(Luận án tiến sĩ) ảnh hưởng của một số tính cách đến dự định đầu tư cổ phiếu của các nđt cá nhân trên TTCK VN vai trò trung gian của nhận thức rủi ro, nhận thức không chắc chắn và kết quả đt

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 ho tro tai file : luanvanchat@gmail.com 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 KHỐN VIỆT NAM: VAI TRỊ TRUNG GIAN CỦA NHẬN THỨC RỦI RO, NHẬN THỨC KHÔNG CHẮC CHẮN VÀ KẾT QUẢ ĐẦU TƯ Chuyên Ngành: Quản trị Kinh doanh Mã số: 9340101 LUẬN ÁN TIẾN SĨ KINH TẾ NGƯỜI HƯỚNG DẪN KHOA HỌC: PGS.TS TRẦN HÀ MINH QN TS NGƠ QUANG HN TP Hờ Chí Minh – Năm 2022 ho tro tai file : luanvanchat@gmail.com i LỜI CAM ĐOAN Tôi xin cam đoan luận án là công trình chính thực dưới sự hướng dẫn khoa học Quý Thầy, Cô, tất cả những nội dung kế thừa, tham khảo từ những tài liệu khác được trích dẫn đầy đủ, chính xác và ghi nguồn cụ thể mục tài liệu tham khảo và các thông tin, kết quả nghiên cứu luận án là trung thực Tôi hoàn toàn chịu trách nhiệm về pháp lý quá trình nghiên cứu khoa học của luận án Tp Hồ Chí Minh, ngày tháng năm 2022 Nghiên cứu sinh Nguyễn Hữu Thọ ho tro tai file : luanvanchat@gmail.com ii LỜI CÁM ƠN Để hoàn thành luận án, Tôi nhận được nhiều sự hướng dẫn, hỗ trợ tận tình, động viên từ 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, 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 mơn Tài Dự án - Khoa Quản Trị, trường Đại học Kinh tế Tp.Hồ Chí Minh tận tình chia sẻ, trao đổi, để tơi hồn thành luận án Tôi cám ơn đến các thầy, cô giáo, đồng nghiệp, bạn bè và các anh chị khoa Quản trị, Viện Đào tạo sau đại học của trường Đại học Kinh tế Tp.Hồ Chí Minh đã chia sẽ, động viên để Tôi vượt qua những khó khăn học tập, nghiên cứu và Tôi cám ơn nhà đầu tư cá nhân dành thời gian trả lời bảng câu hỏi, nguồn liệu cho nghiên cứu Cuối cùng, Tôi gửi lời cám ơn đến gia đình, vợ hai thấu hiểu, động viên hỗ trợ để luận án được hoàn thành Xin trân trọng Tp Hồ Chí Minh, ngày tháng năm 2022 ho tro tai file : luanvanchat@gmail.com iii 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 VẼ····················································xiii TÓM TẮT LUẬN ÁN·······························································xiv ABSTRACT···········································································xv CHƯƠNG - TỔNG QUAN·························································1 1.1 Tổng quan thị trường chứng khoán Việt Nam······························1 1.1.1 Giá trị vốn hóa thị trường·······················································1 1.1.2 Chỉ số chứng khoán······························································1 1.1.3 Số doanh nghiệp niêm yết······················································2 1.1.4 Số tài khoản ······································································2 1.2 Sự cần thiết nghiên cứu·······················································3 1.2.1 Thực trạng nhà đầu tư cổ phiếu nhà đầu tư cá nhân···················3 1.2.2 Khoảng trống lý thuyết qua lược khảo nghiên cứu thực nghiệm Việt Nam giới ·······················································4 1.3 Mục tiêu nghiên cứu·······························································8 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 phạm vi nghiên cứu···············································9 1.6 Phương pháp nghiên cứu··························································9 1.7 Điểm luận án····························································10 1.8 Cấu trúc luận án······························································11 ho tro tai file : luanvanchat@gmail.com iv CHƯƠNG - CƠ SỞ LÝ THUYẾT VÀ MƠ 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 chịu (Agreeableness)·················································15 2.2.5 Tính nhạy cảm (Neuroticism)················································16 2.3 Lý thuyết tài chính································································16 2.3.1 Lý thuyết tài truyền thống (cổ điển) ·································16 2.3.1.1 Lý thuyết danh mục đầu tư đại·······································16 2.3.1.2 Mơ hình CAPM - định giá tài sản vốn····································17 2.3.2 Lý thuyết tài đại - hành vi (behavioral finance)··············19 2.4 Lý thuyết dự định hành vi·······················································24 2.5 Các khái niệm mơ hình nghiên cứu·····································25 2.5.1 Nhận thức rủi ro································································25 2.5.2 Nhận thức không chắn···············································27 2.5.3 Kết đầu tư··································································27 2.5.4 Dự định đầu tư··································································28 2.6 Xây dựng, phát triển giả thiết nghiên cứu································28 2.6.1 Đặc điểm tính cách dự định đầu tư·······································28 2.6.1.1 Tính cởi mở dự định đầu tư·············································30 2.6.1.2 Tính tận tâm dự định đầu tư·············································31 2.6.1.3 Tính hướng ngoại dự định đầu tư······································32 2.6.1.4 Tính dễ chịu dự định đầu tư·············································33 2.6.1.5 Tính nhạy cảm dự định đầu tư··········································34 2.6.2 Tính cách nhận thức rủi ro, không chắn···························35 2.6.3 Nhận thức rủi ro, nhận thức không chắn với kết đầu tư·······37 ho tro tai file : luanvanchat@gmail.com v 2.6.4 Kết quả đầu tư dự định đầu tư············································39 2.6.5 Ảnh hưởng gián tiếp đặc điểm tính cách đến dự định đầu tư······40 2.7 Mơ hình nghiên cứu tổng hợp 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 định tính mẫu điều tra·······················47 3.2.2.1 Nghiên cứu định tính························································47 3.2.2.2 Số lượng mẫu cho vấn định tính···································48 3.2.2.3 Mẫu nghiên cứu định tính···················································48 3.2.2.4 Quá trình vấn·························································49 3.2.2.5 Thiết kế nghiên cứu định tính··············································49 3.2.3 Phương pháp nghiên cứu định lượng mẫu điều tra·····················59 3.2.3.1 Nghiên cứu định lượng······················································59 3.2.3.2 Số lượng mẫu khảo sát nghiên cứu định lượng··························64 3.2.4 Phân tích liệu kiểm định Bootstrap··································65 3.3 Xây dựng phát triển thang đo nghiên cứu sơ (nháp)·················65 3.3.1 Thang đo đặc điểm tính cách·················································65 3.3.2 Thang đo nhận thức rủi ro không chắn····························65 3.3.3 Thang đo kết đầu tư·······················································68 3.3.4 Thang đo dự định 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 ho tro tai file : luanvanchat@gmail.com vi 3.4.2.2 Cronbach’s alpha thang đo nhận thức rủi ro không chắn.····75 3.4.2.3 Cronbach’s alpha thang đo kết đầu tư ······························77 3.4.2.4 Cronbach’s alpha thang đo dự định đầu tư ······························77 3.4.3 Phân tích nhân tớ 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 không chắn········82 3.4.3.3 Phân tích EFA thang đo kết đầu tư dự định đầu tư·············82 3.5 Đề xuất mô hình nghiên cứu thức·······································84 3.5.1 Thang đo biến quan sát nghiên cứu thức····················84 3.5.2 Tổng hợp giả thiết nghiên cứu thức·····························87 3.5.3 Đề xuất mơ hình nghiên cứu 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 đặc điểm nhà đầu tư nghiên cứu thức·······90 4.2.1 Mẫu khảo sát nghiên cứu thức········································90 4.2.2 Thống kê đặc điểm NĐT cá nhân nghiên cứu thức················91 4.3 Kết nghiên cứu 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 đầu tư································96 4.3.1.4 Cronbach’s alpha thang đo dự định 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 khơng chắn········99 4.3.2.3 Phân tích EFA kết đầu tư dự định đầu tư.······················100 4.3.3 Phân tích nhân tố khẳng định (CFA)·······································101 ho tro tai file : luanvanchat@gmail.com vii 4.3.3.1 Phân tích nhân tố khẳng định (CFA) đặc điểm tính cách.············101 4.3.3.2 Phân tích nhân tố khẳng định (CFA) thang đo RISK UNCE.····103 4.3.3.3 Phân tích nhân tố khẳng định (CFA) thang đo RETU INTE·····105 4.3.3.4 Phân tích nhân tố khẳng định (CFA) mơ hình đo lường tới hạn·····107 4.4 Phân tích mơ hình phương pháp cấu trúc tuyến tính (SEM)·······111 4.4.1 Kết ảnh hưởng trực tiếp kiểm định giả thuyết nghiên cứu·····112 4.4.1.1 Mối quan hệ đặc điểm tính cách với dự định đầu tư - giả thuyết H1.1 - H1.5···································································112 4.4.1.2 Mối quan hệ đặc điểm tính cách với nhận thức rủi ro - giả thuyết H2.1 - H2.5···································································115 4.4.1.3 Mối quan hệ đặc điểm tính cách với nhận thức không chắn - giả thuyết H3.1 - H3.5······················································117 4.4.1.4 Mối quan hệ nhận thức rủi ro kết đầu tư···················118 4.4.1.5 Mối quan hệ nhận thức không chắn kết đầu tư·····118 4.4.1.6 Mối quan hệ kết đầu tư dự định đầu tư·························118 4.4.2 Kết ảnh hưởng gián tiếp kiểm định giả thuyết··················120 4.5 Phân tích mơ 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 đạt mục tiêu nghiên cứu·····································125 5.2.2 Kết nghiên cứu···························································125 5.2.3 Đóng góp nghiên cứu····················································128 5.2.3.1 Đóng góp mặt lý thuyết················································128 5.2.3.2 Đóng góp mặt thực tiễn················································129 5.3 Hàm ý sách, quản trị·····················································130 ho tro tai file : luanvanchat@gmail.com viii 5.4 Hạn chế nghiên cứu hướng nghiên cứu tiếp theo.··················132 5.4.1 Hạn chế nghiên cứu···························································132 5.4.2 Hướng nghiên cứu tiếp theo·················································133 Các cơng 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 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 thang đo biến quan sát nghiên cứu thức -24Phụ lục Kết phân tích nghiên cứu sơ bộ·································-26Phụ lục Kết phân tích nghiên cứu thức···························-35- ho tro tai file : luanvanchat@gmail.com 56 PL 8.3.4 CFA mơ 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 < -< -< -< -< -< -< -< -< -< -< -< -< -< -< S.E C.R P 1.000 948 030 31.49 *** 991 032 30.56 *** 974 031 31.41 *** 946 032 29.71 *** 954 033 28.75 *** 1.000 984 049 19.93 *** 744 047 15.90 *** 1.000 1.062 069 15.43 *** 1.000 942 073 12.84 *** 960 075 12.83 *** 1.000 Label ho tro tai file : luanvanchat@gmail.com 57 OPEN2 OPEN3 CON2 CON3 CON1 NEU2 NEU4 UNCE1 UNCE2 EXT2 EXT1 -< -< -< -< -< -< -< -< -< -< -< Estimate S.E C.R P 1.211 101 11.96 *** 1.190 102 11.67 *** 1.000 996 077 12.90 *** 788 066 11.89 *** 1.000 1.380 148 9.300 *** 1.000 907 097 9.381 *** 1.000 1.273 106 12.03 *** Label Standardized Regression Weights: (Group number - Default model) Estimate INTE3 INTE2 INTE1 < -< -< 914 897 888 ho tro tai file : luanvanchat@gmail.com 58 Estimate INTE4 INTE5 INTE6 AGR2 AGR1 AGR3 RISK2 RISK1 RETU3 RETU1 RETU2 OPEN1 OPEN2 OPEN3 CON2 -< -< -< -< -< -< -< -< -< -< -< -< -< -< -< 897 878 867 850 903 685 916 962 790 712 712 677 777 703 788 ho tro tai file : luanvanchat@gmail.com 59 Estimate < CON3 -< CON1 -< NEU2 -< NEU4 -< UNCE1 -< UNCE2 -< EXT2 -< EXT1 726 640 835 908 875 757 756 887 Correlations: (Group number - Default model) Estimate 1 1 1 1 Estimate -.026 INTE < > AGR -.026 188 INTE < > RISK 188 390 INTE < > RETU 390 209 INTE < > OPEN 209 182 INTE < > CON 182 -.003 INTE < > NEU -.003 216 INTE < > UNCE 216 298 INTE < > EXT 298 ho tro tai file : luanvanchat@gmail.com 60 Estimate 2 2 2 3 3 3 4 4 5 5 RISK -.161 -.134 AGR < > RETU -.134 008 AGR < > OPEN 008 -.219 AGR < > CON -.219 301 AGR < > NEU 301 -.008 AGR < > UNCE -.008 -.238 AGR < > EXT -.238 160 RISK < > RETU 160 166 RISK < > OPEN 166 248 RISK < > CON 248 -.013 RISK < > NEU -.013 274 RISK < > UNCE 274 298 RISK < > EXT 298 197 RETU < > OPEN 197 245 RETU < > CON 245 011 RETU < > NEU 011 166 RETU < > UNCE 166 220 RETU < > EXT 220 478 OPEN < > CON 478 -.003 OPEN < > NEU -.003 251 OPEN < > UNCE 251 325 OPEN < > EXT 325 -.006 CON < > NEU -.006 ho tro tai file : luanvanchat@gmail.com 61 Estimate 6 7 -> Estimate 252 CON < > UNCE 252 460 CON < > EXT 460 -.167 NEU < > UNCE -.167 -.149 NEU < > EXT -.149 358 UNCE < > EXT 358 Model Fit Summary RMSEA Model Default model Independence model RMSE A LO 90 HI 90 PCLOSE 036 213 029 209 042 218 1.000 000 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 RMR GFI AGFI PGFI 026 000 936 1.000 915 701 205 366 315 339 Model NFI Delta RFI rho1 IFI Delta2 TLI rho Default model Saturated model Independence model 942 1.000 000 928 977 1.000 000 Default model Saturated model Independence model Baseline Comparisons 000 972 000 CFI 977 1.000 000 ho tro tai file : luanvanchat@gmail.com 62 ho tro tai file : luanvanchat@gmail.com 63 PL 8.4 Phân tích mơ hình phương pháp cấu trúc tuyến tính tính cách Regression Weights: (Group number - Default model) RISK RISK RISK RISK RISK UNCE UNCE UNCE UNCE UNCE RETU RETU INTE INTE < -< -< -< -< -< -< -< -< -< -< -< -< -< Estimate S.E C.R P AGR -.101 057 -1.757 079 CON 164 123 1.337 181 OPEN 082 100 825 409 NEU 071 078 908 364 EXT 303 082 3.715 *** AGR 089 041 2.176 030 CON 109 087 1.246 213 OPEN 119 071 1.672 095 NEU -.154 056 -2.743 006 EXT 261 059 4.443 *** RISK 096 038 2.510 012 UNCE 157 061 2.560 010 RETU 450 068 6.571 *** AGR 057 051 1.111 267 Label ho tro tai file : luanvanchat@gmail.com 64 INTE INTE INTE INTE < -< -< -< Estimate S.E C.R P CON -.039 110 -.358 720 OPEN 129 090 1.443 149 NEU 018 070 254 800 EXT 286 073 3.917 *** Label Standardized Regression Weights: (Group number - Default model) Estimate RISK RISK RISK RISK RISK UNCE UNCE UNCE UNCE UNCE < -< -< -< -< -< -< -< -< -< AGR -.097 CON 095 OPEN 053 NEU 048 EXT 237 AGR 126 CON 093 OPEN 114 NEU -.154 EXT 301 ho tro tai file : luanvanchat@gmail.com 65 Estimate < RETU -< RETU -< INTE -< INTE -< INTE -< INTE -< INTE -< INTE RISK 135 UNCE 149 RETU 344 AGR 058 CON -.024 OPEN 090 NEU 013 EXT 239 Correlations: (Group number - Default model) Estimate AGR CON -.219 OPE N 008 NEU 306 EXT -.239 OPE N 478 NEU -.009 EXT 461 NEU -.007 ho tro tai file : luanvanchat@gmail.com 66 Estimate OPEN NEU EXT 326 EXT -.150 Total Effects (Group number - Default model) EXT UNC E RISK 261 303 RETU 070 INTE 317 NEU -.15 071 -.01 010 OPEN CON AGR UNCE RISK RETU INTE 119 109 089 000 000 000 000 082 164 -.101 000 000 000 000 027 033 004 157 096 000 000 141 -.024 059 071 043 450 000 Standardized Total Effects (Group number - Default model) EXT NEU OPEN CON AGR UNCE RISK UNCE 301 -.154 114 093 126 000 000 RISK 237 048 053 095 -.097 000 000 RETU 077 -.016 024 027 006 149 135 INTE 265 007 098 -.015 060 051 046 RETU 000 000 000 344 INTE 000 000 000 000 Direct Effects (Group number - Default model) EXT UNC E RISK RETU INTE 261 303 000 286 NEU -.15 071 000 018 OPEN CON AGR UNCE RISK RETU INTE 119 109 089 000 000 000 000 082 000 129 164 000 -.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 INTE EXT NEU OPEN CON AGR UNCE RISK RETU INTE 301 237 000 239 -.154 048 000 013 114 053 000 090 093 095 000 -.024 126 -.097 000 058 000 000 149 000 000 000 135 000 000 000 000 344 000 000 000 000 Indirect Effects (Group number - Default model) ho tro tai file : luanvanchat@gmail.com 67 UNCE RISK RETU INTE EXT NEU OPEN CON AGR UNCE RISK RETU INTE 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 Standardized Indirect Effects (Group number - Default model) UNCE RISK RETU INTE EXT NEU OPEN CON AGR UNCE RISK RETU INTE 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 AGR -.097 CON 095 OPEN 053 NEU 048 EXT 237 AGR 126 CON 093 OPEN 114 ho tro tai file : luanvanchat@gmail.com 68 Estimate UNCE UNCE RETU RETU INTE INTE INTE INTE INTE INTE < -< -< -< -< -< -< -< -< -< NEU -.154 EXT 301 RISK 135 UNCE 149 RETU 344 AGR 058 CON -.024 OPEN 090 NEU 013 EXT 239 Standardized Regression Weights: (Group number - Default model) Parameter RISK RISK RISK < -< -< SE SE-SE Mean Bias SE-Bias AGR 059 001 -.090 006 002 CON 101 002 088 -.00 003 OPEN 081 002 052 -.00 003 ho tro tai file : luanvanchat@gmail.com 69 Parameter SE SE-SE < 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 mô hình nghiên cứu Mean Bias SE-Bias 042 -.00 002 241 004 003 124 -.00 002 095 001 003 117 003 002 -.145 009 002 300 -.00 003 128 -.00 002 148 -.00 002 342 -.00 002 059 001 002 -.023 002 002 088 -.00 002 013 000 002 239 001 002 ho tro tai file : luanvanchat@gmail.com 70 Tính dễ chịu Tính tận tâm 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 đầu tư Tính cởi mở Tính nhạy cảm 0,344 *** Nhận thức không chắn Dự định đầu tư Tính hướng ngoại ho tro tai file : luanvanchat@gmail.com ... động .của tính cách cá nhân đến dự. định đầu. tư thơng qua nhận. thức rủi ro, không. chắn chắn kết. quả đầu. tư 1.3.2 Mục tiêu nghiên cứu cụ thể: Xác định. và đo lường tính cách cá nhân .ảnh hưởng đến nhận. thức. .. 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... hưởng đến nhận. thức rủi. ro, sau ảnh. hưởng tác động đến kết quả .đầu tư định đầu. tư Tuy nhiên, vai trị trung gian nhận thức. rủi ro (khơng chắc. chắn) , kết. quả đầu. tư nghiên cứu kiểm tra cách rõ ràng