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研究生： 謝佳芸
Hsieh, Jia-Yun
論文名稱： Z世代的投資行為與策略分析
Analysis on Generation Z’s Investment Behaviors and Strategies
指導教授： 蔡政憲
Jason Tsai
口試委員: 蔡政憲
曾毓英
黃孝慈
學位類別： 碩士
Master
系所名稱： 商學院 - 國際經營管理英語碩士學位學程(IMBA)
International MBA Program College of Commerce(IMBA)
論文出版年： 2025
畢業學年度： 113
語文別： 英文
論文頁數： 58
中文關鍵詞： Z世代 、投資者 、訪談
外文關鍵詞： Gen Z, investors, interview
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    • 在這個經濟動盪、數位顛覆和地緣政治不確定性盛行的時代，Z世代正逐漸成為一個獨特且具影響力的投資者群體。本論文透過對13位來自不同職業、收入和教育背景的參與者進行質性訪談，探討了台灣Z世代的投資行為。研究結果表明，Z世代的財務決策不僅受到宏觀經濟因素，例如通貨膨脹、住房負擔能力和貿易政策風險的影響，還受到其數位成長經驗、行為偏好和財務自主意願的影響。性別、產業背景和收入水準進一步影響投資組合的組成、調整頻率和資訊信任。本研究透過提供及時且基於具體情境的洞察，深入了解台灣Z世代投資者的動機和策略，為行為金融學和代際投資領域的文獻做出了貢獻。

    In an era defined by economic volatility, digital disruption, and geopolitical uncertainty, Generation Z is emerging as a distinct and influential class of investors. This thesis explores the investment behaviors of Taiwanese Gen Z individuals through qualitative interviews with 13 participants from diverse occupational, income, and educational backgrounds. Findings reveal that Gen Z’s financial decisions are shaped not only by macroeconomic forces—such as inflation, housing unaffordability, and trade policy risks—but also by their digital upbringing, behavioral preferences, and desire for financial autonomy. Gender, industry background, and income level further influence portfolio composition, adjustment frequency, and information trust. This study contributes to the literature on behavioral finance and generational investing by providing timely, context-specific insights into the motivations and strategies of Gen Z investors in Taiwan.

    ABSTRACT i
    TABLE OF CONTENTS ii
    List of Tables vii
    1. Introduction 1
    1.1 Motivation 1
    1.2 Methodology 4
    1.3 Limitations 4
    2. Investment markets, advices and implications 6
    2.1 Forces influencing Gen Z’s investment behaviors 6
    2.2 Commonly preferred asset classes and investment rationales 7
    2.2.1 Equities and ETFs 8
    2.2.2 Mutual funds 10
    2.2.3 Bonds and fixed-income products 11
    2.3 Less commonly selected assets: roles and strategic importance 12
    2.3.1 Gold and precious metals 12
    2.3.2 Cryptocurrencies 13
    2.4 Recommendations: further diversification of investment tools 13
    2.4.1 Broad-based international ETFs 14
    2.4.2 Gold and gold-backed ETFs 14
    2.4.3 Sustainable global growth 14
    3. Analysis of Gen Z investment behavior: interview findings 16
    3.1 Overview of interviewees' backgrounds 16
    3.2 Investment behavior and decision-making patterns 22
    3.2.1 Investment motivation 22
    3.2.2 Information sources 23
    3.2.3 Attitude towards risks 24
    3.2.4 Asset allocation 24
    3.2.5 Herding behavior 25
    3.3 Gender differences analysis 26
    3.3.1 Investment motivations 26
    3.3.2 Investment product preferences 26
    3.3.3 Frequency of portfolio adjustment 27
    3.3.4 Reasons for portfolio adjustment 28
    3.3.5 Risk tolerance and return expectations 28
    3.3.6 Sources of information and trust in recommendations 29
    3.3.7 Herding behavior and social influence 30
    3.3.8 Overall comparison between males and females 31
    3.4 Differences Between Finance and Non-Finance Industry Interviewees 31
    3.4.1 Portfolio composition: current vs. future 31
    3.4.2 Proportion of income and bonus allocated 34
    3.4.3 Rebalancing frequency 36
    3.5 Income-Based Comparative Analysis 37
    3.5.1 Investment motivations 37
    3.5.2 Product preference and portfolio composition 40
    3.5.3 Risk attitudes and tolerance 42
    3.5.4 Investment strategies: reasons of adjusting the portfolio 43
    3.5.5 Trust preferences 45
    4. Findings 48
    4.1 Familiarity with financial instruments 48
    4.2 Information accessibility and source trust 48
    4.3 Digital and behavioral preferences 49
    4.4 Psychological risk tolerance vs. actual portfolio design 49
    4.5 Desire for long-term goals, but short-term adjustments 49
    5. Conclusions 51
    References 54
    Appendix 57

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