行為財務學在近幾年來越來越受重視，學者們紛紛用不同的方法來驗證人們實際的決策行為是否與過往的經濟財務模型假設一致，而其中最被學界所挑戰的即是人們是理性的這個假設。
　　過去的效用模型假設人們無論面對損失或是利得都是風險趨避者，但近年來學者發現了人們存在著處分效果這個行為。處分效果乃是指一種人們出贏保虧的決策模式，這樣的行為反應出人們的風險偏好是會隨著參考點而改變的。當人們面臨利得時所做出的決策行為乃屬於風險趨避著，可是當人們面臨損失時風險態度卻會轉為風險愛好者。近幾年來的學者持續的透過實證和實驗設計的方法來對處分效果的存在進行驗證，而結果也都證明了此效果的實際存在。
　　本研究延續前人的研究成果，希望探討加入三個變因對於處分效果是否有顯著影響，三個變因分別為：（一）涉入程度、（二）券商信任度、（三）股票趨勢，而研究結果顯示，涉入程度對於處分效果並沒有顯著影響，而投資人對於券商的信任度和股票的趨勢皆會對於處分效果有不同的影響。

In recent years, behavioral finance gets more and more attention, there are many scholar have used different methods to verify and proof that the decision making and behavior made by people actually consistent with the previous assumption of economic and financial models, while in those study one of the most challenging academics that is the assumption that the decision and behavior made by people are rational.

In the past, utility model assume that people are always being a risk averse whether they are facing the loss or profits situation. But in recent years, Scholar found there exist disposition effect in the decision-making made by people. Disposition effect refers to selling winners and riding losers behavior and decision making of people, such behavior reflects that people’s risk appetite will be changed when reference point changed. People are risk averse when they face with the profits made, while they change into risk lovers when they facing with the risk of loss. In recent years, scholars keep work through empirical and experimental design to verified the disposition effect.

In this study, a continuation of previous research results, and would like to explore whether due to join the three variables have a significant impact on the disposition effect, three variants are: (1) involvement, (2)broker’s credibility, (3) the trends of stocks, and the results show that the degree of involvement didn’t significantly affect on the disposition effect, and investors will have different effects on the disposition effect for trust of broker dealer and stocks trend.

中文文獻：

(1) 王杰毅(2011)，「品牌形象、涉入程度、生活型態與購買意願關係之研究－以宏碁電腦產品為例」，國立成功大學碩士在職專班論文。

(2) 田寒光(2013)，「名人代言之廣告效果研究」，國立台灣大學國際企業研究所博士論文。

(3) 張孟婷(2005)，「市場走勢與風險態度對處制效應影響之實驗證據：兼論展望理論姐市之有效性」，私立淡江大學會計學系研究所碩士論文。

(4) 高武忠(2006)，「各系外資研究報告之可信度及對個股股價表現影響」，國立台灣大學財務金融學系研究所碩士論文。

(5) 陳一如(2008)，「代表性偏誤影響分析師推薦行為之探討」，中華管理評論，十一卷(一期)，頁1-32。

(6) 廖俊彥(2007)，「以投資人特質及偏好探討投資績效與處分效果」，國立中正大學會計與資訊科技研究所碩士論文。

(7) 黃美滿(2004)，「我國機構投資人過度自信交易行為之實證研究」，國立雲林科技大學財務金融系碩士論文。

(8) 湯承庭(2013)，「以投資人特質及偏好探討投資績效與處分效果」，國立政治大學金融學系碩士論文。

 
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