際網路問卷方式共收集有效問卷205份，進行敘述性統計分析及信效度分析後，以迴歸分析驗證假說，結果發現行為財務學中的過度自信、處分效果及私房錢效果對投資績效滿意度皆有顯著負向影響，反之投資人情緒與從眾行為則有顯著正向影響，且社會需求對投資人情緒與從眾行為分別與社會需求交互作用時，並無調節效果。
由研究結果可得知，網際網路社群平台為重要載體，行為財務學中所提五大要素對於投資人之投資績效滿意度扮演十分重要角色，最後根據驗證結果提出實務應用與未來研究建議。

The characteristics of retail investors in Taiwan's stock investment market are significant, accounting for about 60% of the market, and have a strong influence on liquidity. These individual investors often show the following characteristics: they prefer short-term operations, are prone to chasing hot topics in the market, and their investment decisions are often affected by market sentiment, resulting in chasing highs and selling lows and frequent trading. Secondly, in recent years, ETF investment has become the mainstream, with more than 11.53 million people participating through regular fixed-amount participation, and capital inflows continue to be strong, especially high-dividend and defensive targets are favored. Despite the continuous influx of funds, retail investors' profit performance is often not ideal. The main reasons include overconfidence, disciplinary effects (easy to make small profits and big losses) and herd mentality, which makes decision-making easily interfered by psychological biases. In addition, most sources of information rely on financial news, Internet community discussions and investment advisors' advice. The backwardness and asymmetry of information lead to frequent misjudgments. In the face of international changes and high market volatility, retail investors have not withdrawn significantly but prefer to increase their positions on dips and deal with risks by diversifying their investments. Overall, retail investors in Taiwan dominate the investment trend and operate in a diversified manner, but behavioral biases and emotional factors still constitute obstacles to long-term profits. If online social platforms can play a role in continuously improving information interpretation and risk control capabilities, it will be a key and promising development direction in the future.

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