Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.Ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu trong tương lai của nhà đầu tư cá nhân trên thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đầu tư.
Oilamchi99 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH -ooo0ooo - NGUYỄN HỮU THỌ ẢNH HƯỞNG CỦA MỘT SỐ TÍNH CÁCH ĐẾN DỰ ĐỊNH ĐẦU TƯ CỔ PHIẾU CỦA CÁC NHÀ ĐẦU TƯ CÁ NHÂN TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM: VAI TRÒ TRUNG GIAN CỦA NHẬN THỨC RỦI RO, NHẬN THỨC KHÔNG CHẮC CHẮN VÀ KẾT QUẢ ĐẦU TƯ LUẬN ÁN TIẾN SĨ KINH TẾ TP Hồ Chí Minh – Năm 2022 BỘ GIÁO DỤC VÀ ĐÀO TẠO TRƯỜNG ĐẠI HỌC KINH TẾ TP HỒ CHÍ MINH -ooo0ooo - NGUYỄN HỮU THỌ ẢNH HƯỞNG CỦA MỘT SỐ TÍNH CÁCH ĐẾN DỰ ĐỊNH ĐẦU TƯ CỔ PHIẾU CỦA CÁC NHÀ ĐẦU TƯ CÁ NHÂN TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM: VAI TRÒ TRUNG GIAN CỦA NHẬN THỨC RỦI RO, NHẬN THỨC KHÔNG CHẮC CHẮN VÀ KẾT QUẢ ĐẦU TƯ Chuyên Ngành: Quản tri Kinh doanh Mã số: 9340101 LUẬN ÁN TIẾN SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS TRẦN HÀ MINH QUÂN TS NGÔ QUANG HUÂN TP Hồ Chí Minh – Năm 2022 LỜI CÁM ƠN Để hoàn thành luận án, Tôi nhận được nhiều sự hướng dẫn, hỗ trợ tận tình, động viên tư Người hướng dẫn khoa học, các Thầy, Cô, đồng nghiệp, bạn bè và gia đình Đầu tiên, Tôi gởi lời cảm ơn đến những người hướng dẫn khoa học Thầy PGS.TS Trần Hà Minh Quân, Thầy TS Ngô Quang Huân, đã tận tình hướng dẫn, động viên, hỗ trợ suốt thời gian thực hiện luận án, Tôi xin cám ơn Ban giám hiệu Trường Đại học Kinh tế Tp Hồ Chí Minh đã hỗ trợ và tạo điều kiện về thời gian và kinh phí học tập tại trường Tôi cám ơn Cô Nguyễn Quang Thu bộ môn Tài chính Dự án - Khoa Quản Tri, trường Đại học Kinh tế Tp.Hồ Chí Minh đã tận tình chia sẻ, trao đổi, để hoàn thành luận án Tôi cám ơn đến các thầy, cô giáo, đồng nghiệp, bạn bè và các anh chi khoa Quản tri, Viện Đào tạo sau đại học của trường Đại học Kinh tế Tp.Hồ Chí Minh đã chia se, động viên để Tôi vượt qua những khó khăn học tập, nghiên cứu và Tôi cám ơn những nhà đầu tư cá nhân đã dành thời gian trả lời bảng câu hỏi, là nguồn dữ liệu cho nghiên cứu Cuối cùng, Tôi gửi lời cám ơn đến gia đình, vợ và hai đã thấu hiểu, động viên và hỗ trợ để luận án này được hoàn thành Xin trân trọng Tp Hồ Chí Minh, ngày tháng năm 2022 MỤC LỤC LỜI CAM ĐOAN································································································· i LỜI CÁM ƠN···································································································· ii MỤC LỤC······································································································· iii DANH MỤC CHỮ VIẾT TẮT················································································ix DANH SÁCH CÁC BẢNG·····················································································x DANH SÁCH CÁC HÌNH VE···············································································xiii TÓM TẮT LUẬN ÁN·························································································xiv ABSTRACT····································································································· xv CHƯƠNG - TỔNG QUAN···················································································1 1.1 Tổng quan về thi trường chứng khoán Việt Nam·························································1 1.1.1 Giá tri vốn hóa thi trường·················································································1 1.1.2 Chỉ số chứng khoán························································································ 1.1.3 Số doanh nghiệp niêm yết················································································2 1.1.4 Số tài khoản ································································································ 1.2 Sự cần thiết của nghiên cứu·················································································3 1.2.1 Thực trạng nhà đầu tư cổ phiếu của nhà đầu tư cá nhân···············································3 1.2.2 Khoảng trống lý thuyết qua lược khảo các nghiên cứu thực nghiệm tại Việt Nam và giới · ·4 1.3 Mục tiêu nghiên cứu························································································· 1.3.1 Mục tiêu nghiên cứu tổng quát···········································································8 1.3.2 Mục tiêu nghiên cứu cụ thể···············································································8 1.4 Câu hỏi nghiên cứu··························································································9 1.5 Đối tượng và phạm vi nghiên cứu··········································································9 1.6 Phương pháp nghiên cứu···················································································· 1.7 Điểm mới của luận án······················································································10 1.8 Cấu trúc của luận án························································································ 11 CHƯƠNG - CƠ SỞ LÝ THUYẾT VÀ MÔ HÌNH NGHIÊN CỨU 2.1 Giới thiệu···································································································· 13 2.2 Lý thuyết tính cách ························································································ 13 2.2.1 Tính cởi mở (Openness)·················································································14 2.2.2 Tính tận tâm (Conscientiousness)······································································15 2.2.3 Tính hướng ngoại (Extraversion)·······································································15 2.2.4 Tính dễ chiu (Agreeableness)···········································································15 2.2.5 Tính nhạy cảm (Neuroticism)···········································································16 2.3 Lý thuyết tài chính··························································································16 2.3.1 Lý thuyết tài chính truyền thống (cổ điển) ····························································16 2.3.1.1 Lý thuyết danh mục đầu tư hiện đại··································································16 2.3.1.2 Mô hình CAPM - đinh giá tài sản vốn·······························································17 2.3.2 Lý thuyết tài chính hiện đại - hành vi (behavioral finance)··········································19 2.4 Lý thuyết dự đinh hành vi·················································································24 2.5 Các khái niệm mô hình nghiên cứu································································25 2.5.1 Nhận thức rủi ro··························································································25 2.5.2 Nhận thức sự không chắn·········································································27 2.5.3 Kết quả đầu tư···························································································· 27 2.5.4 Dự đinh đầu tư····························································································28 2.6 Xây dựng, phát triển các giả thiết nghiên cứu···························································28 2.6.1 Đặc điểm tính cách và dự đinh đầu tư·································································28 2.6.1.1 Tính cởi mở và dự đinh đầu tư········································································30 2.6.1.2 Tính tận tâm và dự đinh đầu tư·······································································31 2.6.1.3 Tính hướng ngoại và dự đinh đầu tư·································································32 2.6.1.4 Tính dễ chiu và dự đinh đầu tư·······································································33 2.6.1.5 Tính nhạy cảm và dự đinh đầu tư····································································34 2.6.2 Tính cách và nhận thức rủi ro, không chắn······················································35 2.6.3 Nhận thức rủi ro, nhận thức không chắn với kết quả đầu tư···································37 2.6.4 Kết quả đầu tư và dự đinh đầu tư·······································································39 2.6.5 Ảnh hưởng gián tiếp giữa đặc điểm tính cách đến dự đinh đầu tư··································40 2.7 Mô hình nghiên cứu và tổng hợp các giả thuyết························································41 2.8 Tóm tắt chương 2···························································································42 CHƯƠNG - PHƯƠNG PHÁP NGHIÊN CỨU 3.1 Giới thiệu···································································································· 45 3.2 Thiết kế nghiên cứu························································································45 3.2.1 Quy trình nghiên cứu····················································································45 3.2.2 Phương pháp nghiên cứu đinh tính và mẫu điều tra··················································47 3.2.2.1 Nghiên cứu đinh tính··················································································47 3.2.2.2 Số lượng mẫu cho vấn đinh tính······························································48 3.2.2.3 Mẫu nghiên cứu đinh tính·············································································48 3.2.2.4 Quá trình vấn···················································································49 3.2.2.5 Thiết kế nghiên cứu đinh tính·········································································49 3.2.3 Phương pháp nghiên cứu đinh lượng và mẫu điều tra················································59 3.2.3.1 Nghiên cứu đinh lượng················································································59 3.2.3.2 Số lượng mẫu khảo sát nghiên cứu đinh lượng·····················································64 3.2.4 Phân tích dữ liệu và kiểm đinh Bootstrap·····························································65 3.3 Xây dựng và phát triển thang đo nghiên cứu sơ bộ (nháp)············································65 3.3.1 Thang đo đặc điểm tính cách············································································65 3.3.2 Thang đo nhận thức rủi ro và không chắn·······················································65 3.3.3 Thang đo kết quả đầu tư·················································································68 3.3.4 Thang đo dự đinh đầu tư·················································································68 3.4 Phân tích nghiên cứu sơ bộ················································································69 3.4.1 Đặc điểm nhà đầu tư·····················································································70 3.4.2 Phân tích Cronbach’s alpha ·············································································72 3.4.2.1 Cronbach’s alpha thang đo đặc điểm tính cách·····················································72 3.4.2.2 Cronbach’s alpha thang đo nhận thức rủi ro và không chắn.································75 3.4.2.3 Cronbach’s alpha thang đo kết quả đầu tư ·························································77 3.4.2.4 Cronbach’s alpha thang đo dự đinh đầu tư ·························································77 3.4.3 Phân tích nhân tố khám phá (EFA)·····································································78 3.4.3.1 Phân tích EFA đặc điểm năm tính cách ·····························································79 3.4.3.2 Phân tích EFA thang đo nhận thức rủi ro và không chắn····································82 3.4.3.3 Phân tích EFA thang đo kết quả đầu tư và dự đinh đầu tư·········································82 3.5 Đề xuất mô hình nghiên cứu chính thức·································································84 3.5.1 Thang đo và các biến quan sát nghiên cứu chính thức···············································84 3.5.2 Tổng hợp các giả thiết nghiên cứu chính thức························································87 3.5.3 Đề xuất mô hình nghiên cứu chính thức·······························································88 3.6 Tóm tắt chương 3···························································································88 CHƯƠNG - KẾT QUẢ NGHIÊN CỨU VÀ THẢO LUẬN 4.1 Giới thiệu···································································································· 90 4.2 Mẫu khảo sát và đặc điểm nhà đầu tư nghiên cứu chính thức··································90 4.2.1 Mẫu khảo sát nghiên cứu chính thức···································································90 4.2.2 Thống kê đặc điểm NĐT cá nhân nghiên cứu chính thức···········································91 4.3 Kết quả nghiên cứu chính thức (N=465)·································································93 4.3.1 Đánh giá hệ số tin cậy Cronbach’s alpha······························································93 4.3.1.1 Cronbach’s alpha thang đo đặc điểm tính cách·····················································93 4.3.1.2 Cronbach’s alpha thang đo nhận thức rủi ro, không chắn···································95 4.3.1.3 Cronbach’s alpha thang đo kết quả đầu tư···························································96 4.3.1.4 Cronbach’s alpha thang đo dự đinh đầu tư··························································96 4.3.2 Phân tích nhân tố khám phá (EFA)····································································97 4.3.2.1 Phân tích EFA đặc điểm tính cách.···································································97 4.3.2.2 Phân tích EFA thang đo nhận thức rủi ro và không chắn····································99 4.3.2.3 Phân tích EFA kết quả đầu tư và dự đinh đầu tư.·················································100 4.3.3 Phân tích nhân tố khẳng đinh (CFA)··································································101 4.3.3.1 Phân tích nhân tố khẳng đinh (CFA) đặc điểm tính cách.········································101 4.3.3.2 Phân tích nhân tố khẳng đinh (CFA) thang đo RISK và UNCE.································103 4.3.3.3 Phân tích nhân tố khẳng đinh (CFA) thang đo RETU và INTE································105 4.3.3.4 Phân tích nhân tố khẳng đinh (CFA) mô hình đo lường tới hạn·································107 4.4 Phân tích mô hình phương pháp cấu trúc tuyến tính (SEM)···································111 4.4.1 Kết quả ảnh hưởng trực tiếp và kiểm đinh giả thuyết nghiên cứu·································112 4.4.1.1 Mối quan hệ giữa đặc điểm tính cách với dự đinh đầu tư - giả thuyết H1.1 - H1.5···········112 4.4.1.2 Mối quan hệ giữa đặc điểm tính cách với nhận thức rủi ro - giả thuyết H2.1 - H2.5·········115 4.4.1.3 Mối quan hệ giữa đặc điểm tính cách với nhận thức không chắn - giả thuyết H3.1 - H3.5117 4.4.1.4 Mối quan hệ của nhận thức rủi ro và kết quả đầu tư··············································118 4.4.1.5 Mối quan hệ của nhận thức không chắn và kết quả đầu tư·································118 4.4.1.6 Mối quan hệ kết quả đầu tư và dự đinh đầu tư····················································118 4.4.2 Kết quả ảnh hưởng gián tiếp và kiểm đinh giả thuyết·············································120 4.5 Phân tích mô hình phương pháp Bootstrap······················································122 4.6 Tóm tắt chương 4:·························································································123 CHƯƠNG - KẾT LUẬN VÀ HÀM Ý CHÍNH SÁCH, QUẢN TRỊ 5.1 Giới thiệu·································································································· 124 5.2 Kết luận···································································································· 124 5.2.1 Kết quả đạt được mục tiêu nghiên cứu·······························································125 5.2.2 Kết quả nghiên cứu·····················································································125 5.2.3 Đóng góp của nghiên cứu··············································································128 5.2.3.1 Đóng góp về mặt lý thuyết···········································································128 5.2.3.2 Đóng góp về mặt thực tiễn···········································································129 5.3 Hàm ý chính sách, quản tri···············································································130 5.4 Hạn chế của nghiên cứu và hướng nghiên cứu tiếp theo.·············································132 5.4.1 Hạn chế nghiên cứu····················································································· 132 5.4.2 Hướng nghiên cứu tiếp theo···········································································133 Các công trình nghiên cứu····················································································· -1Tài liệu tham khảo······························································································ -2Phụ lục Câu hỏi nhận thức rủi ro·········································································-15Phụ lục Câu hỏi nhận thức không chắn····························································-15Phụ lục Bảng câu hỏi của các tác giả (bản gốc)························································-16Phụ lục Bảng câu hỏi khảo sát nghiên cứu······························································-18Phụ lục Danh sách chuyên gia vấn sâu··························································-23Phụ lục Tổng hợp các thang đo và biến quan sát nghiên cứu chính thức····························-24Phụ lục Kết quả phân tích nghiên cứu sơ bộ····························································-26Phụ lục Kết quả phân tích nghiên cứu chính thức······················································-35- DANH MỤC CHỮ VIẾT TẮT Từ viết tắt AGR Nội dung Tính dễ chiu CAPM Mô hình đinh giá tài sản vốn CFA Phân tích nhân tố khẳng đinh CON Tính tận tâm DEC Quyết đinh đầu tư EFA Phân tích nhân tố khám phá EHM Giả thiết thi trường hiệu quả EXT Tính hướng ngoại EUT Lý thuyết thỏa dụng kỳ vọng GDP Tổng sản phẩm nội đia HAX Sở giao dich chứng khoán Hà Nội HOSE Sở giao dich chứng khoán Thành phố Hồ Chí Minh INTE Dự đinh đầu tư tương lai KMO Kiểm đinh KMO NĐT Nhà đầu tư cá nhân NEU Tính nhạy cảm OPEN Tính cởi mở - sẵn sàng trải nghiệm PBC Nhận thức kiểm soát hành vi RETU Kết quả đầu tư RISK Nhận thức rủi ro SEM Phân tích mô hình cấu trúc tuyến tính TPB Lý thuyết dự đinh hành vi TRA Lý thuyết hành động hợp lý TTCK Thi trường chứng khoán UNCE Nhận thức sự không chắn UPCOM Thi trường Công ty đại chúng chưa niêm yết DANH SÁCH CÁC BẢNG Bảng 1.1 Tài khoản nhà đầu tư đăng ký giao dich cuối năm 2015 và 2020·····························2 Bảng 2.1 Mô tả đặc điểm năm tính cách···································································14 Bảng 2.2 Tổng hợp các giả thuyết đề xuất nghiên cứu···················································43 Bảng 3.1 Thang đo nhận thức rủi ro·······································································51 Bảng 3.2 Thang đo nhận thức không chắn··························································52 Bảng 3.3 Thang đo tính cởi mở sẵn sàng trải nghiệm ···················································54 Bảng 3.4 Thang đo tính tận tâm············································································55 Bảng 3.5 Thang đo tính hướng ngoại······································································55 Bảng 3.6 Thang đo tính dễ chiu············································································56 Bảng 3.7 Thang đo tính nhạy cảm··········································································57 Bảng 3.8 Thang đo kết quả đầu tư··········································································58 Bảng 3.9 Thang đo dự đinh đầu tư·········································································59 Bảng 3.10 Thang đo đặc điểm tính cách sơ bộ····························································66 Bảng 3.11 Thang đo nhận thức rủi ro, không chắn sơ bộ··········································67 Bảng 3.12 Thang đo kết quả đầu tư sơ bộ·································································68 Bảng 3.13 Thang đo dự đinh đầu tư sơ bộ·································································68 Bảng 3.14 Tổng hợp thang đo, ký hiệu, biến quan sát và tác giả·······································70 Bảng 3.15 Thống kê đặc điểm nhà đầu tư nghiên cứu sơ bộ n=265····································71 Bảng 3.16 Kết quả Cronbach’s Alpha thang đo đặc điểm tính cách····································73 Bảng 3.17 Kết quả Cronbach’s Alpha thang đo nhận thức rủi ro và không chắn ··············76 Bảng 3.18 Kết quả Cronbach’s Alpha thang đo kết quả đầu tư·········································77 Bảng 3.19 Kết quả Cronbach’s Alpha thang đo dự đinh đầu tư·········································78 Bảng 3.20 Phân tích các nhân tố đặc điểm năm tính cách lần 1········································80 Bảng 3.21 Phân tích các nhân tố đặc điểm năm tính cách lần 2········································81 Bảng 3.22 Phân tích nhân tố thang đo nhận thức rủi ro và không chắn··························82 Bảng 3.23 Phân tích nhân tố thang đo kết quả đầu tư và dự đinh đầu tư······························83 Bảng 3.24 Tổng hợp thang đo và các biến quan sát nghiên cứu chính thức···························84 Bảng 3.25 Tổng hợp các giả thuyết nghiên cứu chính thức ············································87 Bảng 4.1 Số lượng bảng câu hỏi gửi đến các nhà đầu tư cá nhân ······································90 Bảng 4.2 Thống kê đặc điểm nhà đầu tư nghiên cứu chính thức ·······································92 Bảng 4.3 Đánh giá độ tin cậy Cronbach’s Alpha đặc điểm tính cách ·································94 Bảng 4.4 Đánh giá độ tin cậy Cronbach’s Alpha thang đo nhận thức rủi ro và không chắn···95 Bảng 4.5 Đánh giá độ tin cậy Cronbach’s Alpha thang đo kết quả đâu tư·····························96 Bảng 4.6 Đánh giá độ tin cậy Cronbach’s Alpha thang đo dự đinh đầu tư ····························97 Bảng 4.7 Phân tích nhân tố đặc điểm tính cách···························································98 Bảng 4.8 Phân tích nhân tố thang đo nhận thức rủi ro, không chắn······························99 Bảng 4.9 Phân tích nhân tố kết quả đầu tư và dự đinh đầu tư·········································100 40 Estimate S.E C.R P Label CON2 < - CON 1.000 CON3 < - CON 980 077 CON1 NEU2 NEU4 EXT2 < < < < - CON NEU NEU EXT 791 1.000 1.178 1.000 066 12.73 11.906 141 8.347 *** EXT1 < - EXT 1.227 121 10.18 *** *** *** “Standardized Regression Weights: (Group number - Default model)” Estimate AGR2 AGR1 AGR3 OPEN2 OPEN1 OPEN3 CON2 CON3 CON1 NEU2 NEU4 EXT2 EXT1 < < < < < < < < < < < < < - AGR AGR AGR OPEN OPEN OPEN CON CON CON NEU NEU EXT EXT 853 898 688 767 681 710 792 717 645 904 838 770 871 Correlations: (Group number - Default model) Estimate AGR AGR AGR AGR OPE N OPE N OPE N CON CON NEU < > < > < > < > OPEN CON NEU EXT 009 -.217 312 -.241 < > CON 480 < > NEU -.026 < > EXT 328 < > NEU < > EXT < > EXT -.023 464 -.150 41 Model Fit Summary CMIN Model Default model Saturated model Independence model NPAR CMIN DF P CMIN/DF 36 91 103.783 000 2351.70 55 000 1.887 78 000 30.150 13 RMR, GFI Model Default model Saturated model Independence model RMR GFI AGFI PGFI 029 000 968 1.000 947 585 182 520 440 445 NFI Delta1 RFI rho1 IFI Delta2 TLI rho2 956 1.000 937 979 1.000 970 979 1.000 000 000 000 000 000 Baseline Comparisons Model Default model Saturated model Independence model CFI RMSEA Model Default model Independence model RMSEA LO 90 HI 90 PCLOSE 044 031 057 779 251 242 259 000 PL 8.3.2 CFA RISK UNCE “Regression Weights: (Group number - Default model)” Estimate RISK2 RISK1 UNCE2 UNCE1 < < < < - RISK RISK UNCE UNCE 1.000 1.042 1.000 1.110 S.E C.R P 101 10.327 *** 199 5.581 *** Label “Standardized Regression Weights: (Group number - Default model)” Estimate RISK2 RISK1 UNCE2 UNCE1 < < < < - RISK RISK UNCE UNCE 925 953 754 878 Correlations: (Group number - Default model) Estimate 42 43 Model Fit Summary CMIN Model Default model Saturated model Independence model NPAR CMIN DF P CMIN/DF 10 688 000 407 688 993.379 000 165.563 RMR, GFI Model Default model Saturated model Independence model RMR GFI AGFI PGFI 002 000 999 1.000 993 100 317 589 316 354 NFI Delta1 RFI rho IFI Delta2 TLI rho2 Baseline Comparisons Model Default model Saturated model Independence model CFI 999 1.000 996 1.000 1.000 1.002 1.000 1.000 000 000 000 000 000 RMSEA Model Default model Independence model RMSEA LO 90 HI 90 PCLOSE 000 000 115 626 596 565 627 000 PL 8.3.3 CFA RETU INTE Regression Weights: (Group number - Default model) Estimate S.E INTE3 < - INTE 1.000 INTE4 < - INTE 973 031 INTE2 < - INTE 948 030 INTE1 < - INTE 991 032 INTE5 < - INTE 946 032 INTE6 < - INTE 954 033 C.R 31.38 31.52 30.60 29.71 28.71 P *** *** *** *** *** Label 44 Estimate S.E C.R P RETU3 < - RETU 1.000 RETU1 < - RETU 951 075 RETU2 < - RETU 955 076 12.73 12.65 *** *** Label 45 Standardized Regression Weights: (Group number - Default model) Estimate INTE3 < - INTE 914 INTE4 < - INTE 896 INTE2 < - INTE 898 INTE1 < - INTE 888 INTE5 < - INTE 878 INTE6 < - INTE 866 RETU3 < - RETU 789 RETU1 < - RETU 718 RETU2 < - RETU 707 Correlations: (Group number - Default model) Estimate INTE RETU 390 Model Fit Summary CMIN Model Default model Saturated model Independence model RMR, GFI Model Default model Saturated model Independence model NPAR CMIN DF P CMIN/DF 19 45 68.849 000 3435.49 26 000 2.648 36 000 95.430 RMR 015 000 GFI 967 1.000 AGFI 944 PGFI 559 440 281 101 225 NFI Delta1 RFI rho1 IFI Delta2 TLI rho2 980 1.000 972 987 1.000 983 987 1.000 000 000 000 000 000 Baseline Comparisons Model Default model Saturated model Independence model CFI RMSEA Model Default model Independence RMSEA LO 90 HI 90 PCLOSE 060 451 043 438 077 464 165 000 46 Model model RMSEA LO 90 HI 90 PCLOSE 47 PL 8.3.4 CFA mô hình tới hạn Regression Weights: (Group number - Default model) Estimate INTE3 INTE2 INTE1 INTE4 INTE5 INTE6 AGR2 AGR1 AGR3 RISK2 RISK1 RETU3 RETU1 RETU2 OPEN1 OPEN2 OPEN3 CON2 CON3 CON1 NEU2 NEU4 UNCE1 UNCE2 EXT2 EXT1 < < < < < < < < < < < < < < < < < < < < < < < < < < - 1 1 1 2 3 4 5 6 7 8 9 1.000 948 991 974 946 954 1.000 984 744 1.000 1.062 1.000 942 960 1.000 1.211 1.190 1.000 996 788 1.000 1.380 1.000 907 1.000 1.273 S.E C.R P 030 032 031 032 033 31.492 30.569 31.413 29.718 28.755 *** *** *** *** *** 049 047 19.935 15.900 *** *** 069 15.434 *** 073 075 12.843 12.838 *** *** 101 102 11.965 11.670 *** *** 077 066 12.908 11.890 *** *** 148 9.300 *** 097 9.381 *** 106 12.037 *** Label Standardized Regression Weights: (Group number - Default model) Estimate INTE3 INTE2 INTE1 INTE4 INTE5 INTE6 AGR2 AGR1 AGR3 RISK2 RISK1 RETU3 RETU1 < < < < < < < < < < < < < - 1 1 1 2 3 4 914 897 888 897 878 867 850 903 685 916 962 790 712 48 Estimate RETU2 OPEN1 OPEN2 OPEN3 CON2 CON3 CON1 NEU2 NEU4 UNCE1 UNCE2 EXT2 EXT1 < < < < < < < < < < < < < - 5 6 7 8 9 712 677 777 703 788 726 640 835 908 875 757 756 887 Correlations: (Group number - Default model) Estimate 1 1 1 1 2 2 2 3 3 3 4 4 5 < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > 9 9 -.026 188 390 209 182 -.003 216 298 -.161 -.134 008 -.219 301 -.008 -.238 160 166 248 -.013 274 298 197 245 011 166 220 478 -.003 251 Estimate INTE INTE INTE INTE INTE INTE INTE INTE AGR AGR AGR AGR AGR AGR AGR RISK RISK RISK RISK RISK RISK RETU RETU RETU RETU RETU OPEN OPEN OPEN < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > < > AGR RISK RETU OPEN CON NEU UNCE EXT RISK RETU OPEN CON NEU UNCE EXT RETU OPEN CON NEU UNCE EXT OPEN CON NEU UNCE EXT CON NEU UNCE -.026 188 390 209 182 -.003 216 298 -.161 -.134 008 -.219 301 -.008 -.238 160 166 248 -.013 274 298 197 245 011 166 220 478 -.003 251 49 Estimate 6 7 < > < > < > < > < > < > < > 9 9 325 -.006 252 460 -.167 -.149 358 Estimate OPEN CON CON CON NEU NEU UNCE < > < > < > < > < > < > < > EXT NEU UNCE EXT UNCE EXT EXT 325 -.006 252 460 -.167 -.149 358 Model Fit Summary RMSEA Model Default model Independence model RMSEA LO 90 HI 90 PCLOSE 036 029 042 1.000 213 209 218 000 NPAR CMIN DF P CMIN/DF 88 351 420.361 000 263 000 1.598 26 7191.717 325 000 22.128 CMIN Model Default model Saturated model Independence model RMR, GFI Model Default model Saturated model Independence model RMR GFI AGFI PGFI 026 000 936 1.000 915 701 205 366 315 339 NFI Delta1 RFI rho1 IFI Delta2 TLI rho2 942 1.000 928 977 1.000 972 977 1.000 000 000 000 000 000 Baseline Comparisons Model Default model Saturated model Independence model CFI 50 PL 8.4 Phân tích mơ hình phương pháp cấu trúc tún tính từng tính cách Regression Weights: (Group number - Default model) RISK RISK RISK RISK RISK UNCE UNCE UNCE UNCE UNCE RETU RETU INTE INTE INTE INTE INTE INTE < < < < < < < < < < < < < < < < < < - AGR CON OPEN NEU EXT AGR CON OPEN NEU EXT RISK UNCE RETU AGR CON OPEN NEU EXT Estimate S.E C.R P -.101 164 082 071 303 089 109 119 -.154 261 096 157 450 057 -.039 129 018 286 057 123 100 078 082 041 087 071 056 059 038 061 068 051 110 090 070 073 -1.757 1.337 825 908 3.715 2.176 1.246 1.672 -2.743 4.443 2.510 2.560 6.571 1.111 -.358 1.443 254 3.917 079 181 409 364 *** 030 213 095 006 *** 012 010 *** 267 720 149 800 *** Label Standardized Regression Weights: (Group number - Default model) Estimate RISK RISK RISK RISK RISK UNCE UNCE UNCE UNCE UNCE RETU RETU INTE INTE INTE INTE INTE INTE < < < < < < < < < < < < < < < < < < - AGR CON OPEN NEU EXT AGR CON OPEN NEU EXT RISK UNCE RETU AGR CON OPEN NEU EXT -.097 095 053 048 237 126 093 114 -.154 301 135 149 344 058 -.024 090 013 239 Correlations: (Group number - Default model) Estimate AGR AGR AGR AGR CON CON CON OPE N OPE N NEU < > < > < > < > < > < > < > CON OPEN NEU EXT OPEN NEU EXT 51 -.219 008 306 -.239 478 -.009 461 < > NEU -.007 < > EXT 326 < > EXT -.150 Total Effects (Group number - Default model) UNC E RISK RETU INTE EXT NEU OPEN CON AGR UNCE RISK RETU INTE 261 -.154 119 109 089 000 000 000 000 303 070 317 071 -.017 010 082 027 141 164 033 -.024 -.101 004 059 000 157 071 000 096 043 000 000 450 000 000 000 Standardized Total Effects (Group number - Default model) UNCE RISK RETU INTE EXT NEU OPEN CON AGR UNCE RISK RETU 301 237 077 265 -.154 048 -.016 007 114 053 024 098 093 095 027 -.015 126 -.097 006 060 000 000 149 051 000 000 135 046 000 000 000 344 INT E 000 000 000 000 Direct Effects (Group number - Default model) UNC E RISK RETU INTE EXT NEU OPEN CON AGR UNCE RISK RETU INTE 261 -.154 119 109 089 000 000 000 000 303 000 286 071 000 018 082 000 129 164 000 -.039 -.101 000 057 000 157 000 000 096 000 000 000 450 000 000 000 Standardized Direct Effects (Group number - Default model) UNCE RISK RETU EXT NEU OPEN CON AGR UNCE RISK RETU INT E 301 237 000 -.154 048 000 114 053 000 093 095 000 126 -.097 000 000 000 149 000 000 135 000 000 000 000 000 000 52 INTE EXT NEU OPEN CON AGR UNCE RISK RETU INT E 239 013 090 -.024 058 000 000 344 000 Indirect Effects (Group number - Default model) UNCE RISK RETU INTE INT EXT NEU OPEN CON AGR UNCE RISK RETU 000 000 070 032 000 000 -.017 -.008 000 000 027 012 000 000 033 015 000 000 004 002 000 000 000 071 000 000 000 043 000 000 000 000 000 000 000 000 E Standardized Indirect Effects (Group number - Default model) UNCE RISK RETU INTE EXT NEU OPEN CON AGR UNCE RISK RETU INT E 000 000 077 026 000 000 -.016 -.006 000 000 024 008 000 000 027 009 000 000 006 002 000 000 000 051 000 000 000 046 000 000 000 000 000 000 000 000 PL 8.5 Kiểm định phương pháp Bootstrap Standardized Regression Weights: (Group number - Default model) Estimate RISK RISK RISK RISK RISK UNCE UNCE UNCE UNCE UNCE RETU RETU INTE INTE INTE INTE INTE < < < < < < < < < < < < < < < < < - AGR CON OPEN NEU EXT AGR CON OPEN NEU EXT RISK UNCE RETU AGR CON OPEN NEU -.097 095 053 048 237 126 093 114 -.154 301 135 149 344 058 -.024 090 013 Estimate INTE < - EXT 239 53 54 Standardized Regression Weights: (Group number - Default model) Parameter SE-SE Mean Bias SE-Bias RISK < - AGR 059 001 RISK < - CON 101 002 RISK < - OPEN 081 002 RISK < - NEU 059 001 RISK < - EXT 081 002 UNCE < - AGR 068 002 UNCE < - CON 092 002 UNCE < - OPEN 075 002 UNCE < - NEU 075 002 UNCE < - EXT 083 002 RETU < - RISK 064 001 RETU < - UNCE 069 002 INTE < - RETU 053 001 INTE < - AGR 054 001 INTE < - CON 074 002 INTE < - OPEN 078 002 INTE < - NEU 054 001 INTE < - EXT 071 002 PL 8.6 Kết mơ hình nghiên cứu -.090 088 052 042 241 124 095 117 -.145 300 128 148 342 059 -.023 088 013 239 006 -.007 -.002 -.005 004 -.002 001 003 009 -.001 -.007 -.001 -.002 001 002 -.002 000 001 002 003 003 002 003 002 003 002 002 003 002 002 002 002 002 002 002 002 Tính dễ chiu Tính tận tâm SE Chi-square = 454,892; Chi-square/df =1,679; Df = 271; TLI = 0.968; CFI = 0,973; MRSEA = 0,038 Nhận thức rủi ro Kết quả đầu tư Tính cởi mở Tính nhạy cảm 0,344 *** Nhận thức sự không chắn Dự đinh đầu tư Tính hướng ngoại ... tài: ? ?Ảnh hưởng mợt số tính cách đến dự định đầu tư cổ phiếu tư? ?ng lai nhà đầu tư cá nhân thị trường chứng khoán Việt Nam: nghiên cứu vai trò trung gian nhận thức rủi ro, nhận thức không chắc... THỌ ẢNH HƯỞNG CỦA MỘT SỐ TÍNH CÁCH ĐẾN DỰ ĐỊNH ĐẦU TƯ CỔ PHIẾU CỦA CÁC NHÀ ĐẦU TƯ CÁ NHÂN TRÊN THỊ TRƯỜNG CHỨNG KHOÁN VIỆT NAM: VAI TRÒ TRUNG GIAN CỦA NHẬN THỨC RỦI RO, NHẬN THỨC KHÔNG... chắn.có ảnh hưởng đến.kết đầu tư? ?? H6.”Kết đầu, tư có ảnh. hưởng đến dự định. đầu tư tương lai? ?? H7.? ?Nhận thức, rủi ro, nhận thức sự,khơng chắc chắn và, kết đầu tư giữ vai trị trung, gian tác