本研究以投資人的心理層面來探討股票投資風險與投資報酬，並以四個實證研究分別探究知覺風險與知覺報酬的關係、情感效應、框架效應及投資組合的建構。
研究一的結果顯示當投資人判斷一籃子股票的風險與報酬時，其知覺風險與知覺報酬會呈反向的關係，這個結果支持Shefrin (2001)的提議。此外，研究結果亦顯示當知覺報酬為正值時，受到生態價值(或真實價值)及風險規避的影響，其知覺風險與知覺報酬會呈正向的關係；當知覺報酬為負值時，受到風險追求與嫌惡損失的影響，其知覺風險與知覺報酬會呈反向的關係，且其影響的程度會大於正向關係的影響程度。另外，研究結果發現不論是否被判斷為好公司，其知覺風險與知覺報酬均呈反向的關係。研究二的結果顯示不利的訊息比有利的訊息更有顯著的情感效應，這項結果並不完全支持Finucane，Alhakami，Slovic與 Johnson (2000)所提出的情感效應模型。研究三的結果顯示不論是有利或不利的訊息，知覺報酬都具有框架效應，知覺風險則否。研究四的結果顯示投資組合主要是由高知覺報酬與低知覺風險的股票所組成。

This research investigates the stocks investment return and risk in investor’s mind. The research adopts four empirical studies to explore the association between perceived risk and perceived return, affect effect, framing effect, and portfolio construction.
Study 1 confirms the association of perceived risk and perceived return. The result shows that the perceived risk and perceived return present significantly negative relationship as judging a basket of stocks, it supports the Shefrin’s (2001) suggestion. For positive perceived return domain, affected by risk aversion attitude and ecological values (actual values), the perceived return and perceived return are positive correlation. For negative perceived return domain, affected by risk seeking attitude and loss aversion, the perceived return and perceived return are negative correlation, and the slope value of the perceived return and perceived return association curve is greater for the negative perceived return domain than the positive perceived domain. The findings of Study 2 reveal that, relative to favorable information, the unfavorable information will induce significant affect effect to the investors; the results partially support the affect effect model proposed by Finucane, Alhakami, Slovic, and Johnson (2000). The results of Study 3 demonstrate that, the investors’ perceived return has significant framing effect for both favorable and unfavorable information conditions, but the perceived risk doesn’t have it. The results of Study 4 show that the portfolios contained mostly by higher perceived return and lower perceived risk stocks.

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