投資者的人格特質、外來資訊皆會影響個人的決策行為，而決策行為的差異會影響到投資者的投資報酬。而現行投資學理論中，乃偏重於對證券的風險與報酬的分析或投資組合的分析，故本研究試著以不同於傳統投資理論的研究方向，而以個別投資者之人格取向或心理層面為出發點，對投資者的投資行為作一探討。

　　本研究主要在探討公開推薦資訊與投資者的人格特質，對投資者的操作策略、投資績效之影響與關聯程度。以台灣地區證券市場自然人(散戶)為主要研究對象，採問卷法進行實證研究，資料分析結果與結論如下：

　　一、外控傾向的投資者較內控傾向投資者更重視公開推薦資訊。且內控投資者較外控投資者對於自身的股票操作策略有自信，不輕易地跟從他人之投資行為。
　　二、風險規避者的投資績效較風險偏好者為佳。風險規避者相較風險偏好者保守，比較重視投資的安全性。而這三年股票市場行情低迷，因此風險規避者減少了股票下跌的損失。
　　三、目前的一般投資者較偏重於基本分析與研究，以估計所要投資股票之各種風險及期望報酬率。
　　四、以不同時期之投資報酬率衡量，投資者同樣的操作策略不見得有同等投資報酬。
　　五、透過迴歸分析，基本面推薦資訊因素對年投資報酬率與總投資報酬率，都有顯著的正相關。而技術面推薦資訊對總投資報酬率，卻有顯著的負相關。此結果顯示基本面推薦資訊較技術面推薦資訊更值得投資者重視。

The study mainly probes into the related degree of public recommended information and the investors’ personality traits influence their trading strategies and investment performances. The research subjects are the natural persons of stock exchange in Taiwan. The research demonstration is used by questionnaire method. The results and discussions of the study are listed below:
1. The external locus of control investors emphasize the public recommended information more than the internal locus of control investors. In addition, the internal locus of control investors handle their stock trading strategies more confidently and don’t follow others’ investment behaviors easily by comparison.
2. The investment performances of risk avoiders are better than the risk takers. The risk avoiders are more conservative by comparison and emphasize the safety of investment. The risk avoiders also reduce the loss of the shares slump in the most recent three years.
3. Presently, the general investors prefer basic analysis and research to evaluate various risks and expected return of portfolios.
4. According to the measuring invest return rates of different periods, the same trading strategies don’t equal to the similar invest return necessarily.
5. Through the regression analysis, the basic aspect factor of recommended information correlates positively with the year or total invest return rates. However, the technical aspect factor of recommended information correlate negatively with the total invest return rate. The results show the basic aspect factor of recommended information is more worthy for the investors.

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