本文以退撫制度下之教育人員為研究對象，探討教育人員對退休金投資之態度。資料來源取自1999、2001、2003、2005及2007等五個年度之「公務人員退休撫卹基金運作意見調查」原始資料檔，並應用邏輯斯迴歸分析教育人員之個人特徵對資產配置的影響。 研究發現在1999年調查資料中，年齡介於50-54歲之教育人員其投資態度相對較積極。在2001年調查資料中，性別差異對教育人員之投資行為有顯著的影響，即男性相對於女性傾向投資在較高風險的資產上；而低所得(俸點在290點以下)之教育人員傾向投資於相對保守型的資產。在2003年調查資料中，年齡介於30-34歲之教育人員其投資態度傾向相對保守。在2005年調查資料中，年齡介於40-44歲教育人員其投資態度相對比較保守。在2007年調查資料中，教育程度為高中(職)以下之教育人員傾向保守型的資產配置；中所得(俸點介於291-475點)之教育人員其投資行為傾向相對積極。 整體而言，各年度受訪之教育人員皆傾向相對保守型的資產配置，因此建議退撫基金可針對教育人員提供投資理財教育，以提升其對投資理財的認知。 The objective of this article is to discuss the educators’ attitude toward pension funds investment. The data sets are from the survey of Public Service Pension Fund in 1999, 2001, 2003, 2005 and 2007. Ordinal logistic regression is used to analyze the impact of educators’ characteristics on asset allocation. The results of this study show that the educators aged between 50 and 54 are aggressive-oriented investors in 1999. In 2001, male and female educators have significantly different attitude of investment, and the educators with lower income tend to invest with conservative attitude. Educators aged between 30 and 34 make more conservative investment decision in 2003, whereas those between 40 and 44 are more conservative-oriented investors in 2005. In 2007, the educators with lower educational level invest more in fixed income assets, and those with middle level of income tend to involve more in active assets. In summary, the investment attitude of educators’ participants seems too much conservative. The right concept of penstion fund investment should be emphasized and enhanced by the Public Service Pension Fund through the proper and frequent training program to pension fund participants.
