每個散戶投資人都會有其獨特的投資行為與投資決策方式，而影響散戶投資人投資決策方式可拆分為不同的投資決策因素。本研究經過文獻探討並進行問卷預試後歸納出 5 大投資主要因素：總體經濟、投資者、產品、市場分析與風險因素。而主要投資因素底下分別有不同的次要因素共14 項。本研究透過層級分析法(Analytic Hierachy Process，AHP)針對以上提及之投資因素進行權重分析，檢視投資人認為何項因素較為重要，並且所占之比重為多少。
此外，投資人經過風險屬性評估後可分為保守、穩健與積極型投資人。本研究想藉由2020 年3 月股市大跌所引起之金融恐慌去檢視不同風險屬性之投資人是否有改變其投資選擇，同時也去檢視不同類型投資人之投資因素權重占比為何。經過分析後可發現整體投資人最重視之兩項主要因素為總體經濟因素與風險因素；最重要次要因素為全球經濟相互影響、系統性風險與非系統性風險排在全體投資人重視的投資次要因素前三名。此結果也符合在金融恐慌下的情境，畢竟新冠狀疫情是為系統性風險，並且也引發了後續一連串的非系統性風險，而由於新冠狀疫情發生於全球，因此全球經濟相互影響也會非常巨大。

Different retail investors will have their unique investment behaviors and decision strategies. It can be dissected into different investment factors when it comes to things affect retail investors’ investment decisions. After literature review and the pilot test of the survey, this research inducted 5 main investment factors which are Macroeconomic, Investor, Product, Market analysis and Risk factors. They can also be divided into subfactors and there are 14 subfactors in total under each main factors. This research applied AHP (Analytic Hierarchy Process) to analyze above investment factors and calculate weightings for different factors. To see which factor is more important and the percentage for each factor.
In addition, after risk attribute assessment, investors can be categorized into three different types: conservative, steady and active investors. This research inspects whether different types of investors had changed their investment choices, through the financial panic caused by the stock market crash in March 2020 and at the same time examine the weighting ratio of investment decisions for different types of investors. After the analysis it can be found that the two main factors the overall investors value the most are Macroeconomic and Risk factors. The top three most important subfactors are Global Economic Interrelationship, Systematic Risk and Nonsystematic Risk. This result corresponds to the circumstance of financial panic that was caused by COVID-19. After all, COVID-19 is a systematic risk and it continues triggering a series of nonsystematic risks incidents. COVID-19 is a global pandemic; therefore, it is reasonable that Global Economic Interrelationship will be huge.

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