本研究旨在探討資訊框架效應對投資風險承擔決策之影響，並檢驗過度自信是否調節資訊框架與風險承擔決策之間的關係。依據展望理論與行為財務學觀點，投資者面對正框架與負框架資訊時，可能因心理參考點不同而展現不同風險偏好；同時，過度自信亦可能使投資者高估自身判斷能力，進而提高風險承擔傾向。
本研究採用問卷情境實驗法，以 20 至 40 歲之台灣投資者為研究對象，共取得 248 份有效樣本。研究採受試者間設計，將受試者隨機分派至正框架組與負框架組，並以迫選題與方案偏好程度量表作為雙重依變數衡量投資風險承擔決策。資料分析採用卡方檢定、二元邏輯斯迴歸、階層迴歸、PROCESS Macro
Model 1 與 Johnson-Neyman 分析進行檢驗。
研究結果顯示，資訊框架對投資風險承擔決策之主效果未達統計顯著，亦即負框架組並未較正框架組展現更高之風險承擔傾向，假說一未獲支持。其次，過度自信對投資風險承擔決策具有顯著正向影響；無論以迫選題或方案偏好程度量表衡量，過度自信程度較高者皆展現較高之風險承擔傾向，假說二獲得支持。最後，資訊框架與過度自信之交互作用項未達統計顯著，假說三未獲支持；惟 Johnson-Neyman 補充分析顯示，高過度自信區間中資訊框架對方案偏好程度呈現顯著負向條件效果，故本研究將其視為探索性發現。
整體而言，本研究發現，在金額與機率資訊明確呈現的投資情境下，資訊框架效應對風險承擔決策之影響可能受到限制；相較之下，投資者自身之過度自信程度對風險承擔傾向具有較穩定的解釋力。實務上，本研究建議投資者教育與理財顧問服務應重視過度自信偏誤之辨識與矯正，並透過平衡式資訊揭露與風險提醒機制，協助投資者作出更審慎之投資決策。

This study examines the effect of information framing on investment risk-taking decisions and investigates whether overconfidence moderates this relationship. Based on prospect theory and behavioral finance literature, this study proposes that individuals exposed to a negative frame will show a higher tendency to take risks than those exposed to a positive frame.
A between-subjects experiment was conducted, and 248 valid responses were collected. Participants were randomly assigned to either a positive framing condition, in which investment outcomes were described as gains, or a negative framing condition, in which the same objective outcomes were described as opportunity losses relative to the highest possible outcome. Investment risk-taking was measured by both a forced-choice question and a continuous preference scale. Overconfidence was measured as overplacement, with demographic variables, investment experience, and financial knowledge included as control variables.
The results show that information framing does not have a significant main effect on investment risk-taking decisions. However, overconfidence has a significant positive effect, indicating that individuals with higher overconfidence are more likely to prefer risky investment options. The moderating effect of overconfidence is not supported. Supplementary analyses further indicate that subjective loss feeling is negatively associated with risk-taking, suggesting that the opportunity-loss frame may not fully correspond to the typical loss domain proposed by prospect theory. This study highlights the boundary conditions of framing effects in investment contexts and confirms overconfidence as an important factor influencing investment risk taking.

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