本研究主要探討在如今台灣股票市場熱潮下，投資人「是否入市」及「如何入市」的選擇主要是受何種因素主導。研究聚焦於分析投資人的「客觀金融素養」、「主觀金融素養」與「風險偏好」三大變數，透過問卷設計將上述抽象的認知與心理變數量化，並透過迴歸分析來驗證變數間的因果關係，探討這些因素如何影響投資人股票市場的參與度，以及對於不同股票市場金融商品（如各類 ETF、個股與權證等）的選擇傾向。隨著近年臺灣證券交易所交易熱絡、ETF 商品快速普及，以及投資人參與度提升，理解個體是否進入股票市場及其選擇不同金融商品的原因，具有重要的學術與實務意義。本研究透過問卷調查蒐集一般民眾之金融知識、自我金融能力評估、風險偏好、股票市場參與度及商品持有狀況，並以羅吉斯迴歸模型進行實證分析。研究結果顯示，主觀金融素養與風險偏好對股票市場參與度具有較明顯的正向影響，表示投資信心與風險承受態度是影響民眾是否入市的重要因素。相較之下，客觀金融素養在部分金融商品選擇模型中呈現顯著影響，且多為負向關係，顯示金融知識較高者可能對特定商品採取較審慎的投資態度。本研究結果有助於理解金融素養、風險偏好與投資行為之間的關聯，並可作為金融教育、投資人分群與商品適合性管理之參考。

This study examines the effects of objective financial literacy, subjective financial literacy, and risk preference on stock market participation and financial product choices among individuals in Taiwan. In recent years, Taiwan’s stock market has experienced growing participation, rising interest in ETFs, and increasing diversification of investment products. Against this background, understanding why individuals enter the stock market and how they choose among different financial products has become an important issue for both academic research and financial practice. This study collects survey data on respondents’ financial knowledge, self-assessed financial literacy, risk preference, stock market participation, and holdings of various financial products. Logistic regression models are employed to analyze the relationships among these variables. The empirical results show that subjective financial literacy and risk preference have a relatively strong and positive association with stock market participation, suggesting that investment confidence and willingness to bear risk are important factors influencing whether individuals enter the stock market. In contrast, objective financial literacy is significantly related to several product choice decisions, often with a negative coefficient. This finding implies that individuals with higher financial knowledge may adopt a more cautious attitude toward certain financial products. Overall, this study contributes to the understanding of how financial literacy and risk preference shape investment behavior, and provides practical implications for financial education, investor segmentation, and product suitability management.

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